What is niche? Simple! It is something you are good at and concentrating your efforts on. Taking advantage of a niche is the idea of increasing demand either by capturing a larger share of the consumer base or by going after a target market that competing companies have yet to recognize. A niche can be anything: big as a unique business model, a group of big strategic corporate partners, and a strong global supply chain; or small as friendly and helpful employees, colorful store decoration, and a piece of special dessert that no other restaurant can compete with. A successful marketer can have more than one niche, they must evolve with the company after all. But to start with, you should choose only one.
How to find your niche? There is a common scenario for entrepreneurs: Everyday you wake up with a new brilliant inspiration for your business. Which one is your niche? Hmm, I don't have the answer for you. However, here are some tips for you to make a good decision.
1) Learn Much As You Can About Your Customers: It is always the right time to learn about and understand your customers. It is an even better time today, because your customers can change their preferences at anytime. Only when you know what they are looking for, can you position yourself.
2) Brainstorm: Brainstorming is not a one-time thing, it is the heart of innovation and improvement. Big companies implement particular cultures to encourage employees to brainstorm. For instance, Google asks its employees to use 20% of their time at work on whatever they want instead of their major assignments, to generate fresh ideas and inspiration for future projects. Same thing can be done to define your niche. The more ideas, the more choices, the better chance to find your specialty.
3) Long-Term Focus: The last and most important tip: Whatever you choose to be your niche should align with your long-term goals. Don't get distracted by your competitors' every move, just the ones that affect your audience.
Every successful company has its own niche, big or small. If you don't have one, you will continually struggle and then disappear. However, it can be hard to find on your own, and perhaps even harder to maintain it. We'll discuss more about how to keep your niche from being stolen out from under you by your competitors next week. Remember, it is always important to keep an eye on your target market’s needs/interests and focus on effectively communicating the value of your business.
FiG Advertising and Marketing (Focus Identity Group, LLC) is dedicated to providing results-driven brand marketing communications and campaigns to businesses just like yours. It is important to communicate and connect with your customers on a level that has more meaning than an impression.