Why should a client hire you instead of any other Home Watch company?
This is arguably one of the most important questions to be able to answer about your Home Watch business. Not just because potential clients are probably going to ask you, but knowing what makes you different and using that to separate yourself from the pack will allow you to stand out in the market and connect with the client’s that are the best fit for you. Unfortunately, the answer to the question is probably not “because we’re the best”. It turns out, pretty much everyone says that. Unless you can back it up with solid proof that you are in fact the very best, you can find a better strategy.
The best way to answer the question and to demonstrate your value to potential clients is to establish your niche and differentiate your business. You’ll provide more value to your clients because you’re an expert in the areas most relevant to them and you’ll limit the amount of competition you have.
For example, with QRIDit our business is on-site reporting. Instead of trying to reach every industry related to this, we focus on a specific area: Home Watch. This reflects both what we are most knowledgeable about (Home Watch software built by a Home Watch company) and where we can provide maximum value to our Home Watch business owners (advanced reporting and improved client communications).
It also limits our competition to reporting software for Home Watch companies and not just any type of reporting software in the world. Narrowing our focus helps us reach our audience more effectively and with ease. We speak directly to Home Watch companies in our marketing, helping us narrow our message and clearly communicate our edge.
Why Finding Your Point of Differentiation is Important
After talking to dozens of Home Watch professionals the past few years, we’ve noticed that the ones who struggle seem to be the ones who explain their target market as “anyone who needs Home Watch services.” However, companies who establish a niche are able to speak to a specific person or target audience in their marketing and are obtaining more clients at a faster rate.
By specializing in a specific niche, you can focus on the skills or services that uniquely benefit that customer. Being the best to provide a solution to their unique situation enables you to maximize revenue and build stronger customer relationships.
Figuring Out Your Niche
If you’re just starting your Home Watch business, great! This is the perfect time to figure out your niche. Build your differentiation strategy now, and then use that strategy to develop your brand and your business presence, marketing material, and online.
If you are already an established Home Watch business, this is still an important step that you should take. As Home Watch continues to grow, so will your competition. Taking some time to set yourself apart now will only help to ensure your long-term success.
The Process: Differentiating Your Home Watch Business
Differentiation is about setting your business apart and distinguishing your company from the competition. If you spend some time and define your business’s strengths and use those to build the ideal target client profile then you’ll be prepared to define your niche and grow your business in the best way for you and your clients.
- Determine your strengths. What are you the best at? What area do you have more knowledge of than your competitors? What do you most enjoy doing? There are always some things you like doing more than others. What are the jobs that you get most excited about? Looking at what you enjoy is important since we usually enjoy doing the things that we are naturally good at.
- Figure out what you don’t want to do. It’s equally as important to look at what you don’t enjoy doing. Instead of taking on clients with work that you don’t enjoy and you won’t be as passionate about, make room for the work that you enjoy and who you will naturally be better at serving.
- Define your perfect client. Write down what your perfect client looks like. You can start with a broad definition but your final definition should be as specific as possible. Use specifics such as age, gender, socioeconomic status, where do they eat out, what do they do for fun. The more complete you make the target profile the easier it will be to market yourself to them.
- Put it all together and define your niche. With the first three pieces of information defined, your differentiator (niche) should stand out to you. You’ll now be poised to look at your services offering, and make sure brand (image) is aligned with your niche. Don’t be afraid to make changes to what you’re currently doing. The whole point of this exercise is to narrow your focus and better do what you do for the people you want to do it for. You might reduce your services offering and along with this drop some clients, but in the long run, you and your business will be better off.
- Make sure your company is speaking to your target audience at all touchpoints. Once you have a solid idea of what you want to do and for who you’re doing it for, you need to make sure that every piece of information that potential and existing clients see aligns with your target audience. From your logo to the tone of writing on your website to the brochures, photography and sales presentation that you use; your brand needs to speak to your niche target audience and present a consistent brand image.
Don’t Try to be Everything to Everyone!
Figuring out what makes you different and better than your competition is one of the most important exercises you can do for your business. Home Watch is rapidly growing and if your business is not already facing stiff competition, it will be soon. Find your own unique route. Once you find your niche, run with it, and make your company stand out to potential clients and increase your fulfillment in what you do.