Friday, October 8, 2010

Discovering Your Market Niche

Doing business in a small town shouldn’t mean small profits. All the successful businesses we have in Tripp County have one thing in common: they have found their niche in the marketplace and follow through with the promises they make to customers. Whether that promise is customer service, best price or innovative ideas, you can be sure that our most successful businesses more than likely ascribe to one or more of these principles in their industry dealings and tailor their activities and marketing to fit that need.

Consider using these guidelines for selecting the “best practices” for your business. They will help you make better use of principal resources: People, Time, and Money. You may be tempted to say “I want all three.”; but choosing to be all three simultaneously almost guarantees that you will become a herd member rather than a herd leader. So take a look at these three options, choose one, and then you will know what best practices are likely to best fit your organization:

1. We define success as being a highly efficient company focused on limited customer/client choices that appeal mostly to the price conscious. If that’s true, then build your processes, policies, and procedures around that value proposition. Spend a minimal amount of money on building close personal relationships with clients. Market your “pricing” ability.

2. We define success as being an innovative and creative company that can put products and services in place that tap into the previously unknown and unmet needs and wants of the marketplace. If that’s true, then you need to be putting people, time, and money into product/service research and development. Market everything as “new and improved” or as the leading edge of whatever line of business you happen to have. Your target market likes and wants “change”.

3. We define success as being trusted advisors and consultants to prospects, customers, and clients who want a great deal of personal time and attention from their vendors and suppliers. You probably chafe a little at being thought of as a vendor or supplier because that implies a more distant relationship than you want. So, your best practices are going to focus on maintaining a level of customer intimacy that the more operational efficient would find unnecessary.

-Dan Schneider, Rawls Group

Once you decide whether you are Door 1, Door 2, or Door 3, you will be able to recognize what “best practices” are most appropriate for you. Choosing the “best practices” helps you identify what business processes and procedures will help you better achieve your business goals.

On a related note, the Development Office, Winner Area Chamber of Commerce and the City of Winner have partnered to create a new, more user-friendly website to appeal to potential businesses, visitors, sportsmen and residents. We saw a customer need for more online information so we redesigned the site and now provide a fresh, clean look for our online communication.

Check out the site at www.winnersd.org for information on our community, ongoing events, city business, relocation, tourism, business start-up information and contacts! There are some cool photos on the site of various landmarks and community members; we invite you all to make it your homepage today. (Thanks to Shawn Ray and some local photographers for their outstanding photo contributions.) Additionally, if your business, club or organization has an event planned, please let the Amy and the Chamber of Commerce know, they would be glad to add it to the new online event calendar!

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