Finding and keeping my niche
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The document outlines five key steps for young entrepreneurs to find and maintain their niche market, emphasizing the importance of identifying a target audience and providing high-quality service to foster customer loyalty. It highlights successful examples of businesses that effectively catered to specific customer needs, such as Bobelle Ltd and Climate Cars, while also discussing elements like convenience, customization, speed, and strong guarantees. The author, Susan Idama, shares her personal journey in entrepreneurship, illustrating her commitment to inspiring and empowering others through various initiatives.
Finding and keeping my niche
- 1. FINDING AND KEEPING MY NICHE! YOUR 5 STEPS TO ACHIEVING SUCCESS IN THIS AREA ! PLUS: HOW YOUNG ENTREPRENEURS HAVE MADE THIS HAPPEN! SUSAN IDAMA
- 2. CONTENTS SUSAN IDAMA: I PREFER TO MAKE DECISIONS, TAKE ACTION AND INFLUENCE THE SHAPE OF MY LIFE!
- 3. Section one: Finding my target market It is very important when marketing your products or services to identify your niche. The question to ask here is ‘Who are my targeted audience?’ Narrowing your focus will actually lead to more not less customers which will also lead to a long-term, sustainable advantage in your marketing and setting you apart from all competition. Focus on providing solutions to customer problems which will enable you to make strong, targeted promise and guarantees. A good activity to do is write down your ideal customer, noting down each point written. You want to be able to satisfy your customers and focusing on a niche will help you achieve this. Section Two: Keeping your Niche Once you have found your ideal customers/groups you need to know how to take care of them so they stay with you! One of such ways is providing a high quality service: By offering ‘superior service’ to customers. If you are a coach this could be in the form of how you treat your clients. The guarantee you provide; you want your client to feel that they are getting the best value and quality for the service they are going to get! You do not necessary have to drop your price down! By focusing on a niche market you can present yourself as an expert in your field offering exclusive services to your customers. Providing superior customer service is a wonderful way to add value, as well as developing long-term customer loyalty. A company that I admire and whose product definitely stands out in the market is that of Claire Watt Smith – BoBelle Ltd. Claire is the Founder and Managing Director of BoBelle Ltd, an accessories company that manufactures fair-trade products using recycled and organic materials. In 2008, she was named one of the Future 100 Young Entrepreneurs of the Year during the Global Entrepreneurship Week and in 2010 she was named in Red’s Hot Women Awards 2010. Nicko Williamson – launched the Carbon neutral cab company Climate Cars in 2007. The company now has an annual turnover of over £2.4 million with profits of £1.6million.
- 4. In keeping your targeted customers, we will also look at the following: Convenience By making it easy for customers to shop from you. This could be simply making your website user friendly, making sure it is simple and easy for customers to order your products or services could help your business stand out and in turn means you are putting your customer convenience at the centre of your business model. It is great to have a professional website as first impression is key. However it is important not to be sucked into using the latest graphics etc. unless they are essential in selling your products. If this is the case monitor the success rate: 1. Has there been an increase in sales since you implemented this latest design to your website? 2. Are your customers still finding your website ‘easy to us/user friendly’? 3. Does the graphic distract from the overall purpose of the site? Which is to sell your products/services? Joshua Magidson – Eat Student is one of such example; The simple yet effective business model provides student with a place to order takeaways. Students are able to find local takeaways restaurants and order from them online. The site now has over 300 restaurants and 15 UK universities. Eatstudent.co.uk is a straight forward, easy to use website which directs people to the main areas on the site. From the four steps to ordering clearly defined on the home page to a quick section describing what Eatstudent is all about. It is hard for customers to miss important information as this is mostly covered on the homepage. Customisation This is a big factor to consider, especially in the recession: people are willing to pay extra for a customized product or service. Malachy Guinness founded the innovative tutoring agency Bright Young Things which provide bespoken tuition, tuition advice, UCAS help and mentoring to ambitious young people. The agency aims to recruit graduates from oxford and Cambridge who are either training to be teachers, working as full-time tutors, or have a significant interest in the education sector, offering clients a strategically high level of service. Speed The speed at which your product or service is delivered to customers. In today’s fast paced world, this is sometime businesses need to be focusing on (If they are not already!).
- 5. You can start by ensuring people can get to your products ordering page as quickly as possible, perhaps add a short cut on the main page directing customers to the sales area. Great Product With many similar products in the market today. It is essential that your product is not just a ‘one of many’ item. Fraser Doherty – Super Jam, (of course you could argue there is so many Jam products already in the market and what is so different about Fraser’s Jam). Below I have pinpoint some areas: There is a story associated with the product; starting with his grandmother jam recipe Fraser has created a full range of all-natural products Super Jam had a turnover of $1.2 million in January 2009 I believe many investors are missing out on great opportunities because they fail to see the potential and hidden talents of young entrepreneurs and their ideas. Strong Guarantee This is very important when you are offering a service where customers have to pay up front. Stefan Boyle – Print Republic has a very strong guarantee to its customers which is presented in bold letters on his website PrintRepublic.co.uk
- 6. About the Author Susan Idama I started in business after I discovered I could do and be successful in everything I set my mind to. At 16 I started earning my own money and became the main earner in my family. At 18, I was determined to become the first in my family to achieve a university education. Which I did! Successfully completing my four years honours studies in Business Management, achieving a 2.1 It wasn’t going to end there as while I was in university I started a cleaning business, HomeHelp to help pay my way through university. In my final year of studies I was awarded with a Marketing Student of the Year Award. I also wrote the business plan for GoPro Football. GoPro uses the sport of football in inner cities and socially excluded communities to: 1. Engage young people in positive activities at key times 2. Use the coach/participant relationship to provide role models and motivation 3. We offer football games, activities to keep young people off the street. This is our goal turning youth into responsible individuals in the society. GoProClub.co.uk: 'Providing Exciting, Affordable Weekly Football matches in & around London' In 2011, I met Cherie Blair at the 'We Own It' women Submit 2011 and was invited to meet her at her office about my GoPro business to which she kindly volunteered to be my mentor/legal advisor. I received lots of advice which has led to the growth of GoPro. I also recently launched SheBuzz @ The Remarkable Women Network. 2011 was a big and busy year for me as I was also appointed a Young Ambassador for The Princes Trust. My main role focused on Inspiring, motivating and encouraging young people to take a positive step and direction. In 2012, I was appointed Chair member of The London Football Association Youth Leader Council In 2012, I set up SheBuzz, The Remarkable Women Network and we are currently in talks with B.Hive and SeedNetworking (Lynne Franks) in working together. SheBuzz is formed to empower everyday women. More Information about The Remarkable Women Network can be found on Shebuzz.co.uk
- 7. SheBuzz @ The Remarkable Women Network: 1.Championing & celebrating women in business! 2. Growing the next generation of female entrepreneurs 3. Unlocking your business full potential SUSAN IDAMA: See Below my 2012 Year End Review Susan Idama I PREFER TO MAKE DECISIONS, TAKE ACTION AND INFLUENCE THE SHAPE OF MY LIFE!
- 8. SUSAN IDAMA 2012 YEAR IN REVIEW! From my role as a Princes Trust Ambassador, to receiving an Invitation to the Queen's Jubilee Concert! My meeting with World Leaders and other remarkable women in the world. Meeting Cherie Blair has been a highlight in terms of the woman I inspire to be! Meeting great leaders in business from Jonathan Pfahl, Daniel Priestley, Vicki Wusch (who has inspired me to take action in becoming a successful property investor), recently finished reading Vicki’s books: Make More Money from Property and Using other people's Money. Doug Richard, Shaa Wasmund, Louis Barnett and many more (to learn of my connections visit www.susanidama.co.uk). GoPro Football achievements: continues to reach young people in London to make a positive difference in their lives. Appointed Chair Member of the Football Association Youth Leader Council SheBuzz & The Remarkable Women Network Success: empowering everyday women with 2013 set to work with BHive and SeedNetworking (Lynne Franks). Published EBooks on business success, marketing and branding. My work with talented individuals in the music industry, one of whom is Johnny Lucas.co.uk Took first step in property with the help of my recent property mentor. Instead of contacting real estate mentoring companies. I decided to go out and look for someone with experience in property and who is willing to share their time and knowledge with me. I came from nothing and this continues to drive me into making a positive change in my life. One thing people need to know is that you can create your story! I prefer to make decisions, take action and influence the shape of my life! Frequent posting on my page: www.susanidama.co.uk info@susanidama.co.uk http://www.facebook.com/SusanIdamalive http://twitter.com/susanidama