A Big Positioning Idea for Small Businesses
Have you ever heard the expression, “Niches are riches?”
For small and regional business owners, this is not just a clever slogan — it’s a mantra you should adopt when you plan your brand positioning and marketing strategy.
Your competition is not successful national brands or “big box” stores. If you try to go head-to-head with established giants, without differentiating your brand/products/services, you’ll likely find that you can’t compete on the critical 4 P’s of Marketing (Price, Product, Promotion, Price).
Instead, focus on what makes your brand or company special. For example, Tracksmith, a Wellesley, MA company that makes upscale running apparel, found its niche catering to the person who wants classic, simple clothing that harkens back to the sport’s roots as a solitary pursuit without the bells and whistles of modern high-tech athletic apparel. Founder Matt Taylor doesn’t see larger brands like Nike and Adidas, which focus on the broader “heath and wellness” aspect of his industry, as a threat; by honing in on the history, legacy and traditions of running in his brand positioning and marketing efforts, a small advertising spend (less than $5,000) allowed Tracksmith to double its social media reach and attracted a $4.1 million investment from Pentland Group.
The moral of the story?
Like David in his famed battle against Goliath, take aim at a specific niche that strikes a chord with your audience. One of the important competitive advantages that you have over larger brands and companies is the unique closeness you can cultivate with your clients, customers and partners. And it won’t necessitate a large budget to deliver your messaging. With strong creative, your compelling story can deliver big returns as it did for Tracksmith.
Your biggest marketing idea is to keep your niche small — and while you don’t have to take down the giants, you will have a better shot at building up your business.