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.
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