The Australian home improvement industry holds many opportunities for the business-savvy entrepreneur willing to put in the work and smarts to grow a successful enterprise. A smart play in the business is to shift focus from trying to beat the competition in a game with so many players and instead, find a market niche in the industry and be the winning player.
It is not viable to always try to be like the competition, or be better than them. Instead, always look for the gaps in the industry that your business can fill. Enterprises that start and exist to serve a specific need in the home improvement market and go ahead to build a reputation for quality workmanship and service have always enjoyed great success.
Identifying the Niche
Input from the customers
Always pay attention to the customers. What are some of the services that they are asking for, but which you do not offer currently? What is their feedback on your service and that of your competitors? What are their expectations?
These are very pertinent questions that will help you come up with new ideas as well as narrowing down some of the pain points that the customers have which you can better and capitalize on.
A SWOT analysis is a tool that every business can use to identify a need in the market that is currently not being met to the satisfaction of the customers. An analysis of the strengths competition will help a business pinpoint its own weaknesses as far as service delivery goes, and identify areas that require improvement. Similarly, looking at the competitions weaknesses will point to the gaps in their service. This information is crucial for developing an effective strategy as the business pivots into a sub-niche in the home improvement industry.
There are many home improvement and remodeling companies across the country. You may choose to provide a specific service such as handling interior remodeling only, that is, bathrooms and kitchens. Creating additions such as second-story additions and bonus room additions is also a very profitable sub-niche in the home improvement industry a business can profitably specialize in.
Defining your niche as business and offering specialist services not only means less direct competition for the company, but it also means that your company will only need to invest in targeted marketing. Many successful home improvement companies have remained in business by standing out from the rest and dominating in a specialized niche.