The series is from Chartered Accountant, consultant and author, Jeff Borschowa, from his book, 8 Pillars for Exponential Business Growth. The series is focused on how to find new and better ways to integrate innovation and technology to enhance the customer experience and improve efficiency in the accounting process.
Niche building is the intersection between marketing and sales and, arguably, the foundation for both. We introduced niche building in our marketing discussion. Niche building involves focusing your business on a specific ideal customer type. A niche can be defined by industry classification, geographic location, company size, etc. Defining your niche will guide both your marketing and sales efforts.
Focusing on a niche often allows you to market yourself as a specialist and charge higher prices for what you offer. Specialists in an industry can always charge more than competitors who are generalists. Your value, as quantified by pricing, is determined by how customers perceive you in the marketplace.
The key advantage to focusing on a niche is the ability to leverage your marketing and sales efforts by reaching a large percentage of your niche audience. You don’t have to reach one hundred percent of the market, just a large percentage of those that would be inclined to buy your product or service.
