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How To Know Your Niche

A market niche is a crack, a crevice, an opportunity gap, sometimes a tiny segment of a market being overlooked, ignored, abused, or very poorly serviced. One of the niche markets we serve is through our local SME collaborative marketing network, where we substantially increase members’ marketing and sales effectiveness, at lower costs, and at the same time add several new profit streams without extra effort or risk on our members’ part. A niche no other business advisory, or marketing consultancy firms are active in, and with the added benefit of no consultancy fees. Our Unique Selling Proposition (USP) is ‘Empowering you to enjoy profit windfalls without extra effort or risk on your part’ Lets have an example of a niche: One of our clients, a printing company, specialises in medical forms for the health sector. This company, and its competitors, packaged and sold their various forms in boxes of 1,000, 5,000 and 10,000. Many small nursing homes, care centres, etc., refused to buy from them because they didn’t need a 1,000 copies of any one form. Our client took the time to ask how many forms they would buy. He then produced a new brochure with all of his forms priced in packages of a 100. He quickly captured the growing market of small health care organisations.

Think about your past experiences as a customer/client in light of the USP(s) examples we’ve given you previously. When you are in the market for something, wouldn’t you respond to a company that presents one of the basic USPs we’ve mentioned?

Of course you would! However, remember this: You will never appeal to everybody – so don’t waist your time, energy and money in trying to do so. The question really is which particular niche do you, as a business owner, want to fill? There is a vast gulf between the top end of the market and the bargain seekers. To assure your success, let’s first identify the specific segment of the market that you want to capture, and then hone your USP to a sharp edge, so we can slice off as much of that market for you as possible. Remember, your USP must not only fill a market void, but also produce adequate volume, clients and financial needs.

How to know your niche  

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