Niching Down for Large Companies
When I started my business in 2021, one of the first, biggest pieces of advice that I was given was to start niching down on my business. The idea was to start thinking of an image of who I wanted to serve as my best potential client first, and I chose to hone in on the Outdoor Apparel Industry. Then, I was asked to consider something narrower, and even more narrow, and even more narrow until I found myself putting my focus back into the cycling industry completely. Eventually, I was thinking about one single person who might be my ideal customer (or my avatar, as some coaches like to call it) when I went to market or speak to my clients.
This isn't a practice that only entrepreneurs should be doing though. Just because small businesses need some assistance in getting to understand their target customer quickly, that doesn't mean big companies can't also use this tool.
One thing I notice especially in the cycling apparel industry is that we try to serve way too many customers within a single brand. We make way too much product trying to meet the needs of the racer, meet the needs of the weekend warrior, meet the needs of the commuter, and we spread our line so thin that we don't actually niche down to focus on what our brand's target customer should be. Is your brand rooted in race history and you sponsor pro peloton teams? Then focus on race. Are you a brand that offers electric bikes with bags and storage options as your main product? Then focus on the commuter. This focus will serve you more than you think, and your customer will no longer be so confused.
My brilliant friend always says, “A confused mind will not buy.” Stop confusing your community.
I recommend that if you're struggling to help your revenue to grow in the cycling apparel industry, first take a look at your target customer and decide what it is that they’re actually looking to buy from you. You just might end up helping your revenue grow when you reduce the size of your line, which will also reduce team burnout and stress!
This is a practice that you should do on a regular basis, and if you need help, please reach out to me. This is something I've become pretty good at over the last couple of years, and I’d love to help your brand focus more for better sales and better customer satisfaction. The brand loyalty that comes from customers who are clear on your story and your purpose are the kind of people we all want and need in our lives.