Many businesses struggle to increase their profits or even to stay float.And this happens because of different reasons like competition, recession, new entrant , oil prices, and a breakthrough …..
While there are many businesses that do not suffer nor struggle to breakeven nor to increase their profits despite various circumstances that they might face or might occur.And this also happens for several reasons like they provide exceptional products and services and they are convenience, innovative, responsive, and high value products and services….But, still I found that many of these type of businesses have one important thing in common that makes them generate exceptional amount of profits and even provide higher rates than their rivals. It is that they target niche-based customers.
Niche based customers are a great resource for abundant profits .To know your niche target audience and start earning exceptional amounts of profits , answer these questions and then start acting upon them. The questions are :
1- Who are the customers that are not served by my competitors and I can serve them? You can think that they might not be served maybe because they are in distant places . Like people living in the suburbs and would like to go to college or would like to enjoy going daily to your gym or buying your security cameras or…..
2- Who are the customers that are served by other business entities and I can serve them better and even at a lower cost ? like money transfers can be done through western union or internet banking , or paypal or ….How can you serve people who are suffering using these methods and tools to transfer their money, maybe because of high transfer fees, or they are not available and easy to use by everyone due to restrictions imposed by these companies….
3- Who can buy our products and services , but its useless to them or it won’t be efficient to them maybe because of lack of good internet connection , water and electricity availability?
4- Who wants to enjoy using our products and services but can’t because there is no suitable offer for them or they can’t afford them ? and you as a business owner can make some changes that wont cost you much and enable you to serve them. Like entrepreneurs or business owners who want to travel for business or attend conferences but cant due to high https://www.linkedin.com/redir/invalid-link-page?url=costs%2eSo you as a hotel or travel agency or airlines can conduct agreements with banks to serve this niche.
5- Who aren’t buying our products and services and are buying totally different types of products and services to solve their problems? Like for example in the medical industry people try to go to the organic products to solve their medical problems or to cure diseases.
The idea here is to keep asking your self how I can be niche focused , and most important here to diversify your portfolio of niches in order to maximize your profits.
If you want me to help you in identifying your portfolio of niches to earn exceptional profits, contact me now via email : Dr.firstname.lastname@example.org or Skype : Dr.Salam Amin .