Mastering a Niche is Key to Small Business Success
Posted by Seth Saperstein
5 August, 2016
Not even the largest businesses can be all places at once. In other words, there will always be spaces to be filled when it comes to finding a market and these gaps are perfect for niche businesses. Although finding the right market or determining if there is a market at all can be difficult, in today’s blog we’re going to talk about key elements of mastering niche marketing.
Find a unique product or service. The first step is to figure out exactly what the specific problem is you wish to solve. To find these unique ideas, look on the fringe of larger industries and seek out exactly what they’re missing. Be innovative and discover how you can use existing markets in creative ways, such as completing processes that act as a product, such as refilling old ink cartridges.
Figure out if your product or service is marketable. Creating a niche product or service means that the market will not be huge, but make sure it is existent. A niche market is key to being profitable, but how do you figure out if the market is there and going to make a profit? Well, you can do one of two ways. You can jump in and get started with trial and error, or you can be smart and do extensive market research. Although market research sounds expensive and something you could go without, creating a product and building a business only to find out there are not enough people that need your business is even more costly. Be smart about your investments and make sure they have a chance to pan out before getting started.
Make sure there’s room in the market. Just because it’s a niche market doesn’t mean that you’re the only one filling the niche. Although it is optimal to be the only one in the market, it is not always the case. Here is another point at which making sure your business has the potential to be profitable is essential. If the niche filled up and you’re too late to the party, do not decide to bandwagon the concept as you will end up falling out. Being successful entails researching the competition before getting started. Figure out who the competition markets to and find ways to do what they do with a competitive advantage, whether it be price or quality.
Market your niche. Now that you know if there’s a market for your niche and that there’s room in that market, it’s time to figure out how to market your product or service so that people know you’re there. Although there may be a market, you’re filling a niche and typically this means you’re creating a product or service that doesn’t exist yet, which means people won’t know it exists after you build it unless you make them aware. Making your market aware of your existence is the largest factor of a small business working with a niche market. Creating customer relationships that people won’t want to leave and regularly following up with clients are important pieces of the strategy. Social media and pay-per-click advertising can also be great ways to spread your niche business, especially when people are already looking for a business like yours.
Again, your product or service may have a niche as long as there are unique needs not being met, your product or service satisfies this niche, you can reach your market, and the market is large enough to get a return on your investment. Finding the right niche can be difficult, so be creative and solve problems with innovative solutions, but get started today!