Niche Your Wagon

"But we are not talking about making just any niche. The point of all this is to make a good one - one that takes you and your business where you want to go - one that helps deliver your life's goals and ambitions."

Dr. Lynda Falkenstein, Nichecraft

I spend a lot of time discussing what to do after you have opened your retail establishment. Today, we look at what should happen before you start building. I offer three words for you to cleave to your bosom: Niche, Position & Differentiation.

Niche:

Dr. Falkenstein does a great job walking her readers through the practical process of deciding on a niche. For me the key lesson is that your niche must reflect something that is both essentially true about you and your life, something you care about deeply. It's not just about profit.

Customers patronize your store and buy what you wish to sell because of the quality of the the retail experience you've created and the values it represents. So before all else, your niche has to represent the true you.

I liken it to the proverb that Heaven helps those who help themselves. In this case Heaven helps a well crafted niche.

Position:

Here is a piece of marketing jargon that actually defines the concept I preach. We are in the memory creation business. Your position defines what your customer remembers of the experience you crafted. Its strength depends on whether the position is a compelling enough memory to get them to return. Companies pay big money to develop compelling positions. Most of the time, all they've crafted are slogans backed by massive advertising.

So, your position must reflect the specifics of your personality and your experience. It relies on promises that must be kept, all said in a voice that is uniquely yours. I assume as you are going to look at what the potential competition does, spend more time on who you are, what your 'memory' is, and why people should care. There is a suitable market for any product/service/memory that is derived in this way, because America is starving for authentic feeling and institutions it can trust.

Differentiation:

What is it that makes your show, your experience different? Potential guests may respond to your values and heart, but the practical experience must be different and better than others, which occupy space in the same general retail environment. It is the means you use to avoid cliche and 'me-too' thinking. These ideas protect you from the worst kind of waste: the waste of your time and capital.

I want you to take a look at Dr. Lynda Falkenstein's book Nichecraft. I lay out the conceptual reasons to creating a niche. She takes that ball and gives it a thorough run through. If you have any raves you'd like to share with me, give me a shout at rick@rickhendrie.com.

You can click here for a direct link to Amazon.com.

Rick recommends:

I come across vendors who have interesting products and services that can help you develop and execute Guest Relationship Marketing Strategies in The Experience Era. Since good help these days is so hard to find, I will on occasion share some of them with you.

Executivity Advisors
This month's company helps most of us technophobes in using Internet technologies effectively to directly impact our businesses, without having to learn how to be a techie, ourselves. They consult with you on how to best utilize online technology and outreach for your business and manage all the necessary vendors to help get you what you need better, faster, cheaper. And without you having to learn all the silly jargon. In the spirit of full disclosure, the CEO is my son. You be the judge, but he's saved my behind more times than I can count.

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