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Starbucks did it. So did Sam’s Club. For that matter, McDonald’s did, too. They carved themselves a successful business niche. When Starbucks came on the scene, it raised coffee from a mere beverage to a culture in its own right. Warehouse clubs like Sam’s made shopping in bulk fashionable and before McDonald’s, fast food was downright slow.
In just 60-seconds, you will learn how to create a market niche.
0:60 Concentrate on a Niche Market
In today’s competitive business climate, you’ve got to separate yourself from the pack—you’ve got to create a niche. By offering something no one else has and by targeting your business to a few select markets, you protect yourself not just from the competition, but also from the twists, turns and plunges of the economy.
0:46 Advantages of a Niche
By creating a product or service that so completely fills a need, your customers will have a hard time imagining life before you came on the scene. Is there a niche that your competition has failed to fill? Can you, perhaps, become a specialist in an area where there are many generalists? The most successful marketers are those with special, specific expertise in a particular area.
0:38 Questions You Should Ask Yourself
Finding your own niche is often a matter of putting a new spin on what you already do. Ask yourself, how can I differentiate my business from others? How can I create the perception that my market simply cannot live without me. What do I have to offer?
0:23 Define Your Niche
Decide who you want your customers to be. Carefully choose your focus. If you have trouble, then examine the needs of your customers. Match what you’re selling to what the customers want to buy. Make sure your niche is special, unlike anything else out there. Make sure your niche is viable. Is there a market? Is it a strong one?
0:03 Repeat the Process
Do it all over again when your niche has grown old. Look at where your market has been and where it’s going. Brainstorm new products and services to add to your business mix and be prepared to respond to change. The secret to successful niche marketing is the ability to grow and evolve with the times.
Article courtesy of SCORE.