Going a Business
What is one tip on how a company can narrow down their industry specialization?
To help your company narrow down their industry specialization, we asked business leaders and management experts this question for their best advice. From defining your target audience to using growth metrics, there are several things your company can do to narrow down its industry specialization.
Here are seven ways your company narrow down its industry specialization:
Find What You Do Best
Define Your Target Audience
Focus on Markets That Lead to Referrals
Find Your Customer’s Pain Points
Listen to Your Customers
Tighten Your Niche With Google Analytics
Specialize Using Growth Metrics
Find What You Do Best
I do not believe there is a one-size-fits-all answer to this question, as it is very much based on your industry. With that said, I would say that any successful business has made it because they are simply the best at what they do. When evaluating your offerings, you need to be unbiased and ask yourself, “Are we really the best at this?” If the answer is no, you either need to cut it out of your offerings or find a way to improve so you can truly specialize in it.
Carey Wilbur, Charter Capital
Define Your Target Audience
By narrowing your focus, you can minimize overhead and maximize your profit margins. To gain a competitive advantage, most companies either specialize in differentiated product offerings or focus on lowering costs to sell more in bulk. Depending on your brand, either option can work for you, but specialization can give you an advantage by tapping into newer untouched markets.
To be successful at this, you must focus on providing value to your defined target audience. One of the best ways to define your audience is by doing market research to create the right buyer personas to guide your decisions on the right product, price, place, and promotion.
Rronniba Pemberton, Markitors
Focus on Markets That Lead to Referrals
When I started my transcription service, I took on all kinds of projects. In the transcription industry, there are lots of potential markets – media, entertainment, academia, legal, business, medical, and so on. After completing a number of projects in various industries and tracking my referral business by market, I discovered that some markets are clear-cut winners when it comes to client referrals. Instead of being a jack of all trades, I’ve shifted my focus to generating leads in one or two top referral-friendly markets because those clients bring in more business over the long term.
Chloe Brittain, Opal Transcription Services
Find Your Customer’s Pain Points
Every business needs to do a deep dive into what their customers need and what their problems are. It’s only when you talk to people or do a survey that you can identify what people really want. By gathering data, it becomes clearer the kind of niche a business needs to get into.
Syed Balkhi, WPBeginner
Listen to Your Customers
Paying close attention to your customers is imperative in a number of ways, including when narrowing down your industry specialization. If you deal in e-commerce, what products do they purchase? Which ones do they only view? When you do your research and find answers to these questions in the data that you uncover, you can quickly see a pattern. Use this pattern to point at your areas of expertise, popularity, and relevance. Additionally, stay active on your social media platforms, and read — and respond to — your customer reviews. What you find here will also help you center in on a specialization.
Travis Killian, Everlasting Comfort
Tighten Your Niche With Google Analytics
You need a focused niche, or your readers and customers will be confused. Use Google Analytics to narrow your niche. Go to Analytics.Google.com and then to Audience Demographics. You will see information to help you focus. For instance, you’ll see the primary gender and interests of your readers. Use this knowledge to help you narrow your product development.
Janice Wald, Mostly Blogging Academy
Specialize Using Growth Metrics
When consumers go to our website, they immediately see the live feed of user-generated content based on the brand and products they are searching for. Although our brand is in the beauty industry, we are a technology company with a video platform. When a company is launching, they should figure out what aspects of their business to focus on. For example, e-commerce may be a long-term goal when a company reaches a certain growth metric. Once we reached a subscriber metric in monthly user-generated content and subscription rate, we were able to partner with popular brands for an e-commerce aspect of our business with special offers.
Savannah Scott, Supergreat
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