Would you describe your business as a “Jack-of-all-trades”? Or “the best in breed”? Every day, business buyers go online to look for companies that can offer them a very specialized answer to their very specific challenges. If your business can offer something unique thanks to your area of specialization, these buyers should be aware that you have the right answers they are looking for.
The “Jack-of-all-trades” type of solutions are, many times, considered by industry experts as entry-level answers. If you need a carpenter to fix your kitchen cabinets, the first one you call comes with a swiss army knife, and the second one with a set of different hammers, nails and tweezers, which one generates more trust?
A business that specializes in a niche market is expected to have a certain level of expertise. Is your company really good at solving particular problems for a niche market? Something no other company has ever thought to do before? Something your competitors cannot match? If yes, your company is doing something different. How would your clients describe your business? This is one path to discover the uniqueness of your business, and use it to your advantage to stand out from your competition.
When companies focus on the right, targeted niche markets, they discover many advantages: (1) the company can dominate the specific niche market, (2) the company can become the expert and go-to specialist, and (3) niche markets are less sensitive to pricing.
No room for another “me too”
Enough findings and adequate plans go hand-by-hand. Proper research and market intelligence are, many times, overlooked tools. You must be sure you know your product thoroughly. And you should also know your competitors. This includes finding everything you can about them; what makes them unique and what makes them all the same.
How strategic is your knowledge of other companies in the market? By understanding this piece of the puzzle, you can discover if those features and capabilities that you considered so impressive in your product, are actually a commodity in the market. If every company in the market, or two, or three, offer “remote operation and programming capabilities”, then it’s time for your company to re-think why someone should buy from you and not from them. Same with “the best service”. Offering “the best service” is, today, another commodity.
If your strategic decision is to become a specialist, what is the area where you have the stronger expertise or unique capabilities? You must find out what makes your organization stand out.
Your area of specialization and uniqueness are both characteristics of your business that offer a very strong competitive advantage. This uniqueness can help you craft a strong, unique value proposition, a major key to the success of a business. The benefits your offer, how you solve your customer’s unique needs and what distinguishes you from other businesses are competitive advantages that your company should not only be proud but also promote.
Keep in mind that you may have different competitors in different industries, different applications and different market segments. Your uniqueness may vary as well, and you can be unique in one market segment but not that unique in another one. You have to adjust your uniqueness and value propositions according to the audience you are trying to connect with.
The uniqueness of your business should be seen as an asset to increase profits. To make your business stand out, you have to be specific, distinctive and very relevant. You need to seize every opportunity to point out why your service is a better fit for your niche marketplace than competitive offerings.
You are the specialist
While a competitor may tout their “multi-service one-stop-shop”, your B2B niche marketplace prefers a specialist. Your competitor may be a low-cost leader, but your niche marketplace appreciates high-quality craftsmanship. Buyers that appreciate your expertise are willing to pay more for working with the go-to expert.
Let’s assume your company is looking to expand to another geographical location. It could be a different province, state or even country. It starts by connecting with potential buyers. Too often, companies fall in love with their product or service and forget that it is the buyer’s needs, not their own, that they must satisfy. Real buyers can determine if your product/service provides maximum satisfaction or not.
And not only the price of a product will sell. Purchasing departments are a legit target market, but your uniqueness will make your clients pay the price of having access to your specialized solution. When competition is strong, you must provide your clients with a reason to buy from you and not from others.
For the health of your business, the reason to buy from you should not be the low price. That means that you must understand the reason why your past and current customers choose you and capitalize your uniqueness to leverage profits. The more specific your focus, the more specialized your company becomes. These uniqueness and specialization allow you to put the energy into to the most relevant, specific sectors that will bring higher profits.
It is only when you have decided on what makes your business unique and your competitive advantages that you can introduce it to your niche marketplace. As the expert in your field, make your B2B niche market know about you. Select the right channels to create visibility.
Understanding your uniqueness is a process that requires your effort. However, being unique in a specific niche will provide your business with a strong advantage in a competitive world. It’s time to find your niche, be unique and make your business stand out.
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