Have you found YOUR niche like ITC?
We’re all increasingly used to turning to the internet for pretty much anything we need these days. If you’re unsure of anything, Google has the answer. Whatever you want, you can buy online, from gadgets to gizmos. So it was a surprising headline to see on BBC that one travel company are refusing to do online sales.
Yet, when you read the article, it makes perfect sense; the Inspiring Travel Company (ITC) have instead decided on their niche and are focussing clearly on their avatar…
In summary, Jen Atkinson, chairwoman and co-owner of ITC, believes that their target market can benefit more from speaking to her team, than they can from being online.
She explains why, and she puts a powerful case.
Jen saw an opportunity to specialise within a difficult market at a time when there was a ‘perfect storm’ around the company. It was 2009 and people weren’t taking holidays, and the business’s founder was seriously ill. Jen hatched a plan to save the business, that saw her target more of the wealthier customers they’d always attracted, almost by accident.
She had found their niche.
By looking at a selected group of customers, Jen’s team was able to market specifically to them. Her goal was to supply something that those wealthy customers couldn’t find online, which kept the business afloat. By specialising in providing ‘the best possible insight’ ITC has differentiated itself.
Since making the bold move, the business is now profitable, turns over £95million and has increased headcount from a low of 80 to 210. Staff are well informed about the holidays they offer, and the service they provide is extremely valuable.
So what can we learn from ITC?
- Finding a niche that you can concentrate on allows you to be far more focussed. Trying to appeal to everyone is an easy route to trouble, as you can’t stand for anything in particular. This is one of the reasons House of Fraser has struggled so badly; they didn’t differentiate themselves.
- Providing a unique service will stand you in good stead. ITC can recommend particular rooms, not just the best resorts or hotels, which for wealthy holidaymakers is exactly what will appeal.
Are you occupying a niche in your industry, or are you trying to appeal to everyone? You could be suffering as a result…
The original article is here: https://www.bbc.co.uk/news/business-45103026
You can see ITC’s website here.There’s a lot of reasons to justify a peek…