The last time you were at a restaurant, how long did you have to look at the menu to understand your options? How confident were you that the longer the menu, the better the quality of the food?
Restaurants are easy to highlight because you know immediately whether you received a quality experience – but many other companies in many industries have a long “menu” which usually results in mediocre outcomes. There are the “360-degree” public relations firms, home service contractors who “specialize” in nine unrelated parts of your home, and Shark Tank presenters who think the world is their oyster.
The most successful companies are those which focus on their niche – providing a limited number of products or services to reach a limited number of customers. Our founder, Dustin Siggins, recently used his Forbes column to profile several company owners which have used this exact strategy to create enormous success. One firm provides exactly one service in two ways, and has grown to 20 employees in just seven years — and all of the companies have eliminated “waste” in their company, such as:
- Staff expertise which is diluted by providing too many things to too many less-than-ideal customers.
- Reputational harm caused by providing or referring services which are better left to other companies.
- Reduced brand positioning because you don’t stand out against the other “specialized” firms which provide your exact same set of services or products.
In the end, Dustin concluded that the narrower the niche, the more likely a company is to be better, stand out more, and grow faster. Read the article here, and contact us to turn your best products or services into marketing and branding to reach your target markets.