Prior to 1980, niche markets have been a smaller idea when approaching a business opportunity or work from home business. odor removal business, primarily serviced by traditional odor removal companies. As a result of growth in niche markets over the past few years, this area has become a lucrative source of revenue for those with the right products and marketing in the odor removal industry and its service sector. Because niche markets are unique in their odor removal needs, they require a marketing and service strategy that is different from the traditional approach.
To be successful, a two pronged marketing mission is suggested. These include identification of a target area within the niche market and the formulation of a partnership philosophy. Customers in this type of market demand a customer service and almost collegiate approach in the development of products and services to meet their unique needs. Once the mission statement has been developed, a customer action plan should be mapped out.
Developing a Customer Action Plan
To develop the action plan, four key areas need to be researched:
- Know the Market:
Who are the potential customers? What is their specific business? What are their primary odor removal product and service needs? Who are the key contacts in the targeted customer companies? What is their business language?(i.e. terms and buzz words unique to their business)? What is the predominant management style of the customer company?
- Know who interacts with the market:
What federal, state, and local laws and regulations affect the customer? What governmental agencies may be involved? What companies supply materials and products to your customer? Who are the key contacts in these agencies and companies?
- Know the competition:
What if any vendors are writing business in this market? How do they handle specialty business? What types of services and products do they offer? What is their marketing strategy? To whom do they market? Are they truly able and ready to service this market?
Implementing the Customer Action Plan
Building relationships with your intended customers is the first step in the implementation phase. The primary reason for our company’s success in the niche market has been our focus on building trusting relationships. Our customers demand loyalty and respect, and we make sure that is what they get. Part of this relationship building includes development of an open, two way flow of information. Make sure you stay in regular contact once this channel is established.
In developing your accounts, use your information channel to stay on top of what is happening with your customers. What are their changing odor removal needs? What new products/services do they have that need to be satisfied? Anticipate their needs and tailor your odor removal products and services to meet these needs at the same time formulate good, consistent business and referrals. Always be sure to focus on the total account. Meeting your customers needs is your primary concern, not the bottom line.
There are three areas in which problems will occur: product or service failure, overselling, and if you are located in a small demographic -infinite market share.
Overselling an existing product or creating service expectations beyond your delivery capabilities would very seriously harm your credibility. Word travels fast. Your customers will find out through a variety of sources if you have problems. Because your reputation and integrity are essential to success in niche markets, protect it. What is promised must be delivered. The formula we use is: Promised = Delivered = Happy Customer.
Dealing with the reality of an infinite market share requires a little creativity. Because, today, there are few real companies marketing and servicing on a consistant basis auto dealerships, private party vehicles, hotels, real estate brokers, gyms, many companies of all sizes who are interested in an odor removal solutions from outside vendors who do actual labor to evaluate and treat specific odor issues. The odor removal business is in niche markets, it is essential that you are not limited to one category of client. Cross-selling and development of different but complementary prospects among other strategies is suggested.
Niche markets are an area in which quick business can be gained and long term profits can be made. They require a significant initial dollar investment in capital, technology and but little if any other staff. Niche markets can be a lucrative area, if you are willing to make a long term commitment.