Niche marketing is a beautiful thing. Just ask Starbucks CEO Howard Schultz. After a dramatic decline in profitability following his departure in 2ooo, he returned to the helm in 2oo8 and quickly returned the company to its roots as a great coffee maker. The mission now is to do the same thing with their European operations.
Line Extension
Companies and business owners alike just can’t resist. There are countless examples. They embark on an adventure, meet with success, and then succumb to the temptation to expand their product offerings or their marketplace. It’s called line extension and is instrumental in the demise of any company who fails to resist it.
Not the Only One
Starbucks was guilty of line extension for a time as they began to focus on everything from books to music CD’s. But they are by no means the only company to have fallen prey to the allure. Realtors, the keepers of their own roost, are among the biggest culprits.
The Devil is in the Details
Their personal promotion pieces suggest that they are specialist in everything from waterfront, to horse properties, to luxury markets, to specific neighborhoods, to empty nesters to first time home buyers. Only to dilute the message of thelr marketing piece with photographs of properties that represent anything but that which they purport to be experts.
Focus is Imperative
Hyper local is a hot topic amonng internet gurus. If you are intent on concentrating on a niche, and there are many benefits to doing so, it is imperative that you maintain extreme focus. Anything less results in a confused prospect. And a confused prospect is a lost prospect. Don’t let the trappings of line extension impede you from reaping the rewards that are available to the masters of a niche.
Are you a niche marketer? What is your niche? Are you meeting with success and how? Please let us know in the comment section below.
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