WHAT DOES NICHE DOWN MEAN
Take a page from the recession-proof industries, whose customers continue to purchase goods and services perceived as essential. Create a similar sentiment among customers even if your product or service is not as essential as, say, ambulance services.
One way to achieve this is to niche down. Niching down means to cater so much to a specific need that your business becomes the essential go-to for it. Instead of an all-purpose bakery, become a gluten-free bakery. Instead of running a sporting goods store, become a soccer store. Instead of being a realtor, be a first-time homebuyer consultant. You get the idea.
But you must choose wisely: Niching down requires truly mastering the niche. Otherwise, customers will become dissatisfied and alienated. It’s not an easy strategy to execute, but if it’s done well, customers will be more likely to support your business, preserving your revenue.
Learn how to Recession Proof Your Business
About the author : Darlene
Darlene Gagnon is an award-winning entrepreneur recognized by the National Association of Women Business Owners and is an Enterprising Women Inspirational Entrepreneur. She served on the board of directors for Entrepreneurs’ Organization and has mentored entrepreneurs and start-ups for over a decade. Her two companies, WeKinnect Global Branding Agency and Kinetic Promotional Product Services, have been recognized as “Best Places to Work” and “Largest Agency” by American City Business Journal. Both companies serve the US, Canadian, European, and Australian markets. Both companies are located in The Woodlands, Texas, with teams in Canada, the Philippians, and India. Her digital marketing and advertising agency services in English-speaking countries around the world.