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Education

StreetSmarts SM

n. Connect. E
Lear
ngage.
Learn. Connect. Engage.

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ith N
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With Natasa Cvijanovic

The niche–selling edge

By Natasa Cvijanovic
Tesla Payments The more specific the niche, the easier it is to
understand your target merchants' needs and
ack of all trades, master of none is a common deliver services that satisfy their needs when they
saying. One interpretation of this phrase is that arise. When you provide value for merchants who
it is typically used to refer to a person who is require your service, it is naturally easier to retain
J competent in various areas but not necessarily them over time and earn their referrals.
outstanding in any of them, as opposed to an individual • It reduces competition. Your chances of standing
who is an expert in one field. If you've ever heard of it, out from the competition of other MLSs vying for
you understand the significance of finding your niche and the attention of all merchants are significantly
distinguishing yourself from the competition. increased if you choose a specific market
to specialize in. You will be more effective
Having a clearly defined niche market and positioning at prospecting, closing deals and retaining
yourself as the go-to expert for a particular merchant merchants.
type gives you an edge over generalist merchant level
salespeople (MLSs) and allows you to take a more focused • It lowers marketing expenses. Understanding your
approach to making sales. merchant niche is essential to cut unnecessary
marketing, advertising and promotional expenses.
Rather than offering another generic merchant service, Instead of spending money on broad promotional
you may distinguish yourself as an expert by specializing efforts, you can cater your campaigns and cold-
in a particular field. In other words, it's proof of your calling efforts to the needs of your target market.
expertise. When you position yourself as an industry
expert, you set yourself apart from the competitors, draw Finding your niche
in the targeted merchant and earn their trust.
Now that I've covered the benefits of having a niche
In addition to differentiating yourself from the market I'll explore how MLSs can find their niche in the
competition, focusing on a niche market helps your market, what kinds of niche markets exist and how MLS
business gain market recognition. You can establish can differentiate themselves from the competition. Spend
yourself as the go-to resource in the industry for a some time considering different verticals, and if you're
particular merchant vertical, demographic, etc., thereby having trouble deciding which niche to pursue, try the
attracting other merchants to your product and service. following:
Benefits of niche market selling • Consider your passions and interests. Which areas
do you have an interest in or experience in? What
• It improves customer service. Focusing on a target types of merchants have you had success with, and
merchant type helps you focus on the quality of why?
your customer service. Also, niche marketing
lets you build stronger, more personalized • Determine your merchant's issues, needs and
relationships with your target merchant group. wants, and then evaluate your products and

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