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Top Tips for Niche Marketing

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StrategyDriven Marketing and Sales Article |Niche Marketing|Top Tips for Niche MarketingIt is the 21st century, and because of that, most people have the option to start up a business in literally no time at all. With societal rules changing by the second and laws falling shortly behind, this has already opened a whole new world for business. It is a special time, where those who have a deep passion for something specific can come together and find others who are also into the very same specific thing and turn it into something beautiful.

That said, general marketing is just not prepared for the variety of businesses, personalities, and changes that are being made by the second, and will often appear outdated for such a new concept — which is where niche marketing comes in.

This piece will discuss some top tips for niche marketing, perfect for those who have a very specific business and customer base.

Find Strengths and Weaknesses in the Niche

Like all brilliant ideas, the cons also must be considered when it comes to taking a leap into the business world.

The idea might already be firmly planted, but it is important to analyze the niche market idea to find its strengths — and how to capitalize on them — and weaknesses, to strengthen them. This is the best base from which a niche idea can flourish.

It is also important to do this for the business too, to see how it all stacks up.

Conduct Industry Research

There will be a very high probability that whatever the idea is, somebody else out there has already done it. But that is not a bad thing! In fact, there is plenty of room for many businesses in the same sector to thrive. However, conducting research will help give those in businesses a better idea of who might want to use, buy, or rent a product.

For example, varying states have changed laws regarding marijuana, which means plenty of businesses are now popping up to start a new venture in relation to this. But there is a big difference between a consumer to business relationship and a business to business relationship, and it is crucial to work out who the target audience is, and in what areas might services be required. PDX Gold have set up in a niche market offering extraction services, whereas another company might offer growing services.

Solve Customers Problems

Who better to solve customer’s problems than a company who whole-heartedly specializes in a product, service, or industry? Find gaps where similar products may not be filling a need for the target audience or work to upgrading or changing a service that eliminates customer’s problems from other services to really stand out. Showing that a business really listens to its customers and acts on it can be a brilliant ally to a brand’s reputation.

Think About What Marketing Will Benefit the Business

It is easy to tell a business to ‘get on Facebook’, but depending on what the business specializes in, that might not be helpful at all. Look at competitors and see how they approach marketing; see what is working and what is not, and do not be afraid to think outside the box. Whatever route a business goes down, make sure it is cost-effective and that the strategy engages the target audience.

The Top 4 Ways to Level-Up Your Customer Acquisition Game

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StrategyDriven Marketing and Sales Article |Customer Acquisition|The Top 4 Ways to Level-Up Your Customer Acquisition GameAre you trying to build your customer base, create return buyers, and boost your sales? The answer is obviously a resounding yes.

Gaining new customers is easy enough in theory – however, the actual practice can be a bit daunting. We’re going to tell you what you need to know in order to level-up your game when it comes to customer acquisition. Keep reading to learn how you can turn more of your leads into actual conversions, acquire more customers, and boost your profits!

First of All…

Before we go any further, the very first step to level-up your customer acquisition game is to define your target market. Yeah, yeah, we know – you want to sell to anyone and everyone that will buy.

Except for the fact that this isn’t really an ideal way to approach business, marketing, or selling.

You need to take a day (or a week, or a month) to sit down and determine exactly who you’re trying to market to. Include information like your customer’s age, gender, socio-economic status, and where they live. Basically, gather any and all demographic information, regardless of whether you find it immediately important.

This information will help you make the best possible marketing decisions and learn who you’re trying to sell to in order to make offers more appealing to that person. You might realize that the particular market you’ve been trying to sell to isn’t ready for your product; you might also learn about a whole new group of people that you’ve never thought about selling to.

StrategyDriven Marketing and Sales Article |Customer Acquisition|The Top 4 Ways to Level-Up Your Customer Acquisition GameMake it Personal

How many times have you opened an email from an unfamiliar address just because it included your name, the name of a product you just viewed, or a funny joke? The answer is probably more often than you’d like to admit.

You probably even wonder how that company did that – you know, make the email personal and applicable to you, specifically. There’s a decent chance that the company spent far too much money, time, and effort learning exactly how to send those emails and which programs to use to do so.

Yes, there are a lot of companies that offer you the ability to send out mass emails or even segment your subscriber list. They also usually cost an arm and a leg to use or are convoluted and exceedingly difficult to learn.

One of the easiest ways to avoid the high costs and confusion of standard mailing platforms is to use something designed to work with the mailing system you already use: Gmail. Opting to use a mail merge system for Gmail will allow you all of the benefits of a major mailing platform while still keeping the process simple and user-friendly.

When sending out your marketing emails, you’ll want to make them personal as mentioned; also, make them personable. Portraying your message or company as something that is relatable can go a long way toward getting your readers to open your email and follow through with your call to action.

Free Shipping Wins

As a business owner, you already feel the costs of shipping every time they increase and know that those costs are built into the price when a retailer claims that its “free.” As a consumer, you can’t help but buy just a little more in order to get the so-called “free” shipping.

With this said, you can already see that learning how to offer free shipping is a worthwhile task. It makes your customers feel as though they’re receiving a better value, can attract otherwise uninterested leads, and can ultimately boost your sales while encouraging repeat business.

Yes, free shipping can win business and increase sales, but you should learn the best practices in order to avoid losing money instead of making it! You might choose to have a minimum dollar amount on your orders or slightly increase the cost of each item – every industry is a little different in how they can incorporate “free” shipping.

Leverage Technology Use

Regardless of your industry, what you sell, or the service you provide, your business uses some type of spreadsheet software. These spreadsheets are used to keep track of email subscribers, inventory costs, or even payroll.

Believe it or not, Excel can be used for far more than just these simple tasks. You can choose to leverage your use of technology by hiring an Excel expert to help you create the exact algorithms and spreadsheets you need to save money while being more effective and productive.

How does this relate to customer acquisition? It’s simple, really.

When your business is saving time by not having to worry about spreadsheets and the accuracy of them, you can focus your attention on the money-making aspect of your business: the buyers.

Additionally, if you happen to be able to save a ton of money by becoming more productive, accurate, and saving overall costs, you can choose to pass these savings to your customers by offering lower prices. Lower prices will mean a competitive edge and often the potential for higher sales.

Leveling-Up Customer Acquisition: The Game You Can Win

Yes, customer acquisition is easier said than done; it’s also a very doable task when you choose to use the four tips mentioned here. When you take the time to define your target market, send out personal (and personable) email blasts, learn how to (properly) offer free shipping, and use technology to your benefit, you help to ensure a constant flow of new customers as well as repeat business.

It might take a little bit of time to learn how to implement the “cheat codes” to the customer acquisition game but you can rest assured that once you do, your sales will skyrocket, buyers will tell their friends, and your business will increase in value!

Employees Spill The Beans On What They Really Want From Their Employers

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StrategyDriven Talent Management Article |What employees want|Employees Spill The Beans On What They Really Want From Their EmployersIf you think employees just want a paycheck at the end of the month, you’re sadly mistaken. Fortunately, (or unfortunately, depending on your perspective), they need a lot more than that.

In the past, business culture was very different. Companies pretty much told their employees what to do, and they got on with it, without really asking any serious questions. But with falling unemployment and changing expectations, that’s all gone out the window. Now firms have to give their employees many reasons to stay. Otherwise, they’ll look for opportunities elsewhere.

You can listen to consultants all day long, telling you what you should do to reduce employee turnover. But the easiest way to encourage people to stay is to ask them yourself.

When you do, here’s what they say:

Opportunities For Progression

Money today is great. But employees also want the promise of more money in the future. Often, this idea is more compelling than receiving a bonus in the here and now. People want to feel like their lives are going somewhere. They don’t want to get stuck on an eternal treadmill, doing the same things every day, without end. They need a sense that they’re progressing. They want recognition in their communities.

If you want to keep employees, therefore, you should create an explicit schedule for their careers. Make it clear what you expect from them and then make opportunities available once they gain sufficient experience and expertise.

Recognition For Their Work

Some people work for money and nothing else. But a lot of people feel like they’re part of a large social enterprise and expect recognition from their superiors. For them, work isn’t just a means of making money or achieving goals. It’s also about getting some much-needed affirmation.

If you’re a natural boss, you may struggle to see the importance of this. They already get paid, so why do they also need parenting? It seems weird. Sometimes, though, you have to ignore your instinct and spend a bit of time telling your employees you appreciate them. It’s the equivalent of the teacher giving the student a gold star.

StrategyDriven Talent Management Article |What employees want|Employees Spill The Beans On What They Really Want From Their EmployersShow Them You Appreciate Them

Paychecks are great. But ultimately, they lose their appeal. Sometimes, they can become a source of resentment. Employees often come to believe that you’re giving them too little for the work they do.

Corporate gifts for employees, however, can sweeten the deal somewhat. With these, you can show your appreciation without having to go through the rigmarole of a salary renegotiation. For workers, it feels like Christmas.

Offer Flexible Hours

If there’s one thing that workers want more than anything, it is freedom over how they use their time. Not everyone wants to be in the office on weekdays. Some people find it more convenient to come in on the weekend and get their work done then.

Create a system that allows people to work flexibly, where possible. You could allocate a certain number of flexi-hours per week if you need colleagues to be in the office together at certain times.

Will You Take These Services up on Their Offers?

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In order to stay ahead of the competition your business must utilise the best options offered to it. In this day and age, there are a whole host of companies and services at your disposal to make use of in order to make sure you’re getting the best assistance and the best value for money. Maybe it’s time you took a look at some of the services below and how they can help your business succeed, better their area and field, and how they too can better your wallet.

Virtual receptionists are an example of just how much technology has killed, or begun to kill, the professions of old. VRs take it upon themselves to simply answer calls, but do so in a manner that could make the need for a receptionist a thing of the past. They mean a call is never missed; they retain the ‘unique-ness’ of your business by answering and responding in a way that you tell them to; they are open 24/7 which can mean you are perceived as being ‘open’ 24/4 by any ringing customers; and they are cheap — some offering their services for a mere quarter of what you’d pay a receptionist per month. Also, advances in cleaning and hygiene services have improved two-fold. Also, with janitorial services offering an effective clean and hygiene levels that blow a quick vac and polish out of the water, the need for an in-house janitor or cleaning team may be over. But are there cons to utilising such services?

StrategyDriven Managing Your Business Article | Entrepreneurship

A big one is that they could take a job off of someone who has done it for years and proved themself to be extremely loyal. It could be tough for you to get rid of a trusted employee in order to replace them with a service, but it’s your business, and you must do what’s best for it. if a service offers much more, for the same or even less of the price, then it’s a no brainer.

Something else that joins the whole host of things that have been killed by technology is the need for cold, hard cash. Merchant Services, a type of bank account that allows businesses to accept payments in a multiple of technology driven ways, means that trips to the bank for coins and notes may soon become a redundant exercise. With the pace of change in the U.S. payment market showing that over the past five years the credit card has proved itself to be the generally preferred method of payment, merchant services are ones that must be optimised if a business owner wishes to retain custom. This means you should have a card reader and atm machine on site at all times so that you are able to take a customer’s payment when they don’t have notes or spare shrapnel on their person.

So, there you have it. A few modern day services that are on offer to you, the business of owners of today. It’s now up to you whether you take them up on their offers.

Can We Make Remote Work Work Long-Term?

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StrategyDriven Managing Your People Article |Remote Work|Can We Make Remote Work Work Long-Term?Lots of people who are newly working at home would like to keep it that way. In fact, a worldwide survey of 500 employees conducted by OTRS Group revealed that the vast majority of those surveyed (80 percent) enjoy working from home, even though 68 percent said working from home was new to them.

Companies are interested too. Leaders are seeing an uptick in productivity. And, in some parts of the world, new laws are even being proposed that could establish home office options as an employee right.

If this work style continues, what do leaders need to focus on to ensure long-term success? Tools and culture.

Remote IT Solutions

One tricky thing is that employees in their own home do not have onsite IT support. So if technical problems occur, a loss of productivity can quickly result without a remote help desk option.

The following will offer employees the best possible remote help desk solution:

  1. Analyze employee needs. How quickly do they need support? When can they help themselves?
  2. Define support processes and procedures. Design these in accordance with ITIL®.
  3. Evaluate help desk solutions. Find a cloud-based solution that includes notifications, multiple channels, SLAs, a self-service portal and an API for integrating with other systems.
  4. Consider security. Help desk security functions and processes should always play a major role in the selection of your system.
  5. Customize the selected solution. Now, take time to align your new system with user requirements and the previously defined processes.
  6. Provide training. When ready, have extensive communication and training for the help desk team and end users.

The ideal help desk should not only ensure that problems are solved quickly, but should also support employees in the home office so that they can efficiently use their time.

Remote Teamwork Solutions

With general technical problems handled, tools must also be implemented to support teams in communicating, planning and moving tasks between one another. The lack of this type of tool is a key concern expressed by those who have recently shifted to the home office environment.

In fact, in the referenced study, of those who had been struggling to work from home:

  • 15 percent were challenged by not knowing what their teammates were working on,
  • 14 percent had a hard time measuring team results, and
  • 13 percent had difficulty keeping track of their own tasks.

For nearly half the people, facilitating work is difficult when people aren’t routinely chatting about it in an office setting. Remote work software can be used to help add structure to communication and tasks in order to avoid these difficulties. Remote work solutions should bring together all information that teams need to get their jobs done, such as tasks, calendars, contact information, business process automation and reporting.

By using one tool to centrally manage all of these, both employees and leaders have an up-to-date, clear understanding of what the current work is, how to get it done, and when issues are creeping up.

Corporate Culture Supports Remote Employees

However, tools can’t solve all of the problems. While there are many advantages to working from home, those making the change may long for the benefits of working in a traditional office. Respondents shared that they missed seeing their colleagues and that they feel “stuck” in one place for too long.

In order for the positives of working remotely to last long-term, management teams need to think about how to counteract these losses by:

  • Encouraging conversation about change. Change is hard, so provide outlets for employees to discuss this and share what has been working well.
  • Hosting virtual offsites. Plan time for employees to come together and talk about key topics, much like you would do in a traditional offsite. Be sure to have an agenda, include breaks, keep sessions to 90 minutes and have options for socializing.
  • Creating a virtual coffee break. Give people a chance to chat about non-work topics or play games together. What could bring people together for a reason other than talking about tasks?
  • Deploying a chat tool. Offer a tool that lets people ask quick questions, share fun information or talk about personal topics. It helps promote that “around the water cooler” feeling. There are plenty of programs like Microsoft Teams that are perfect for this. It’s also a good idea to get PBX integration for Microsoft Team for more means of communication.
  • Hosting a non-work contest. For instance, give people a reason to break free of their homes by holding a fitness contest. Or, try a virtual company-wide 5k. Contests give people an outlet for being engaged socially with colleagues.
  • Defining and following processes. Processes help people know what is expected when, and reduces worry about doing the right thing. Plus, they keep work flowing smoothly when time zones make it hard for everyone to be online at the same time.

While the Corona crisis has been a challenge for businesses and employees alike, it has also opened the door to expanding remote work opportunities. The study shows significant benefits to working from home, from saving commute time to spending more time with loved ones. But to maintain the current situation, leaders should be investing in tools and creating shifts in their corporate culture to keep productivity and employee satisfaction high long-term.

About the Author

StrategyDriven Expert Contributor | Sabine RiedelSabine Riedel is a member of the Management Board of OTRS AG. With her expertise in the areas of corporate development and leadership communication, she is responsible for the development and expansion of international HR strategy and the conception and implementation of measures to implement the company-wide corporate culture.