Decide your special niche for growth

A strategic problem many businesses face is they don't have a special niche and this holds you back from growing. their potential customers often find it difficult to distinguish them from their competitors. The result is often static sales and low retention of customers.

Decide your special niche for growth

Question:

Are you generally acknowledged to be the best in your world at what you do?

Answer:

At The Alpha Group we make certain that you decide upon and create your special niche that inspires you and brings increased profits.

So, how does this happen?

Easy, its a six step-process using the power of the peer-to-peer advisory board.

- Firstly, you learn that building a special niche is vital to doubling or tripling your value. We see how a building a special niche can impact on three areas, the right niche will substantially and rapidly increase your sales, the right niche will transform your net profit and the right niche will significantly enhance your value multiplier. These benefits are further broken down and assessed in 15 different factors.

1 Substantially and rapidly increase your sales

a) Build your own special, attractive niche

b) Provide a compelling service or product offering for your target niche

c) Generate plenty of prospective clients/customers within your niche

d) Rapidly filter-in high probability, prospective clients/customers

e) Sell and negotiate strategically to your ideal clients/customers

2 Transform your net profit

a) Maintain your business at below 60% break-even by ruthlessly eliminating unnecessary overheads

b) Focus your time and energy only on your core processes and abandon or out-source non-core activities

c) Continuously streamline your core processes through lean thinking (i.e. create processes which add high value to your clients/customers)

d) Manage your processes well through effective Key Performance Indicators (KPIs)

e) Price your services & products strategically to achieve high net profits

3 Significantly enhance your value multiplier

a) Maintain your market leadership by continuously confronting the brutal facts about your business and your niche

b) Share the leadership of your business by recruiting and developing talented people for your Management Team

c) Leverage your business by your Management Team working together with clear, empowering roles

d) Within your chosen niche, develop and protect your distinct and strong intellectual property e.g. your brands, trademarks, patents etc.

e) For your total annual sales, achieve a minimum of 50% recurring revenue through outstanding customer service and licence income

Secondly the peer-to-peer advisory board help you identify the key strategic problem that your current niche may be causing you.

a) Your potential clients and/or customers find it difficult to tell you apart from your competitors

b) Your sales are static or falling

c) You are having difficulty retaining your existing clients and customers.

What other sales, profit and value multiplier problems are you experiencing that your current niche may be causing you?

Thirdly the peer-to-peer advisory board help you assess your current niche.

1 We clearly know who our target Clients/customers are.

2 We understand our target clients most important goals and needs.

3 Our niche is one that our target Clients/customers really want.

4 Our niche is so special that we stand out clearly from our competitors.

5 We are passionate and energetic about our chosen niche.

6 Our niche is taking us where we want to go as a business.

7 Our niche feels comfortable to us.

8 Our clients/customers consider our service and our Product first and price later.

9 Our marketing effectively conveys to our target clients/customers your need for our niche.

10 We exploit our chosen niche through several profitable products and/or services.

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Fourthly the peer-to-peer advisory board help you create your special niche by following a clear six-step process. Together we determine the best answers to the following questions.

1 Focus

a) Who are your target clients/customers? i.e. who specifically do you want to focus on?

b) What are the goals/needs of your target clients/customers?

2 Identify

a) What is your business passionate about?

b) What are you highly competent at?

3 Create

What do you see as the special niche for you?

4 Evaluate

a) How special is your proposed niche?

b) How profitable and sustainable will your niche be?

5 Test

a) How much will clients/customers pay you for your niche?

b) What are the risks and financial investment in building your niche?

6 Implement

a) What channels will you use to build your niche?

b) What marketing will you use to support these channels?

Lastly the peer-to-peer advisory board help you take massive action.

The profound impact on you and your company of deciding on your special niche for growth is that you will significantly increase the market value of your company.


If you would like to find out more about how The Alpha Group members decide on their special niche for growth then please get in touch and I will be happy to send you further information about visiting a suitable group, online, face-to-face or blended with a mixture of real world and virtual board meetings.