Talk about going niche!
Serving the few can lead to mass rewards
Countless business experts have sung the praises of carefully selecting a target market and audience and then focusing on this niche to grow your business.
Michael Kenny of Multiband Antennas has made this his mantra and, as a result, has built a thriving small business with customers around the world.
What Do They Do?
We all know that antennas bring us our favourite songs to our car radio, but they can also be used for telemetry, animal trackers, marine monitoring and environmental sensors.
Even for sand & gravel pit operators. For example, a busy production manager directing operations at a dusty sand & gravel quarry can monitor all aspects of production from the comfort of his office, thanks to Michael’s technology.
Picking Up The Right Signals
Michael has worked in the tracking antennae industry for years. As an employee, he enjoyed the technical aspect, but less so the product line his employer offered. Most of it was the same old-school, single frequency technology that hadn’t changed for years.
After a while, he came across a new type of system called Orbcomm, which he knew had the potential to be a game changer. It provides for machine-to-machine satellite communication involving small packets of data making it more useful in everyday industrial applications.
In 2000, Michael noticed the market was starting to turn towards the newer, more advanced technology that he admired. This gave him the burst of confidence he needed to take the leap and create Multiband Antennas.
A Receptive Audience
With a potential new client he knew of in the UK already expressing interest, Michael needed to source a brand new supplier of the advanced tracking technology.
After finding a keen new supplier in South Africa, a bid was submitted to the potential client for the equipment.
In his previous life, a typical order had been in the range of £10,000 so when the order for £560,000’s worth of high-end tracking equipment came in, he nearly fell off his chair.
An Unfair Exchange
With such a large order, and with the ongoing volatility of the South African Rand, there was a sudden need to revisit the issue of how currency was being managed.
“We used to have US Dollar, Sterling, and Euro accounts and were being taken for a ride by the banks. It used to really annoy me.”
The problem grew worse as the business acquired more and more customers in the United States, all wanting to pay in US dollars.
After listening to a friend’s advice and doing some research, the business opened a CurrencyFair account. This has enabled multi-currency payments to go out to factories in South Africa, Slovakia, Italy, Israel and the UK. The company continues to receive payments from clients in other countries, particularly the UK and the US.
View all the currencies you can send into your CurrencyFair account here.
Was It Worth The Switch?
Let’s hear from the business owner himself whether or not it was worth managing his international business payments through CurrencyFair:
“I’ve saved a fortune. If you’re going to invoice in different currencies, it’s a no-brainer. You’ll save a fortune.”
To learn more about the business, visit Multiband Antennas.