Finding Your Business Niche

It is a well-known fact that clients are more likely to pay higher prices for a more specialized and targeted product or service. This kind of specialization also helps create the niche market in which your business is best set for success.

Ask yourself the following questions:

  1. What and to whom are you selling?
  2. Is your product/service applicable to the market you serve?
  3. Are the benefits of your service clear?
  4. Does your service/product serve the clients who are seeking you out?

These are the most basic questions you would start with when defining a niche market – any unclear answers? Then you need to revisit your business plan and revaluate your niche.

Business NicheSo how do you find your business niche? Start with research – a lot of research! Investigate the market standards – what is currently being offered, what is needed, where could improvements be offered?

Research can be overwhelming – start with industry publications and attend conferences or seminars targeting your intended market. These will give you the most current information, tied up in simple packages, easy to decipher and apply.

“Focus your business to a specific market and specialized service.”

Consider banking on the client complaints of other like-minded businesses. Reading into what is not working for your competition allows you to cater directly to the needs of your market by offering what they are missing.

Once you have some research done, you can clearly define which type of business market you are reaching – consumer or business?

Known industry wide as B2C and B2B, respectively, the differentiations are already quite clear, though the importance of identifying as one or the other will help more clearly define future marketing strategies.

Now apply tunnel vision – whittle and scale back, then whittle some more. Focus, focus, focus. Your niche should be as defined and specialized as you can get it – don’t try to please everyone!

One specialist defines the ‘best niche’ as:

  1. Committed to your long-term vision.
  2. In demand – clients actively seeking (and therefore creating) it.
  3. One of a kind.
  4. Meticulously planned out.
  5. Built to evolve – inherently supported by flexibility and the ability to grow and change.

Small Business PR Pointer

Competition can be tough for a new business on the block! Scrounging up funds to cover publicity, advertising and media coverage costs is even tougher. Local businesses can thrive by reaching out to other local outlets- radio shows, magazines, newspapers, blogs, newsletters, etc. Make a connection and offer up your expertise to act as a commentator, guest speaker, columnist or features writer and get your name out there, at no extra cost!

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