“Focusing solely on what you can do better than any other organization is the only path to greatness.” Jim Collins, Good to Great
Niche strategies create competitive advantages for small to medium-size businesses. They allow you to differentiate your company from potential competitors by demonstrating an expertise in particular product or service as well as an in-depth understanding of your clients’ unique needs and wants. To illustrate this point, just take a look at INC’s Fastest 5,000 growing companies in any year. You will notice the vast majority of these companies are focusing on a unique product, service or industry. Our coaching firm has also seen this firsthand as many of our clients qualify to be on INC’s 5,000 list.
While a niche strategy may make common sense, it is not the most common strategy used among small businesses. If you happen to be one of the few companies that have a solid niche strategy, you can skip this column and wait for some of my upcoming columns on people management. However, if you’re not using a niche strategy, this column will help you explore ways to refine or develop your competitive advantage.
We start most of our coaching engagements by asking our clients to describe how their company is unique. The most common answers include:
Our company is unique because:
Galleria Property On Wrightsville Ave. Sold For $37.5M
Cece Nunn
-
Aug 10, 2022
|
|
Leland Town Center Lands New Tenant; Lowe’s Begins Construction
Johanna F. Still
-
Aug 10, 2022
|
|
Pipeline Poke Headed To Autumn Hall
Elizabeth White
-
Aug 10, 2022
|
|
Rachael Ray, Emeril Lagasse To Appear At GLOW Event
Justin Williams Pope
-
Aug 10, 2022
|
|
New Biz Creations In Cape Fear Region Continue Strong Trend
Johanna F. Still
-
Aug 9, 2022
|
Port City Signs & Graphics "does everything for their set in the way of decals, magnets, backdrop items, canvas art, vehicle graphics and se...
For some beachgoers, their perfect day is lazing on the shore, soaking up rays. For others, it’s water sports or maybe biking alongside the...
New soundstages in Wilmington are set to be constructed toward the end of the year – marking activity that appears hasn’t happened since the...
The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.