When you look at all the different types of businesses in the retail sector, big and small, the ones that operate in a niche market tend to be the ones that enjoy continued success. They’re not touting for business everywhere, they understand who they are, know what they can do better than anyone else, and they don’t just know who their customers are, they know what they want too!
Niche can mean many things. With some of the bigger retail companies niche would point to the likes of The White Company, Cath Kidston, Lush, to name but a few. There are many smaller lesser known companies that have built very successful businesses by concentrating their energies on what they do best such as, Labour and Wait and Baileys Home and Garden (shown above). All these companies have clear values and strong brand identities. They don’t deviate from plan, and that takes courage!
I see niche like a person with a natural born talent for something. Something they can do better than anyone else! Unfortunately not everyone recognises their true talent and for some they never really find it! But, if you could apply this concept to your retail business, how would it change things?
Operating in a niche market should not be feared but encouraged. A niche business may initially have slower growth and a smaller customer base but, their customers will be ardent fans, they’ll share news with their tribe and contribute to the businesses success.
Being in a niche market can really help focus your business identity and the development of your brand. In turn this makes the process of how you communicate to your target audience so much easier. Niche will make you stand out from a world of sameness. Niche is good, don’t fear it, embrace it!
Have you found your true niche yet? Do you know what it is? Are you missing something, something obvious that other people see and you don’t? Do you need help to strengthen your brand in order to increase sales. If you do, get in touch, it may be easier and less expensive than you think...
All the best
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