We are always advised to focus on a niche product or niche area of the market when starting a successful business but many of us don’t really understand what Niche means and the impact it can have on the products and services we offer. When a business is started, finding a niche market and business is often focused on for the wrong reasons and people end up trying to be completely different from anything or anyone in their endeavor to create a Niche market. Creating a niche market isn’t about developing a product that isn’t already on the market, neither is it about being completely different, it’s about taking a business opportunity and defining this to target a specific area within a market.
A niche market in simple terms is a specific area of the market and can be described as a smaller part of a larger market. If you focus on soap making it will become quickly obvious that this is a very broad market that covers thousands of products and different variations and uses of candles, finding a niche area of this market would be focusing on a specific age range of customers, uses for your candles, certain fragrance’s, shapes and colors that would be appealing to a specific age range and gender. Home ware products include a vast range of products and marketing your products under home ware key words or just through the home ware channel will be incredibly hard, you will be selling home ware but you will also need to focus on a specific area within home ware, you will need to identify your customers and concentrate on targeting those people through your marketing and advertising.
If you already have an established product, the first step is to research the competition, look at the products out there and what is popular and establish a firm area of the market that you are targeting. Analise your product and what it has to offer and in turn how and where best to market and advertise. The second step is to stay true to your product. Many business start ups do very well identifying their niche market but become too tempted with being all things to all people, understanding that creating a niche product within a smaller market will be an advantage can be hard to understand at first. The benefits of targeting a smaller market are easier advertising, knowing who your customers are will be easier than trying to advertise to everyone and everywhere. Creating a niche market also encourages and increases loyal and repeat business, if your product is popular within your niche market, customers will want to come back and you will become known for that specific product or service.
The other advantage of niche market selling is the business opportunities that will be created. When you focus on a smaller part of the market and you know your customers well by creating a popular following, you will understand what your customers want and this will generate new ideas for new products that you can develop, create and sell. A popular product can then become popular products as you build your business up slowly. Creating a niche product and becoming successful takes time, energy and lots of enthusiasm but if you are passionate about what you do and have the endurance and determination not to give up, you will build a loyal following and a very successful niche market business.
Marcet me is a resource of information for those wanting to set up their one business or those who have their own business, articles and blogs provide ideas and information for business opportunities. Members can advertise their product or service for free and submit blogs and articles.