Tag Archives: Niche

5 Proven Ways to Create a Successful Niche Business

Too many business owners fish in the widest and deepest pools’ trying to be all things to all people. Offering a broad range of products and services to a broad audience and never really create the waves that lead to tremendous profits. By positioning yourself at the top of a smaller, well defined pool (or niche) you will set your business apart from the competition and create a profitable business.

Here are five proven ways to create a profitable niche business.

1. Define Your Market

Research the needs and challenges of your target audience and capitalize on those needs. Understand the community and develop solutions that appeal to a specific group. For example – Understanding Social media in Small Business is a need of the small business community, a niche market would be to develop a product or service that teach small business owners how to use social media in their business.

2. Create Your Product or Service

Based upon the needs of your target audience, you want to create a product or offer a service that addresses those needs. Many start with developing their products first without researching if there is a market for it. First define your audience and establish there is a demand for a new product and then develop it.

3. Create Your Brand Promise

The brand promise is a statement of what your customers can expect every time they engage with your company and is the center of your business. When a brand stands out with a strong promise that deliver value consistently, the value of your offering increases and customers will be willing to whip out their wallets and pay for your products.

4. Become the Expert

Position yourself as an expert in your niche and become the “go to guy” for this product of service. Showcase your knowledge and expertise by writing articles, participating in forums and providing tips, techniques and strategies in short, succinct messages via popular social networking sites.

5. Create specific messages direct to your niche

Business is conducted on an emotional level. Now that you have identified your market, built a community around your offering, you must communicate with your target market frequently. Develop specific messages targeted towards your niche market appealing to their emotions and demonstrating your benefits. It takes 7 times before somebody is comfortable enough with you and your expertise to buy from you so be specific, be credible and offer extraordinary value.

No matter if you are a retailer, service professional, internet marketer or mom and pop shop, you stand for something. There is a reason that you went into business and a reason why you want your business run a certain way. Building a brand starts with defining what is your core purpose and the inherent promise you are making to your customers and delivering value every time. Isolating your niche in your area of expertise and bringing solutions to a targeted group will keep the cash registers ringing every time.

Source: Nicebusinesssecretsrevealed.com

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Filed under Branding, Business, Business Plan, Communications Manager, Fashion Industry, Fashion Marketeer, Fashion Marketing, Management, Marketing, Marketing Manager, Marketing Mix, Marketing Strategy, New Product Marketing, Niche Business, Niche Market, Place, PR Manager, Price, Product, Promotion, Research, Social Marketing, Social Media Marketing, Target Market, Web Marketing

Finding a Niche: Make your Business Plans Stand Out

Trying to tackle a wide market is usually too broad of a scope for any but the largest companies to handle. As a smaller business, it’s often a better strategy to try to divide potential demand for offerings into manageable market niches. Small operations can then offer specialized goods and services that are attractive to a specific group of prospective buyers.



There are undoubtedly some particular products or services that you will be especially suited to provide. Study the market carefully and you will find opportunities. For example, surgical instruments used to be sold in bulk to both small medical practices and large hospitals. One firm realized that the smaller practices often disposed of instruments because they could not afford to sterilize them after each use like hospitals did. The firm’s sales representatives talked to surgeons and hospital workers to learn what would be more suitable for them. Based on this information, the company developed disposable instruments which could be sold in larger quantities at a lower cost. Another firm capitalized on the fact that hospital operating rooms must carefully count the instruments used before and after surgery. This firm met that particular need by packaging their instruments in pre-counted, customized sets for different forms of surgery.

To research your own company’s niche, consider conducting a market survey with potential customers to uncover untapped needs. During your research process, also identify the areas in which your competitors are already firmly situated. Put this information into a table or a graph to illustrate where an opening might exist for your product or service. Your goal should be to try to find the right configuration of products, services, quality, and price that will ensure the least direct competition. Unfortunately, there is no universal method for making these comparisons effectively. Not only will the desired attributes vary from industry to industry, but there is also an element of creativity that is needed. For example, only someone who had already thought of developing pre-packaged surgical instruments could use a survey to determine whether or not a market actually existed for them.

If you do find a new niche market, make sure that this niche doesn’t conflict with your overall business plan. For example, a small bakery that makes cookies by hand cannot go after a market for inexpensive, mass-produced cookies, regardless of the demand.

Source: SBA.gov

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Filed under Business, Business Plan, Fashion Marketing, Market Research, Niche Market, Research, Target Market


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Source: Designernexus.com


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