Knowing Your Niche in a Food and Beverage Wholesale and Manufacturing Business.

In a coaching session this week, we discussed what a niche is and why, what are the key concepts to understand, how to make a niche work in your business and if you applied to your situation, how you could adapt and apply.

Why

A niche is actually about attracting and servicing a piece of the market better than anybody else. Serving the customers that you love working with, and they love the whole experience of doing business with you. 

What

To start understanding what your niche is or could be, you need to determine who you are currently attracting and why.

The next step is to do competition analysis. Is anybody doing what you plan to do within your marketplace? If so, do you still want to go down that path? If your answer is yes, you are now building some confidence that your hypothesis is accurate.

Next, identify your ABCD grade customers: 

The last and most important aspect of this journey is to understand the investment you will need to enter this niche and what will you get for return on your investment. 

How

As the General Manager of a business called Campbells Cash and Carry wholesale, I guided the business to 10% revenue growth and 101% net profit in three years by defining our niche into confectionery and snacks. 

If

The least amount of price competition happens with a well-defined niche because you add so much more value to the experience, and that's what customers want. 

If you would like to go deeper into niching your food and beverage wholesale- distribution and manufacturing business, I can send you a PDF with a lot more details. Leave the comment YES below.