What is a niche?
A business niche is a specialized or focused area of a broader market that businesses can serve to differentiate themselves from the competition. Business owners should find a niche in their industry that has under served or unmet needs. In other words, niche is a specific targeted focus on a pre-selected customer group. A niche can be an area of your expertise or professionalism that you sell to a targeted customer group with a particular demographic profile. It can also be a specific perspective you have given to your business that resides in a specific target customer group with very clear problems that need solution.
Why do you need a niche?
Your business can't do everything and compete with everyone in today’s competitive business environment and hence finding a niche is so crucial to the success of your business. It makes it far easier to describe to potential customers what you do and sell.
The best strategy to deal with a niche is to select group of people who you are going to pay attention to as this will give you more domination within that particular area. You can end up becoming a recognized expert in that niche. It covers both your marketing efforts and your expertise. Today, People love experts & they are being treated with utmost respect whom you can trust.
Benefits of Niche Marketing
Enhanced Customer Relationships. Niche marketing targets a very specific kind of customer depending on what you're promoting.
Word of Mouth Growth.
How to find your business niche?
To find your niche, follow this strategy:
Select your target audience
Define an unmet or under served need
Research your customer base
Create your business plan
Market your business to your specific audience.
Finding a niche is important for SME business owners who want to not only create a steady stream of revenue, but also establish a loyal audience.
These above steps can help you successfully serve your target audience. "This hard work, good customer service, and the willingness to periodically reassess your business's market will put you well on the way to running a successful niche business. Selecting a niche does need a lot of thought as it will be the foundation on which your marketing plan will be built. Don’t just go with the first idea you think of. Take your time and study your market and customer research. When you decide on that niche you need to be sure that the niche you choose is one where there is a strong demand.
What makes a niche successful?
Competition is a good thing as it shows the signs of a healthy, in demand, niche with money to be made. Don't look for niches no one else knows about but instead ones where there's already money being made. You'll have a much easier time making money from it yourself.
A niche marketplace is a small, specialized market segment within a larger, viable commercial industry. When identifying the niche marketplace, you wish to enter, consider the following questions:
Who lives in your marketplace?
Why have they been under served?
How can you better serve them?
How can you unite them?
In short, why is your simple service the solution to their problem? Compile the information you accumulate to provide a particular profile of your ideal customer. Using the information to make your customer profile, be a part of or create on-line groups, feeds and networks which can be applicable to your easy service. Connect together along with your area of interest marketplace's key choice makers, enthusiasts, and influencers the usage of social networks
How to use your niche
Once you've got your area of niche you may then begin to sell yourself because the expert. Everything you do any further might be centered on developing the bait that will entice an increasing number of your area of interest customers. Your aim will be to become ‘famous’ for your expertise in this niche. Get people to talk about you and recommend you to others.
Dr Praveen Srivastava, Business Coach & Management Consultant
Recipient of Philip Kotler excellence award in the area of Consulting and Training