How To Be A KING In Your NICHE

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What Must I do to dominate my niche?

The dream of every business owner or entrepreneur is to see their business at the peak of whatever industry or niche they operate in. Every business wants to be the ‘Google’ of search engines, they want to be the Harvard’ of universities, they want to be the Boing Boing’ of aircrafts, they want to be the Oprah’ of talk shows and they want to be the Facebook’ of social networks. As lofty as these ideals are, not many businesses have a clear cut approach on how to achieve them. As a result, many businesses have only been dreaming about these lofty ideal and have never begun on a deliberate journey to making this ideal a reality.

Therefore, in this article, I want to share my own insight into how any business can become the KING of the NICHE in which they operate. I want to outline certain key principles and processes that if taken by any business whatsoever, will catapult them to the peak of their industry. Let’s begin.

What is a NICHE?

A niche is a specialized market in which a business operates in. For example, every automobile company produces cars; therefore we have the automobile industry. In that same industry, we have certain niches, such as; the luxurious car niche, the high speed niche, the safety niche and the affordable niche. These niches represent different smaller percentages of the automobile industry. They are different from the general automobile industry, because their market is highly specialized. While people buy automobile generally for movement or mobility, those who belong to these niches buy automobiles for different reasons other than mobility. Those who buy Rolls Royce for example, certainly aren’t after mobility, they are after luxury. The classy feeling and social status often associated with owning and driving a Rolls Royce. Why? Because a Rolls Royce commands a higher price than most regular automobiles. Therefore, a niche is a specialized market in a particular industry.

 

How To Create Your Own Niche and Be King!


  • Find a reason for being [PURPOSE] other than profits

The first thing you want to do in order to be a king in your niche is to find a reason greater than money as the purpose of your being in business. Being a king means you control a certain specialized domain in your industry better than any other company in that industry. It means you are the market leader and every other company follows behind you. The big question for you is this; why are they following you? Are you being followed because you make all the profits or you are being followed because there’s something more to your business other than profits? Let’s take a clue from other kings of their niches like Wal-Mart.

Wal-Mart is into the retail business and has become the largest company in the world as a result of their business success. This company is worth over 400 Billion US Dollars and has over 2 Million workers worldwide. Wal-Mart is the king of the retail business in the world, they do retail simply like no other. What’s their secret weapon? Everyday Low Pricing – this was theirreason for being greater than profits. Sam Walton the late founder of Wal-Mart had a clear cut purpose for going into business 87 years ago which was; “to provide the common man on the street an opportunity to buy at lower prices the same stuff the rich buy at other stores at higher prices.” This commitment to the ordinary guy in the world has been the most vital element in Wal-Mart’s success story. Not once in the whole of their history did they make profit their overall goal, it’s always first about creating everyday low prices. In fact, they did this so well that they ended up trade marking and owning the word “Always”. Meaning, at Wal-Mart, there’s “Always” everyday low prices.

There you are, I hope you can now clearly see the correlation between having a purpose greater than money and eventually being the king of a niche? There’s no way you are going to get to the top of your niche or industry by putting money first. Being at the top is a result of being different [uniqueness] and making a difference [usefulness], and not profitability. Kings wield the highest level of authority in their domain because they occupy the highest position in the eyes of their subjects. The same is true in business; kings of their niches occupy a key position in the minds of their customers. They are recognizably known to be the best at what they do. They didn’t get to such an enviable position because they had so much money to buy it; they got there as a result of their consistency in delivering a service like no other company in their niche could.

So if you desire to be the king of your niche, I suggest you revisit your reason for being in business and make it one greater than just making money. Every other point I am going to mention henceforth, finds their relevance in this first point. You cannot be a king in your niche if you are not prepared to serve those in your target market. Your reign will depend on your relevance to the market you serve. If there’s nothing peculiar and unusual about your business and how it relates to meeting the needs and solving the problems of the market it operates in, then forget about being a king of a niche!

  • Select and Own [BRAND] a particular word in the Market

What word does your business own in the market in which you operate? You cannot be a King without having a peculiar name or word that resonates deeply in the mind of those you lead. You cannot be a king without having a sacred word unto which you bow and hold in highest esteem.   The art of owning a word is what marketers refer to as positioning or differentiation, in other words, branding. It is a deliberate attempt to make your business memorable in the mind of your customers. It is a deliberate attempt to direct the efforts, resources and focus of your entire business as a whole towards making the actual meaning of a particular word experiential to those you serve. How do I mean?

Take Wal-Mart for example, they chose the word “Always” suggesting that no matter what they will never compromise on providing everyday low prices to their customers. The word “Always” connotes consistency and integrity; it means all of the time, without fail, constant and come what may, we will never cease to provide everyday low prices. Look at such level of commitment. Tell me who can beat such an audacious promise or claim?

Selecting and owning a word is the greatest test of any business. It is a test of your level of commitment and consistence. Nothing can make you more distinct as this, and when you can be seen as distinct, becoming the king of your niche is a piece of cake. There’s got to be something they can hold you accountable to as a king. Every king of a domain is bounded by certain oaths or promise which they cannot break as a result of the position they occupy. The same is applicable in the world of business. What claim, oath or promise has your business openly made to the world? By what standard shall your business or company be judged?

My company MADphilips, owns the word SIGNIFICANCE and every other shades or related meanings of it like; SIGNIFICANT. We have found other creative uses of the word like; different and making a difference, uniqueness and usefulness, unusual, ab-normal which stand for above normal, MAD, being unique and being useful etc. These are different words we own in the mind and eyes of those we serve as a company. As a company, we bring that mentality into everything we do and into every project we embark on. It is our most sacred word up on which everything we are and do is judged. We bow to it and hold it in the highest esteem. We don’t compromise on being SIGNIFICANT. If there’s no way that the work we do for a client won’t reflect SIGNIFICANCE, we simply won’t take it. If you have been very observant, you will notice every time I use the word SIGNIFICANT it is always capitalized. Why? Because it’s the reason for our being, it’s sacred and must be treated as such. This singular word, directs everything we do and will ever do as a company. It is the foundation on which my business is built.

When choosing your own word for your business, be sure it is something that truly resonates within you as an entrepreneur. Let it be a word that will ignite your passion and inspire your creativity. Don’t just choose any random word; choose one that you will be ready to die for if the need ever arises!

  • Make Your Business A Never Ending Story [LEGACY]

I have always been known to ask this question every time I’m opportune to address entrepreneurs; “what will the world miss if suddenly your business ceases to exist?” The whole of your existence would have been a complete waste if as an entrepreneur you cannot or haven’t figured out an answer to that question. Entrepreneurship is a calling, take it from me! You have been called to use your life to build a business that will make the world much better than you met it. Entrepreneurship is nature’s instrument for solving humanity’s problems. What story are you using your business to create? You want to be the king of your niche, what will the world remember of your reign? There’s always a story behind the reign of every king in human history, so what will yours be as the king of your industry or niche? Whether accidentally or intentionally, every business tells a story, what story will the world tell about your business?

To be the king of your niche requires you to use your business to create a never ending story as a result of the SIGNIFICANT impact your business will have on those you serve. A never ending story is a Legacy. What does it mean to create a legacy in business? Creating a legacy means breaking new grounds, doing things no one else has ever achieved in that line of business. It means meeting the needs of your customers beyond their wildest dreams. It means constantly being the trendsetter in your industry or niche. It means giving everyone a run for their money. Innovation must become your watch word. You must never cease to ask, what other positive change is there to make?

Wal-Mart is known to have done this time without number. They were the very first company in the world that created a network amongst all their suppliers such that every supplier had direct access to their inventory and daily sales record of every item in their stores. This allowed for prompt re-order of depleting items without causing any delay or shortage of inventories which would have caused customers’ needs to be unmet. It totally removed all the bottlenecks caused by the traditional form of inventory management. It was simply a revolution in the retail business and when it was fully integrated into Wal-Mart’s operation, they made it available to the entire retail industry worldwide and others were able to benefit from their landmark. This is what it means to be a king in your niche. Your business must become the light that shines in the dark and makes way for others to pass. Why? Because every king leaves a mark in the sands of time, what mark are you going to use your business to leave behind in the sands of time?

With this, I come to the end of yet another unusual article and I leave you with this question; “If you were on your dying bed and you were asked what you did with your life as an entrepreneur, what would be your reply?”

Has your business IQ increased as a result of reading this article?

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Comments

  1. Tito, This is a great article!
    I learned a lot from this article. Even “lot” is an understatement.
    You have discussed the points very well and your examples were well placed! I could not agree more with Point #1. Finding a purpose other than profit is something 90% of businesses forget and this is the result of failures. Profit should be the last thing to aim for in any business.
    My motto, for example, is to help the fellow bloggers. I deviated a bit from it in middle and learned many important lessons the hard way. And then I came back to the original inspiration and learned that it was the reason for my initial success.
    Your idea of owning a word is awesome and of great use to businesses today when most of them seem to be direction-less.

    • Hey Ishan,
      Thanks once again for making it out here and blessing us with another insightful comment. I so do enjoy your inputs. You did do yourself a great deal by finding a way back to your original purpose for going into business. Many businesses are now history just because they left their passion and went after money. If there is one thing, I do want to achieve with this site, it’s driving this issue of putting money first out of the mind of as many entrepreneurs as possible. You cannot start a journey by moving backwards, putting more first before adding value in business, is deciding to start from the very wrong foot!

      • And you are succeeding in your goal! Just made me stop thinking about money(a little part of me was there that was still thinking about money!).
        Adding value first is not only critical but also essential for any business. The more the value, more customers you get!

        • Im glad that thought is now finally erased.
          Now that it is gone, you would notice how faster and better your business would grow, because you are now focusing on adding value, you will begin to get innovative ideas and ways to improve your product or service offerings. Begin to take note.

  2. Wow Tito, outstanding article! Couldn’t ask for better advice on positioning, branding, and differentiation. For us entrepreneurs, its a common goal that is probably the the most important characteristic for success. I love the question, “what will the world miss if suddenly your business ceases to exist?” Man, that really gets you thinking!

    Asking ourselves these types of questions really gets us to view our business in a whole new perspective, which I think is fantastic. That last question is also a winner, “If you were on your dying bed and you were asked what you did with your life as an entrepreneur, what would be your reply?”

    Haha very dramatic, but what a great way to really dig down deep and discover what your business is all about! It just makes everything so much more clear. Clarity I find is a very important aspect in business. It’s not so hard to get lost in all the junk and stuff that plagues the business world. It’s nice to ask ourselves simple questions like these to really remind ourselves of our plan and course of action so we can be successful.

    Again, excellent info Tito. Definitely deserves a RT!

    • Elise, your comments pointed out the very essence of being an entrepreneur; CLARITY.
      Without clarity, everything we do as entrepreneurs won’t have any meaning. Until your business and what its role is to the world, community or environment where you operate is vividly clear to you, there’s no way you can become a KING in your niche. Entrepreneurship is a calling, and clarity helps us focus on fulfilling that calling.

      I’m glad you were able to think deeply when you read those questions. The outcome of your thoughts, would greatly transform your approach to business. Thanks for sharing your insights once again. And I am so grateful for the retweet!

  3. Tito: Yes, my business IQ definitely grew so than you for that post and the information :) I do think it is important to understands the factors of success for businesses and often times the same formula that works for businesses can also work in other areas outside of the business world. In fact, I would say that your advice would also be great for anyone starting a blog :) In terms of its application for the business world, I think your advice is right on point. It makes perfect sense and you can see where companies slip up when they don’t follow the path they should. I thought the point you made about doing something more than just focusing on profit is such a great point. You can really see companies’ sincerity when it is obvious that their goal is not solely to make money. Great post and insights.

    • Hey Sibyl, I’m so glad you were able to make it out here eventually :)
      Thank you for being part of our budding community and sharing your thoughts.
      As you’ve pointed out, focusing on profits is what often makes many companies slip and eventually fall. It’s also true that these principles work in so many other areas in life and not just business alone. Basically, it just points to the fact that, we do need a reason greater than survival if we ever want to make out something greater than us in life.

      Hope to see more of you around.

  4. Hi Tito,

    Very nice article. I believe offering value and being different is the key to becoming the king. I like what you said about branding and having a word that will resonate in people’s minds. This is so crucial. Thanks for sharing

    • Hi Dia,
      Thank you for pointing out the critical role how adding value to people can help differentiate one’s business from the rest of the pack. Focusing on how your business can help others is the sure fire way to becoming the King in your niche.

  5. Awesome post bro. Yeah, if you want to win big in the business world, you must be ready to stand out from the rest. Your product must be top notch, offer services that will make people help you spread the word of mouth about your business. A good business must have a principle it must follow because it’s part of the things that would make it break new ground. And always remember to follow your gut. Thanks a lot for sharing. Have fun.

  6. Mr. Philips – Your a Mad, Significantly brilliant man. This was a great article, and fell right in line with your other great works. I love reading material that is backed by credibility, study and real knowledge. It’s often that blogs offer an article that takes 10 minutes to conceive, including no more than 10 bullet points that were based off of someone else’s work. But this, this is authentic. I love the real deal and appreciate your talent, sincerity and drive to be the best.

    My answer to the question… I helped people fulfill their dreams and meet their potential…as I did it, I fulfilled my own dreams and met my own potential. Giving first and receive in the rears. Reaping and sowing.

    Tito – this was good. I can sense the passion in your writing. Thanks Bro!

    • JK!
      What can I say? Your words are very uplifting indeed. Thank you so much for sharing your insight and feelings with us. That you have figured out an answer to the big question, means you are prepared to catapult yourself to the top.

      I also share your views, about some blogs that hurry through their writings. As I have always believed, anything that is worth doing at all, should be done excellently well. Why would you go on to do something, if they wouldn’t put in the energy required to deliver excellence. As I see, excellence in all we do, is more of an habit than a spontaneous thing. Meaning, you have got to keep improving everyday at whatever it is you lay your hands on to do.

  7. I totally agree about forgetting about money especially when starting up your social efforts.
    I see so many people starting to blog with just money in their mind, inspired (in a wrong way) by those social media stars actually making a living out of what they do.
    The breaking news is: it’s almost sure you won’t make it, so if that’s your only motive, you’re better off doing something else.

    • Hey Gabrielle,
      Thanks for stopping by and dropping your own piece in our on going discussion about business and entrepreneurship. This issue about putting money first is just too common amongst budding entrepreneurs. All they ever see is the flashy cars and the possibility of early retirement cruising on a beach in Hawaii with beautiful cheeks or guys. The good thing about business is that it always has a way of making these types confront with reality early. It’s good people are still out there having the right mindset needed for business success.

  8. You make some really important points. I do think I agree with them. Making money on my online endeavors, specifically in my niche always has a place in my mind. BUT I do think that th way to get there is to give away a ton of free stuff. Basically, though it may be in your mind, letting it dictate your actions or overly concern you simply leads to failure, while thnking of it in a minimal way may provide some direction, doing work for the joy of it first is the long term sustainable success model.

    • That’s the right approach Steve, it does pay in the end to focus on what you want to deliver to your customers first and foremost and keep improving on that, the money comes naturally, because people will only keep buying for what they consider valuable. So our task is to always deliver value to them that they never hesitate to pay for. Not letting it be the focus is the key to success, focus rather on what they need, only then will they give you what you need.

      Thanks Steve, for making it out here once again. I appreciate your contribution.

  9. I love this post, but me being me, I’m going to go in a slightly different direction.

    I really don’t have a problem with someone thinking about money or income first; after all, we all have to eat. What I do have a problem with is if they either step over people to get there or take some kind of shortcuts instead of having a true passion for what they’re talking about or doing to get the almighty dollar. As an independent consultant that offers services in many diverse areas, I’d have to say that the quest for income I could live on as well as being able to do whatever I wanted to do were fairly equal when I started, and they still are now.

    I guess I just don’t want anyone thinking that the quest for money, or income, or wealth, is a bad thing.

    • Thanks Mitch for your input.
      Without any doubt, making money is crucial to business success. No one will certainly disprove that, however, it is making it the centre of your though such that it obstruct the real value you need to create in order to make the money that kills most businesses. People need to get it straight that money is not the first thing, because until you deliver something of value, no one will part with their money just because you call yourself a business owner or offer some inferior product or service.

      The point is to show people that they have to focus on the customers or clients and what they need before their own, because meeting your own needs depends largely on how well you have first met theirs.

      • True, but just to add this part, as a consultant, one needs to at least pay attention to the money aspects of what they charge and what they’re supposed to owe in taxes. Yeah, I know, I went reality instead of concepts, but trust me, it’s the biggest problem I ran into, the second part at least.

        • Being business is not for charity Mitch. I am not a party to under charging yourself all in the name of not putting money first, NO! Every business does need money for continuity, but my point is understanding how the money comes. The money comes when we can create, communicate and deliver superior value that the client can openly perceive and gladly pay whatever price tag we demand.

          As consultants, we should have a good price structure in place, but before that, our job is to focusing on satisfying our clients by solving their problems exceptionally well such that they find our prices a considerate sum what paying for.

  10. Hi tito

    Came over from another blog you commented on. See some of my friends here too. Very articulate and well-written post. I am in a small niche and my aim is to be the go-to person if anyone has a question about my topics.

    I am building a community around me and they are my loyal readers. We are all part of the bigger blogging community that support and encourage one another. We learn from each other and where some have strengths in one are, others have strengths in other areas. So we can co-operate with each other; cheering one another on to success.

    To have clearly defined goals, passion for my niche, perseverence when the going gets tough and patience till success comes. They are what all needed to be queen of my niche.

    Patricia Perth Australia

    • Hey Pat,
      I am glad to have you join us here also. I have seen you almost on every blog I visited and I really was inspired by your level of commitment and passion in connecting with other bloggers out there not minding that your niche is not anywhere close to most of them. Truly, it is the spirit of entrepreneurship that brings us all together cheering one another onwards to success.

      I visited your blog yesterday and did spend some ample time there. My only challenge which made me not to have registered my presence through a comment was this; I don’t know what Lavender is and it was really painful because it didn’t give me an idea on what to comment about. So I am gonna have to head back there soon and dig through your archives and gulp as much information as I can about what your passion is all about -LAVENDER. And then, we will see how we can work together to help you achieve your QUEEN status in your niche!

      I am very grateful for your input. On behalf of everyone, I welcome you to naijapreneur! :)

  11. Susanna Hess says:

    Hi Tito,

    You’ve made some great points here. A very specific niche is not just important, it’s essential to stepping up and setting yourself apart.

    Developing a brand and getting that brand out there. Being passionate and sharing that passion with others.

    Thank you for the detailed quality of this post.

    Susanna

    • Thanks Susanna for dropping by and sharing your own insights here too with us. I must really say that I enjoyed reading your blog, most especially the ones about how businesses can utilize Facebook for reaching out to more people. In fact, I bookmarked it for more visits, :)

      On behalf of everyone of us here at naijapreneur! I welcome you to our budding community of unusual entrepreneurs. Thanks you for blessing us with your presence and insights. Hope to see more of you around again?

  12. Hi Tito,

    Very inspiring article here. I think being an entrepreneur requires a lot of skills. Making your personal brand can be difficult if you are new. I think you are doing this well. You have a great community of loyal readers and comments.

    Wishing you lots of success!

    • Hi Bryan!
      Thanks so much for making it out here and sharing your thoughts about Entrepreneurship with us.
      I can agree with you about how difficult it is for new start up entrepreneurs to get an handle on how to stand out from the pack, i guess that is where continuous learning must become a lifestyle for the entrepreneur and not just a habit. Knowledge can be a great advantage when you first starting out, because you move faster as a result of having learnt from other people’s experience.

      I’m glad the article did leave you better than you came, on behalf of everyone ONE of US, I welcome you to naijapreneur! Hope to see more of you around again :)

  13. Hi, I do appreciate reading all your articles on entreprenuership. But do you have anything to read on network marketing.
    I would love reading anything that pertains to doing effective networking, how to revive inactive members, etc.
    Thanks a million for all the articles.

Trackbacks

  1. […] This post was mentioned on Twitter by Tito Philips, Jnr., Tito Philips, Jnr.. Tito Philips, Jnr. said: How To Be A KING In Your NICHE http://f.ast.ly/aSA3s […]

  2. […] Q: How do you build the world’s greatest company? […]

  3. […] (4) To be different, you need to carve a niche for yourself. […]

  4. […] Entrepreneurship is much more than making money.  It is a calling. And like every other calling, it’s people-centered. It’s never about you, it’s all about others. It’s a calling to serve; it’s not about what you can accumulate (money/profit), it’s about what you can contribute (service/value). Why do I say this? A calling is a strong urge to follow a particular career or do a particular type of work. The emphasis here is on the word ‘follow’ and to follow means to come after somebody or something. Meaning; you being an entrepreneur cannot choose yourself. You are chosen. Entrepreneurship is not something you suddenly choose to do or pursue. It is something you are called to do – a pathway you are called to follow. In other words, you are not the ‘doer’; you are only an instrument. It’s not about accumulation; it’s about contribution. I know all these sounds a little strange, so I am going to explain further. […]

  5. […] passion as an entrepreneur originated from. The only way you are going to succeed and attain the enviable status of significance in your entrepreneurial endeavours is to bring the whole content of your personal life experience […]

  6. […] is what takes your business from a legal entity [incorporation] to a living entity [recognition]. Branding gives your business meaning, it is the string that unifies all the diverse activities of your business and gives meaning to […]

  7. […] to link all your findings back to your problem of low sales. Not everything that happens in your industry or competitions businesses is potentially capable of affecting your own sales. So always ask […]

  8. […] business; use my own money or get external funding?How do I choose a name for my business?How do I differentiate my company from other competitions?What do I need for marketing my new business?Do I need to have a business plan or not?Do I need to […]

  9. […] to market and customer needs. My core competencies have remained basically the same, but my niche today is much different than it was a few years ago because I have adjusted to meet new customer […]

  10. […] As a Business client, we exist to make you become the king of your niche. […]

  11. […] As a Business client, we exist to make you become the king of your niche. […]

  12. […] segment –the lower-class. As for me, don’t know about you, the top is where I want to be. I would rather die raising the bar, than live at the bottom!Differentiate Your Offering [Branding]The decision to re-target your market to capture the upper […]

  13. […] This is the patience to understand your competition. Market research is about target customers, competitive analysis is about your industry, niche or competition. These are other businesses targeting the same market as you and selling them similar things as you. You need to get intimate with them from far. You need to understand their strengths and their weaknesses and come up with ideas on how to differentiate yourself from them. No one is going to buy from a copycat, so competitive analysis is how you stand out in the market. […]

  14. […] strategy is how you plan to carve a niche for yourself in the market. It is how you intend to stand out from others and if properly done, your target customers […]

  15. […] Information search is how buyers gather a list of possible sellers. Evaluation of alternatives is how they streamline them into a set of final brand choices based on certain preferences. This is where potential buyers rank sellers based on their unique selling propositions –differentiation. […]

  16. […] innovative things you consistently come up with, then you’ve got an edge over the competition. You become the pacesetter of your industry. Others will literally look up to you and can only follow your […]

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