Transitions to a Niche Business

Customers often ask, “How can I make the transition from my current business? I cannot afford to just give up my existing business. Here’s a story that will help answer that question. The customer told me, “My immediate goal is to get more customers into my business. My second agenda is to move slowly towards becoming more specialized as a business.” Here are the six steps we used with this business owner to make his transition to a niche business.

Marketing

We completed an exercise that evaluated his current marketing efforts. (Yellow page ads, brochures, networking, professional referrals and other forms) What was working? What was not working? We dropped the losers. As part of the marketing analysis, we implemented 2 new marketing approaches. The result of these efforts identified his best marketing strategies.

Customer Analysis

We completed an exercise that identifies his current customers. Who are they? How do they buy? How many are there? What do they buy? Where do they come from? Why do they buy from him? The result of these efforts was an understanding of his current customer base and the foundation for his new business niche.

Customer Referral Program

We worked with the business owner to develop a customer referral program. Th customer referral program added another tool to increase the current customer base. The result of these efforts was in increase in his current customers.

Unique Marketing Message

We developed with the business owner a unique marketing message. Why and how did he differ from his competitors? Why should customers buy from him and not his competitors? What benefits do customers receive from his services and products? The result of these efforts was a marketing message that was unique and special. This will be used as a foundation for future marketing efforts.

Customized Selling Model

We completed an analysis of the current one on one selling model he was using with customers in their home. What materials did he use? What was the sales presentation? What were the words used? How can this sales model be made more effective? What materials will help to distinguish his business from other bidders? The result of these efforts customized a sales model that made him more effective in his current selling situations.

Management System

We create a simple management reporting process. This involved record keeping, goal setting and testing the different strategies being used by the business owner. The result of these efforts will be ongoing data on what is working and what is not working for his business. By using these six steps over a 3 month period of time, the business was able to increase the number of customers and create the foundations for building a business niche.

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Comments

[David]

Businesses objectives in acquiring a loan is to ensure that business operations continue till the revenues of the business ensures sufficient cash flow to cover operational costs. Working capital loans are ideal for companies or pursuing a new ventures or to cover short term cash flow problems.

David from http:/jumplanet.com the Get a Business Loan site