• About
  • Advertise
  • Careers
  • Contact Us
Sunday, June 22, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home BusinesSENSE For SMEs

Exploring Market Niches and Tapping into Untapped Opportunities (Part I)

by Techeconomy
July 21, 2023
in BusinesSENSE For SMEs
1
market niche - Image by Razorpay
Image by Razorpay

Image by Razorpay

UBA
Advertisements

The most successful businesses are those that find and satisfy the needs of a market niche. If your product can’t find its target market, or your market can’t find your product, your business will fail from the start.

When you learn how to tap into a market niche, particularly a rapidly growing demographic with unique needs and preferences, everything about your business changes. But it begins by defining your market niche.

Define your niche market

Entrepreneurship springs out from a niche market need, and defining your niche market is one of the hardest parts of starting a business. Once you get it right, everything else will quickly start falling into place. Remember, it’s not everyone that wants or will want the product or service that you offer.

So, start by doing thorough research to find a profitable niche or sub-niche market, and understanding who is in that market and what they want before stepping out to give them exactly what they want.

How big is this pie called the niche market? How much of it can you bite? How much of the market can you capture and own based on your marketing capacity, skills, and capabilities? These are critical questions that you must answer.

No product or service is right for everybody. If you get turned down, chances are you haven’t defined your niche, and maybe you are approaching the wrong people.

Focus on your niche market

Whenever you come up with a business idea or solution, watch closely who shows up and why. Bill those who show up and keep your eyes focused on why they came.

Your business doesn’t need everyone in the marketplace; it only needs a segment of the market who find your offering highly valuable and can’t live without you. When you find such people, serve them better than anyone else could.

By giving attention to a specific group, you achieve a very high market share in that category. There’s nothing wrong in establishing a monopoly in a niche market that both you and your market enjoy.

Niches get you riches

Specialize your market and be special. In niches are the market riches. That is the principle of niche-man-ship. Therefore, when you think niche, you think rich. I came across an expression some time ago and had to note it: niches and rags have one thing in common; they are often neglected.

Niches are a goldmine that shouldn’t be neglected. Discover them and dig them. ‘The secret of most successful start-ups’, someone said, ‘is the ability to hit a bull’s-eye-to aim with exquisite specificity.’ This specificity is what a niche market embodies.

Whatever market that you choose to serve must be large enough to sustain the business and give room for growth, and niched enough to make you narrow down the focus. It’s more like not focusing too blurrily on the forest or too minutely on any particular leaf.

To succeed in today’s competitive market, you need to concentrate all your energy on a well-chosen segment into which you can pour all your resources. The key idea in nichemanship is specialisation. This is the age where professionalism excels. And at the root of professionalism is specialisation. Successful enterprises specialise.

To be continued…

About the writer:

Nine Keys on How to Sell by Tony Ajah
Advertisements
MTN ADS

Tony Ajah is a Business Growth Strategist, and the author of BUSINESS SENSE, and ON BECOMING AN ENTREPRENEUR. He maintains a personal blog, where he shares proven business ideas and principles for SMEs.

Loading

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Techeconomy

Techeconomy

Next Post
Ecobank Single Market Trade Hub

Ecobank’s Single Market Trade Hub is a Game Changer for SMEs in Nigeria - Kola Adeleke

Comments 1

  1. Pingback: Exploring Market Niches and Tapping into Untapped Opportunities (Part II) - TechEconomy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Network Modernisation: The Key to the Future of Healthcare 

3 years ago
Nigeria’s National Blockchain Policy: Pros and Cons

Nigeria’s National Blockchain Policy: Pros and Cons

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.