Understanding the importance of your client proposition
Having worked with many businesses in both the care sector and financial services many people I’ve come across feel that having a niche isn’t for them. The basis for this is generally an altruistic one. Often starting a business with passion and resolving to help as many people as possible in whatever area. It also stems from not wanting to turn business down.
This unfortunately does not help you attract people to your business as you need a client proposition to do that. You can’t have a great client proposition if you are a generalist. If you don’t know who your target clients are how can you target them or package a service that speaks to them? Additionally, being too general means clients, families or introducers, don’t see you as being different from anyone else in the areas you work in.
Price, Niche or Different
Marketing experts see the following as the 3 areas you can compete in either Price, Different or Niche. Take airlines for example if you compete on price as a budget airline then you have high volume at low cost. If you are different this can be very difficult and you need to have great distribution, technology, relationships in order to compete. This is can be costly and doesn’t work for small businesses. If you don’t get this right then people don’t know why they would buy from you, take Monarch for example. Therefore, as a small business you have to think niche. To create your Niche proposition you have to think about who you want to work with.
How do I know this? I’ve witnessed this in many businesses but I happen to have done exactly the same myself since starting my business last May! I can’t believe I did but hey ho! I’ve been speaking to a number of people over the last couple of weeks and asked for some feedback. Everyone has been wonderfully honest which is great. The crux of the matter is that everyone I spoke to has tried to ask me to articulate who my target client base is. I didn’t have as specific enough answer. This has led me to delve into the following:
- What’s my passion?
- Who do I want to work with?
- What does the future look like in the areas I want to work in?
- Who needs help?
- Where can I add value?
- How can my skills be used?
- Where will I find my target market?
- Where do they hang out?
- How can I be seen as a person of influence in this area?
Now that I have answered the above it’s become clear that my passion is making a difference to the lives of older people. How I can do that is provide my experience, expertise and skills to add value to businesses that work in the care sector. As such I have changed my mission statement as per below
“I create care businesses that are passionately led, creatively driven and confidently thriving. I do this through innovative and creative support, working with forward thinking care businesses wanting to grow and develop themselves and their teams.”
If you are struggling to find your niche answer the above questions to help you do this. Alternatively if you would like to find out more on how I can help you create your client proposition then call me on 01492 550401 or visit www.thoughtsbthings.co.uk/contact