We’re in a whole new world of business now, and will likely continue to change in one form or another for the foreseeable future. But, niche markets have always been the best way to reach customers and have success. Aaron and Terry will talk about new niche markets created by COVID-19, and new approaches to our traditional niche markets. This is the bonus edition to finish up the conversation from the 29th of May. Thanks to Erich Campbell for hosting us on The Take-up to finish the conversation.
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Niche Markets Now and After Covid-19
Erich: I’m going to assume everyone knows about who we have here today, but we might as well introduce what we are doing- following on from one of our famously incomplete episodes on niche markets, we had a ton of awesome content that we didn’t want to leave ‘on the cutting room floor’ as it were; with businesses starting to open and the first version of the ‘new normal’ starting to show up, let’s continue our talk on existing and new niche markets! Terry- let’s start with you.
Terry: Fulfillment markets are seeing a real uptick… as the non-contact delivery has become important. (Explain fulfillment) What makes you special (different than anyone else)?
Aaron: We talked about this a little in previous episodes, but the live event space has certainly changed, and I think it will be different possibly for good. I know people will get back to getting out and getting in crowds, but it is still going to be different. The take advantage of this space when it returns, you have to be different. I think it is going to take technology, like automatic texts when the order is ready etc. Make the experience memorable (My Office Max v Amazon experience)
Terry: Offer businesses a care package to send to their good customers with a t-shirt, etc. A “thinking of you in this trying time” sort of thing. You build the package and they take advantage of the good will that follows. This could turn into a real niche in the marketplace.
Aaron: My last one is going to be the school market. I think everyone who was in the school and sports market took a major hit with COVID so I think that is going to shake some things up. I think it is going to push people to get new payment arrangements made with schools. No more of these 90 days POs etc. I think it is going to make the space a bit more open when it does come back as some businesses didn’t make it or have turned their focus elsewhere. I think you are going to really have to make sure if you are going to be dealing with schools, you have the deck stacked your way as it is just too dangerous. Lastly, I think when it comes to donations and asking for support, schools are also going to have to get it together. Like for example, I know my kid’s school asks for money non-stop and we are happy to donate what we can because I know they support the school community. But those schools who have their hand out all the time and then go spend their money with some company outside of their community because it is a nickel cheaper might want to rethink the bidding process.
It’s the top increasing and declining eCommerce category. Not specific to garment decorating, but I think creative businesses might be able to make some connections – https://www.visualcapitalist.com/shoppers-buying-online-ecommerce-covid-19/
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