Quarter 3, 2012
Look into any successful business and, chances are, it serves a niche. Some niches are wider than others and often businesses find they have created a specialization by chance.
Nonetheless, head-to-head competitors often have an upper hand by creating efficiency with a niche strategy. For example, Lowe's, the home improvement goliath, tends to have a greater appeal to women compared to its main rival Home Depot. Why? It harnessed the spending power of women by implementing marketing programs tailored to female consumers in the 1980s. This program included everything from store design to advertising, from friendly sales staff to community outreach programs. Fast forward 20 years later and it now has a stronger foothold on female consumers.