“A brand without a niche is a cinch” – petovick.com
Uhmm… This is big.
Every business brand has a target audience – called niche.
Niche brand make it better. Niche brand meet needs. Niche brand solve problems. Niche brand ease the pain.
Businessdictionary.com defined a market niche as:
A small but profitable segment of a market suitable for focused attention by a marketer.
Market niches do not exist by themselves, but are created by identifying needs or wants that are not being addressed by competitors, and by offering products that satisfy them.
Lets go over the Wikipedia definition of a niche market and juxtapose.
A niche market is the subset of the market on which a specific product is focused.
The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment.
The niche market is highly specialized, and aiming to survive among the competition from numerous super companies.
Let me first established a simple definition of what a niche is and we run from there.
A niche is simply a section of the market population where you can target, serve and dominate.
The strategic-goal behind picking a niche is to make your brand stand out from your competition by leveraging your expertise or what your good at.
If you don’t have a brand that stand out then you will have a business with lots of competition that stands in the way.
HOW DO YOU GET A NICHE.
Research and ask- To get a profitable niche you have to be looking for lapses, market inefficiencies and fill it. Simple
- What problem are you passionate about Solving?
- What do you wish could be done better, easier, faster, cheaper?
- If you could do just one thing what would it be?
- What are your past stories of failure and success that others could learn from that you could make money from?
- What do others appreciate, commend and consult you for?
- These and many more.
At this point you have a better understanding of who you are and who you want to serve – your target audience.
You can now start developing yourself, a product, building a brand around that niche idea you just discovered so as to position yourself and come off as a resource person in your niche or industry and start commanding the market share.
A niche to avoid is starting a business based only on your passion.
You might be passionate about boiled sandwich for example.
It wouldn’t matter because if there’s no market for those products or no one is interested in them, then you’re only a hobbyist and not a business owner.
That might sound harsh, but that single piece of advice can save you thousands of dollars or at least a cup of coffee at Starbucks.
The best niches are the ones where you’re solving a problem for somebody somewhere.
Most mistake people make when starting out in business is that they go about looking for what to sell or even go as far as producing a product they only like thinking others will like it as much as they do. The right approach instead is not to find what to sell but who to sell to.
That way you can curtail unnecessary production cost as a startup.
Lets go over some EXAMPLES OF TRENDY NICHES in no particular order of profitability or importance.
R/ship and dating
Oil and gas
There are still subset of niche under each of the niches. Each can have over 25 sub- niche.
Know your niche inside out, there painpoint, struggles, problems, challenges, inadequacies, so that you can better position yourself as a go-to expert in your niche.
Becoming an expert in your area of specialization.
It doesn’t mean you need 10 straight years of experience, no not…
You just need to know more than the person next to you.
With the advent of technology which help to reduce cost and get the job done much better and faster.
The need for expert in every industries is on the increase.
Would you rather pay for a mediocre service or hire an expert and save the time and money of getting the job done better?
Now, your not on a fierce competition with technology but you are complementing technology because being a specialist on one thing will allow you to focus and give it all your best than being a generalist with no mastery in one thing. The result is mediocre performance.
I don’t mean to say you should be a self employed such that to get the job done better “do it all by yourself” no I don’t subscribe to that, it a poor business system to operate if your looking for financial independent.
As you can see the title of this website is “Lifestyle Career Brand” – you have the freedom to call your own short, name your price, decide what time you want to work, with whom you want to work with, the place you want to work from.
You just need to know how to work with or hire other smart people.
That makes you a business owner – who is; focused on the most important thing, keep an eye on the business vision, does what he knows how to do best and delegate what hes not good at to those who can do it better off.
people want to do business with someone, a brand that knows what they are doing better than the other brand.
This is where we enter into the world of contracting and this is the future of work, it already happening.
No employer want to pay you for the 9 – 5 time you punch daily but for your productivity and target you meet.
BUT WHY SHOULD YOU CHOOSE A SPECIFIC NICHE THAN THE GENERAL TRADE BUSINESS OR INDUSTRY-WIDE APPROACH.
- Beat competition to the punch
- Visibility opportunity
- Data availability (thanks to big data revolution)
- Authenticity and Relevance
- Laser- focus of your expertise
- Enhanced customer relationship
- Less resources
Because business is a lot like a war – divide and conquer strategy.
AREN’T ALL THE GOOD NICHES TAKEN AND ALREADY SATURATED?
Fact is, you can compete in any of thousands of niche industries. Any one you want.
- If you can Innovate,
- do it better than they are already doing it this makes you become indispensable and your offer irresistible.
- Enough capital to operate at wholesale and send all your competition coming to buy from you.
- You don’t need to find 100,000 customers to make you rich. All you need is 1000 true fans who want to buy from you on a regular basis. All you need to do is find a niche and fill it.
There’s no point giving you 101 list of niche ideas you can profit from today Instead what you get is just few established niches, but ones where you can still compete.
I want to show you that choosing a niche doesn’t mean reinventing the wheel, just copy right/better.
So You need to target a marketing to make your brand marketing effort effective.
I see the traditional street-flier and hand bill mass marketing thing as a sheer waste of time and resources that of course could always be well channeled with niche marketing. It the internet world we are in, don’t you get it.
What is Facebook advert good for ? or niche marketing or do you know other ways to target your audience.
please feel FREE to drop your comment at the comment box below.