Practical Advice on Honing Your Niche
I often come across brilliantly written articles that need to be shared
. This article by Tony Bodoh speaks to honing your niche and if this is something you have not yet done, this article will be very helpful to you in creating a strategy that will get you where you need to be in the process.
Enjoy!
By
Tony BodohApril 29, 2010
Recently, during my introductory niche-building strategies sessions I've found myself focusing on three main points. Today I am going to share the most important of these points with you. Of course, this is generic in form because each business is different and requires a more in depth interview for a specific prescription of action steps. This system is also effective, no matter how large or small your business is.
The system I will describe below has its roots in Lean and Theory of Constraint process improvement methods. It is also the system I used successfully when I was managing the guest and meeting planner loyalty programs for Gaylord Hotels and Gaylord Entertainment.
Gaylord had 8,000 guest rooms, nearly 50 restaurants, dozens of retail shops, live entertainment venues and nearly two million square feet of meeting space. The method I describe below is the framework (although not the specific details) that allowed Gaylord to sustain record growth in it's loyalty scores while the rest of the industry was attempting to weather the economic storm.
How can you continue to hone your business niche and grow your profitability, regardless of economic conditions?
The answer is deceptively simple. Ask your customers what they liked most about their experience with your product or service. The answers you receive are worth gold if you use them properly.
First, document the answers. Using the customers' own words are critical for this, so plan to use a system of comment cards, emails, text messages or voicemail messages. There are a variety of low cost recommendations I can offer in a future post.
Second, identify key data elements. Consider what data you can capture with your information systems or simply by reviewing the transaction data. These data points will help you later.
Third, review the customer comments frequently. You will want to determine which comments should be acted upon immediately and which ones should be part of a larger change to your company's strategy.
Fourth, once you have a sufficient number of comments, start to analyze the patterns in your information. As yourself questions such as, "What are the key elements that are frequently repeated?" and, "Do these elements show up in specific situations, such as with a particular employee, or are they indicative of the brand that is emerging?"
Fifth, determine if the processes, training and resources are in place to make an experience repeatable. If so, move to the next step. If not, build a plan and execute a change program with the intention of building a repeatable process.
Sixth, incorporate forms of these comments into your marketing statements and materials.
This process will help you offer a promise to prospective customers which you can repeatably deliver and which inevitably results in their satisfaction and loyalty. In addition, they will recommend you more frequently to their friends who want to have a similar experience. The virtuous cycle of feedback, operational or training changes and marketing integration will cause the attraction of your perfect customers and over time will distinguish your brand from the alternatives in the marketplace.
If you would like expert guidance on how to specifically implement this virtuous cycle in your business, send me an email(tony@tonybodoh.com) and we can arrange a niche-building strategy call. Don't wait too long. I may be strategizing with your competitor today!
Practical Advice on Honing Your Niche
By: Theodore Henderson
5 Reasons Why Niche Marketing is the ultimate way to Succeed Online The Power Of A Niche Directory Choosing Your Niche Market - Developing Laser Focus Chan Do Internet Success System Review - Niche Marketing Secrets To Make Money Online by Patric Chan Internet Business Plan: How to Research and Find Your Niche Online Niche And Grow Rich Best Way To Make Money Online For Beginners –The Secrets To Making Money Online With Niche Marketing Niche Marketing Means Different Things To Different People. Affiliate Niche Marketing After Joining Affiliate Networks How To Generate Affiliate Income - Prospering With The Right Marketing Niche Niche Business - No Need To Spend Alot To Make Alot! Niche Business - Ways To Achieve Success With A Niche Business! Internet Business Opportunities - Expand To New Niches