Are you niched? Just like target marketing, finding your niche is important to your marketing campaign. Niche marketing is identifying a specific product or service that has little or no competition. Of course, you need to establish that there is a need for this product or service and that it will be profitable. When you are trying to establish your niche, what you want to do is look carefully at your target market and figure out what product or service is not being addressed that your target market would be interested in purchasing.
For example, I am working with a client that has some strong competition in another town which is drawing potential clients away from his business. These clients want this service enough to travel outside their home area to that area. Of course, my client can provide this service within his own town, but it is not cost effective for him to do so at this time. With a little research, I found that, within his target market, there are clients that do not want to travel for this service and, therefore, are not being targeted. With this information, we were able to come up with a service for this target market which is similar, but cheaper than the competition’s service. So by creating this service not only has he created his own niche within his town and increased his target market, he is helping other businesses by keeping potential customers within his own town.
When you are trying to identify a niche for your business, look for a product or service where you will dominate, stand out and make a difference. What product or service can you provide that your competition isn’t providing or isn’t providing in a satisfactory matter?
So, are you niched?