07-23-2015
“Niche” is not a bad word in Business
Dear House Rules,
I am trying to imagine my business in a niche market. There are ton of articles about the value of selling to a specific target, but how do I know it would be the right direction for my business?
Sincerely,
Finding the Niche
Dear Niche Focused,
Marketing to a niche requires that you take a long hard look at your business offering and hone in on what you and your customers want most. There are several ways to look at what you want from your business. Explore what you do the best or enjoy the most. Next, check out your best sellers. Figure out what your customers like most about that offering and seek to elevate that feature and build out from there.
5 Questions to Determine if a Market Niche Can Improve Your Business
If I focused on a specific market need or a single product or service could I…………
- make the price more attractive?
- improve the production quality?
- increase the accessibility?
- become indispensable?
- infiltrate the lives and activities of my customers?
You Hit the Target
If you answered yes to two or more of these questions, then niche marketing is worth a try. Your effort will be as good as your research so take your time when exploring your business focus and your customer preferences. Work with a professional design firm for support in finding your niche.