As your Middle Market company has grown from startup and small business into your current size, you may find that you don’t feel as connected to your niche in the marketplace as you once did. It could be your original customer base has slowly eroded away or been replaced or you may find you have to fight harder to keep the same sales percentages that used to come easily to your organization. If you suspect it might be time to reevaluate your niche, here are some clues you could be correct.
Harder To Find
In the beginning, your Middle Market firm had to identify your customers or potential customer base. As you have grown, is that still your ideal avatar? Are you finding it harder to figure out who your customers are likely to be or anticipate what and why they will purchase from you? If you previously did great with say the baby boomer generation, are you finding it increasingly hard to attract millennials or Gen-X?
Harder To Get To
If your target customers have shifted or flat-out changed, getting in front of them and getting their acceptance may also have changed. Are you still able to locate, market to and get your product to your ideal customers? Have supply lines or marketing tactics that previously functioned in the past become obsolete? You again may need to update your ideal customer avatar or make sure your Middle Market organization is keeping up with the frequent changes in technology and online options.
While you’ve grown and gained customers, your competitors likely have as well. Is the marketplace thick with competitive products and services? Do you have to fight harder against your competition than you did in the past? If you have many, strong competitors and can’t seem to get your unique selling proposition out front and center, you may want to consider shaking up your niche.
If you think back twenty years, it can be a bit overwhelming to realize how internet-centric our society has become. From banking to ordering products, staying in touch with relatives to running an entire business, some customers rarely do anything in life off their phones. If your products, services or business haven’t been able to adapt to the internet and mobile waves, you may find your niche is becoming harder to stay on top of.
Again, depending on how you’ve grown and evolved compared to your competitors and weighed against the markets desires, you may find that your potential for growth has been significantly impacted. If you can no longer see the path to strategic, steady or impressive growth in your marketplace, it may be time to look at if your niche can truly support your business.
By looking at these five different areas of consideration, your Middle Market firm may be able to clearly see your current target niche is not going to be sustainable for long-term growth and improvement. If so, you likely need to reevaluate your niche and consider making significant changes.
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