Expand Your Business By Focusing On The Gaps
Being a business owner is difficult enough without having to compete against other companies for a potential customer’s attention. While competition drives growth, it can also cause hardship.
Identifying and filling unique gaps in what your industry offers customers can build your sales and bottom line. To do this, there’s a lot to think about and analyze. By focusing on gap areas in the products and services your industry provides, you might just identify the keys to your success.
Here are some key points to ponder:
Are there any gaps in my industry that I can fill?
It’s challenging for a business to fulfill the broad spectrum of manufacturing, sales, customer service, and custom orders in a particular industry. For many businesses, it’s not cost effective to cover all the bases. Therefore, there will always be gaps that allow small businesses to flourish.
For instance, let’s say your company focuses on supplying cabinets to builders. A number of your regular customers have inquired about a variation of a model you make.
During your exploration of this further by talking with other builders, you find that there is a gap in the industry for this. It’s new, innovative, and the demand is there.
This is a gap in the industry that you, as a business owner, have the possibility to fill. By seeing this and responding, you have ability to fill the void and expand your business.
What does my company do that’s unique?
It’s challenging to be unique in a particular industry. For many the company values or the company’s unique features keep customers coming back.
Identifying what’s unique about your company is as simple as asking questions. Ask people to fill out a survey, keep track of customer comments, or read reviews.
If a customer positively comments on customer service, product packaging or custom orders, there’s a good chance this is one of your company’s unique features.
Other unique company values include pledging to use only recycled materials or donating to worthy causes and charities. You can attract consumers with similar values. This can be very useful in establishing a strong customer base.
One client of ours serves a unique niche in the remodeling industry. He serves higher-end remodeling that involves lots of customizations and unique items. One such remodel was a room makeover with a retractable staircase! Not too many builders were up for the challenge, but Master’s Design-Build was!
Some have said it this way, “There can be riches in niches.” The key is finding a void that has demand and filling it! Sometimes the void will necessitate volume, other times customization in small quantities. Be open, explore, and be unique.
Learn more about The Power Of Going Deep Into Your Niche.
Do customers see your company values as a benefit?
While you might think some values and unique features strengthen your business, your customers may not. Value is perceived differently by each consumer.
While having environmentally friendly packaging is important to some, other customers may think the extra you add on to the shipping charge isn’t worth it.
Analyze values and their consequences carefully. Surveys and reviews from current customers are your best indicators of what consumers see as value. Perhaps there’s something you’ve overlooked that consumers like or don’t like about your company.
How do I capitalize on the industry gap I’ve identified?
Once you identify industry gaps and unique values, what do you do then?
Your next step is to analyze how to capitalize on these features. Perhaps your employees need additional customer service training to build a happy, satisfied customer base.
You may need some social media training to develop your online presence, so the customer experience is seamless from ads to purchase.
You may need to manufacture a new product or initiate a new service.
By identifying and acting on the issues, you’ll expand and strengthen your business and your bottom line.