As a niche entrepreneur it was more than difficult when I decided to go deep with my niche market and leave some other unrelated markets behind, like, really hard.
When you are an entrepreneur, every penny counts, right? But when you know your niche customer inside out and you know exactly how to serve them, how to help grow their market or how to meet their needs, it becomes a “no-brainer”.
The automotive industry is my niche market. I learned it from the inside out and therefore I know it that well. I have sat in manager and executive manager meetings and I feel that I have a better understanding than most marketing companies. I know what social media can and WILL do for a dealership. I know the different revenue streams that are represented in a dealership and how each one of them is needed to make up the whole. I understand the struggles in the service department and how maintaining good tech’s can be the lifeblood of your department. I understand the finance department’s role in adding to gross and what value the back-end products bring to the consumer. I have learned the value of a good trade-in to all departments, and I have learned how to market to your current database with all of this in mind.
Serving a niche market can seem crazy, especially when there are so many different companies out there wanting to hire you to help them too. I have such a heart for small business owners that at first, when I decided to dig deeper with the auto industry and to start walking away from small businesses, I felt disloyal, I mean why can’t we help everyone and specialize in the auto industry?
But it was incredibly difficult to serve both communities, so we made the decision to niche!
Other companies have been hugely successful at this, preferring to serve a smaller community and go deeper with them.
I think of places that started out as a niche and then got lost along the way, one in particular is The Cheesecake Factory. I know, everyone loves them right? But seriously, could they have a bigger menu? Have you eaten there lately? I seriously need an hour to digest the menu and I am not sure when I have been to another restaurant that was supposed to be a niche restaurant (as the name would imply), but tried to be everything to everyone.
There used to be this cool hole-in-the-wall in my hometown, it was called Fred-N-Reds, they could seat maybe 15 people total and they specialized in chili. They served this concoction called “Spaghetti Red”, which is made up of spaghetti noodles with chili on top, served with pickles and onions…it sounds horrible, right?
BEST STUFF EVER!!!!!!
I am not kidding, it was amazing! Now that is a niche, but the owner knew what he was good at and MASTERED it. Would you believe he had a line out the door every time he was open, I mean every time!
So, I know it may seem like financial suicide, but if you are really good at one thing, do that thing better than anyone else. Earn the Super Bowl ring for the thing that you are great at. Do it with passion and fervor and win the respect of the industry!
I did. My business is better because of it. Yours will be too!