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Growing Your Niche Business

(February 2010) posted on Mon Jan 25, 2010

Finely targeting your marketing efforts is an effective way to start digging out of last year’s financial woes. This article offers tips to help you on your way.

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By Mark A. Coudray

Each of these areas is independent of the other, but they act on each other. So, a 15% increase in each area would result in 1.15 x 1.15 x 1.15, or a 152% increase in overall top-line revenue. It’s often possible to increase one area by very large amounts—50%, 100%, or more. Compounded with controlled efforts in the other two areas, you can double or even triple your business in a given period of time. The concepts are simple but the process isn’t necessarily easy. So let’s focus on where you can get the fastest results.

The concepts I’m about to share are not new, but they are different and not well known. They involve creativity and changing the way we think. That’s precisely why I like them so much—the average competitor has no idea what you’re doing or how you’re doing it.

Increasing your customer base
Adding customers on your own is the most expensive and difficult of the three areas. I usually don’t concentrate on this approach unless I have some easy and cheap way to get in front of many highly targeted prospects. To do this, I almost always rely on a very simple, yet highly effective, method. It is the joint venture or collaboration approach. Here is how it works.

As an example, I want to sell more printed shirts with hunting and fishing designs. My normal channel is through small, local gun shops and sporting-goods stores. I would go to those local customers and ask them who their wholesale suppliers are. I would ask which one had the best sales rep or sales force. Every industry has intermediate wholesalers and distributors. I would ask them the names of their local reps and find out whether they can put me in touch with them.


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