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Finding Your Niche (Making sure your niche is profitable)

 

Finding Your Niche

It is vital to become attuned to the fact that the times call for focus. Mass customization and a segmenting marketplace allow for the development of products and services of a “niche” nature. Very few of us have the time, money or energy to mount national marketing campaigns, so it is in our best interest to discover and concentrate on a niche that we can develop successfully.

Finding your niche will set you off from others who do something similar and draw the best possible attention to you and what you can offer.

Your best niche will always be the one that you’re most motivated to work hard at, learn as much as possible about for years to come, and evolve with as it matures and develops. It will be a reflection of your interests, values, personality and skills, and even where you are living. Ideally, your goal should be to define what you do by depth, not by breadth.

To give you some inspiration to uncover one niche you want your business to become known for, or to just bring clearer focus to the niche with which you already identify, ask yourself the following :

· Which things do I/we do best?

· Which activities do I/we enjoy most?

· What do I/we do that people need and appreciate most?

· In what areas do I/we have the greatest expertise and experience?

· What am I/are we already best known for?

· What do I/we have the best contacts to do?

· What will people most readily pay me/us for?

· What involves the least risk?

· What fits best with my/our lifestyle and personal/group/business goals?

· What comes most naturally to me/us?

· What am I/are we most eager to promote?

Do you notice the same activity showing up as an answer over and over again?

Choosing a niche will open certain doors to you while closing others. But just as you’ll never get to see the world if you can’t decide which destination to head for first, so it is with committing to one focus for your business. The doors that will open to you once you fully commit to one endeavour will present new opportunities you may have never imagined.

Making sure your niche is profitable

Finding a niche means clearly identifying a group of people who need a particular product of service you are distinctively able to provide. Your niche needs to be small enough that you don’t have much competition and reach most of your potential customers within the limits of your time and budget, yet large enough to include ample customers that can support you and your business goals.

Here are some strategies for scoping out a profitable business niche :

1) Select a growth area. When a market is growing, there is more room for everybody. Therefore, your chances of winning are highest when you pick a market that is on the upswing.

2) Don’t automatically follow the crowd, and don’t necessarily pick the obvious. It’s always a good idea to select a market with as few competitors as possible. Do you want to be one of 400 companies competing for the same customers? Always look for opportunities that everyone else is overlooking.

3) Attempt to put a lock on a specific market niche. This is one of the most important competitive strategies. Select a market niche that is large enough to pay you well, one that you believe you can dominate. Then take charge of it. Meet all the important people, develop an excellent reputation, maintain the highest standards etc. whatever you need to do.

4) Be memorable. This is a stylistic version of items 2 and 3. If you want to go far in the music industry, you need to give others a reason to remember you. Whether you have a unique appearance, sound stage presence, packaging or whatever, you must stand out from the crowd. Apply your creativity in everything, from clothing to envelopes.

5) Be truly excellent at what you do. While technical skill and polish don’t guarantee your success, there is never penalty for being too good at what you do. And there are plenty of situations where the better player of the more confident performer wins.

 

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Updated: December 8, 2017 — 1:03 am

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