One of the most important elements of any successful business strategy is to know what you can excel at in relation to your competitors. In today’s informed world, it doesn’t take much time to see competition emerging in any market. If you happen to be in a marketplace or you plan to enter one with an offering which is similar to your competitors’, you’re left with only two options:
- Compete at lower prices in a buyer’s market
- Shift focus onto a product or service that you can deliver and your rivals cannot
By creating a niche in your market, you can focus on a specific segment of customers. You can tailor everything from product features to distribution channels to sales and marketing strategy that resonates well with that particular segment. If done well, a niche business requires less money, and hence greater profits. Apple is a prime example of creating a niche in a populated market.
Here is a great article on The Best Niche Strategies To Compete With The Goliaths.
The immediate question that comes up is: How do you uncover opportunities for yourself in a market already captured by Goliaths? This was always a challenge for me until I came across Datanyze.
Using Datanyze’s sales intelligence platform, I was able to do the following and uncover my target market:
1. Understand which providers are prevalent in a given technology category like email marketing, hosting, payments, etc.
2. Know which websites are using a particular technology
3. Uncover the companies that added or dropped a competitor’s technology each day
You also get information about the trial period or the contract ending period, so that you can reach out to the prospect at the right time when they are reviewing a paid subscription or renewing the contract.
4. Find information on your target company (social profiles, employees, revenue, Alexa rank, funding, etc.)
5. Identify key decision makers along with their email address
You can use this email ID to reach out to the decision maker in your target company. Here is how you can write an email which will get you a 40% response rate.
Based on the intelligence gathered from Datanyze, you can examine the market and speak to customers to precisely understand their requirements. By mapping your competitors’ value propositions along the three key dimensions — cost, service, and technology — you can generate useful insights.
Based on these insights you can differentiate your value propositions tailored to the needs of a specific target market. Once you become known for your specialty, you will be the go-to business for people with these needs.
Ankur Chaudhary is the CEO of ioFunnel, where he helps partners develop and execute on building predictable top of sales funnel.
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