If you are a small business owner or entrepreneur you know that you must eat, drink and live your business 24/7/365 in this highly aggressive world. One way to ensure that you stay ahead of your competition is to have the business savvy to recognize and identify ‘niche’ markets that may find your product or service appealing, valuable or relevant. So how do you go about identifying ‘niche’ markets. Well, try these ideas for starters.
How To Market
- Perhaps its best to begin by ensuring you understand the meaning of niche market. It is a ‘subset’ of a larger market that caters to a specialty group. The niche market offers the necessities of the larger market while catering to specific expectations of the niche. For example, maybe the market is crackers, and you want to corner the niche market of cracker lovers who are diabetics or have other health problems. Now, your crackers could appeal to the larger audience, but you would also find buyers who want to enjoy snack crackers that are healthy.
- The most common factors to take into consideration when identifying a potential niche market are price, demographics, quality, geography, and psychology of the buyer. In other words, how much is the buyer willing to pay, what is the makeup of the audience to whom you are appealing, what is the degree of quality expected, is there a common geographic market location and what are the attitudes and expectations of the audience.
- When appealing to the niche market, the business owner must pay dual attention to the larger market opportunities while creating a message that draws in that specialty group. Niche markets are opportunities for micro marketing. You first must be able to place your product or service within the broader marketplace, and then tailor your work to singular groups.
- Be proactive in identifying the needs of a niche market that you could possibly fill with your product or service. In other words, ‘mine’ the internet for examples of problems that people are complaining about and would like to have solved. Look for websites that target consumer concerns and take some time to consider how you could utilize your business to meet those needs. Don’t forget to use social media as a resource for tracking down niche markets based on consumer complaints or ‘wish lists’.
- Consider your idea from the perspective of the buyer. What needs will your niche market product or service fill for potential clients. What could you do that would make it more appealing and draw in a repeat customer base?
If you are looking for support as you undertake the process of creating a market – contact the seasoned professionals at Progressive Office.