People should know what your business stands for and what it doesn’t stand for. When you choose a strategic niche market to pitch your tent, real men would run to your roof with treasures in their hands. [Read Part 1 Here].
Focusing on a particular market niche allows you to effectively utilize scarce resources to reach those customers and prove the viability of your enterprise. So, if you are not positioning your solution as a high-value-adding creator in a niche market, you are simply out of step.
Differentiate your offering
Don’t just try to be better, try to be different. Today, forward-thinking businesses are embracing and tapping from great riches in market niches. Being different is the key to making a difference in the marketplace.
The generalist is weak; the specialists are strong. ‘When you try to be all things to all people’ Al Ries a marketing guru taught, ‘you inevitably wind up in trouble.’ There’s also an old saying that: I’d rather be strong somewhere than be weak everywhere.
Your business must be streamlined into a particular niche to a point of differentiation. This will help you to know who your target customers are and what to do to attract and keep them.
Get market advantage
Focusing on a niche market gives you an advantage. When you focus on that niche market, it is more efficient, more productive, and less competitive. And when you get a market advantage with your superior product or service that is targeted to a well-defined market, exploit it to the fullest without looking back.
Gregory A. Moore in his book, Crossing The Chasm taught, ‘Cross the chasm by targeting a very specific niche market where you can dominate from the outset, drive your competitors out of that market niche, and then use it as a base for broader operations. Trying to cross the chasm without taking a niche market approach is like trying to light a fire without kindling.’ That says it all.
Do remember that your niche market represents your best chance of getting a good return for your business efforts. It is a focused targetable portion (subset) of a market, that when served well, will profitably keep you in business.
Key your eyes on the ball
When you have found your niche market,keep your eyes on what that market wants and needs. Let your solution be structured to address their pain points.
Be the best in your niche market by offering breathtaking experiences through your product and service. Demonstrate to the market that you care about them and about what you do.
This is howthe author, Seth Godin put it, ‘Think small. One vestige of the TV-industrial complex is a need to think mass. If it doesn’t appeal to everyone, the thinking goes, it’s not worth it. No longer. Think of the smallest conceivable market, and describe a product that overwhelms it with its remarkability. Go from there…Find the market niche first, and then make the remarkable product – not the other way around.’
With focus comes growth
You have learned to recognise a niche and design a product or service to fit, and once it’s up and running, you can naturally expand and even broaden to other categories. The niche market is like a foothold market from where you can easily launch to broaden your reach whenever it’s necessary.
So, find your market first in the niche market, and be ready to expand without losing your leverage. You should have unique marketing strategies that is tailored to your audience for effective engagement, and to meet the evolving needs of consumers.
Playing in the market niche league helps you to create personalized experiences for consumers, and curate unique offerings that would help build customer loyalty for long-term business success.
About the writer:
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.