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Riches In Niches

Updated: May 28

Rick Warren used to tell the story about a fictional radio station that played orchestra music, heavy rock, country, and opera. Imagine listening to a radio station having no clue what kind of song was next.

Would you agree with me that THIS IS A STATION NO ONE CAN LISTEN TO! This is a station destined to fail.

This happens all the time when businesses try to be all things to all people. It is a sure recipe for failure. Being all things to all people means not being able to be anything to anybody. If we aim at everyone, we hit no one.

Lesson: Not knowing and embracing your uniqueness hinders your profitability and advancement of your purpose.

Having a business that fills you with contagious enthusiasm and energy flows from profitability that fuels purpose. Being all things to all people hinders profitability.

One of our clients reduced their assortment from twenty-six items to six items, and their business boomed. By helping shoppers make buying decisions from a more limited assortment, they stopped trying to be all things to all people.

John Maxwell tells the story of a lion-tamer who always enters the ring with a four-legged stool. The lions shrink back, seeing the four legs of the stool, and can not decide which one to attack.

Restaurants with too many choices on their menu often struggle; Customers can't decide what to order. Having too many products on your menu also hinders your company's positioning in the market.

Lesson: Finding your company's unique niche can result in you getting rich.

Your business is known for the unique answer you bring to the marketplace. The key is to find and embrace your uniqueness.

But, how is that uniqueness determined? You determine your uniqueness with some investigation.

  • Ask the question, what can this business do better than any other company and be rewarded by its customers with a profitable and rewarding income stream?

  • Ask your top customers:

    • "Why do you do business with us?"

  • Ask your top prospects:

    • "Why do you not do business with us?"

  • Look at your numbers:

  • What are your top-selling products or services?

  • Who are your top buyers?

  • Take stock of where your business is thriving.

When you determine your uniqueness, you have likely discovered your niche. Once you have determined your niche, begin to focus your resources there.

Lesson: Focusing your resources in your niche multiplies your profitability.

A business that prioritizes profitability fueling purpose finds riches in the niches by doing these three things:

  1. Taking stock of where its business is thriving

  2. Focusing resources in their strongest niche

  3. Remaining true to its mission and purpose

Where are you in knowing and embracing your uniqueness? Do you understand your niche? I would LOVE to know where you are. CLICK HERE TO INTERACT WITH ME.

Harry T. Jones

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