Whether you’re a large business or a small business just getting started from your home office, you have one thing in common in today’s competitive marketplace…you both need a niche!
A “niche” is something perceived as special, unique, one-of-a-kind. Identify what makes your business or service special so price won’t need to be the factor when consumers buy from you. Position your company to offer something unique which will drive a clientele to your business.
A niche focuses your energies on a small segment of a market instead of the whole market. This small segment of the market must:
1. be unserved or underserved
2. have a need for what you are selling
3. be large enough to be considered a market segment
4. be geographically workable for you
5. be easy to reach through marketing and advertising
You cannot afford to create a demand for what you are selling…it’s too costly! Niche Strategies include…
1. Customer type strategies…such as big and tall men, or petite sized women, or people who work from home.
2. Service strategies…where you offer a service that is not available from any other company
3. Geographic strategies…where you sell or do business in either a specific market or to a specific locale
Your niche must be flexible so that you can adapt to change. Keep your eyes trained on the future! Watch for trends in the marketplace that may force you to re-tool and re-focus your niche.
Yes, you’re just beginning to be comfortable with your new niche and people are just beginning to hear about it, but if you let your guard down and plan to get comfortable with your niche for a long time, you may find your market share eroding. Keep asking your customers what they want. If their needs change, so must your niche.