Market Niche
How To Find Your Niche

Finding your market niche is key to your long-term success.

Small businesses can sometimes better offer specialized goods and services attractive to a specific group of prospective buyers.

Search long and hard enough and you will find that there are undoubtedly some particular products or services that you are especially suited to provide.

Study your proposed market niche carefully and you will find opportunities.

The more quality questions you ask, the more likely you are to identify a solid market niche!

While researching your own company's market niche, consider the results of your market survey and the areas in which your competitors are already firmly situated. Put this information into a table or a graph to illustrate where an opening might exist for your product or service.

As you work to develop your market niche, you must try to find the right configuration of products, services, quality, and price that will ensure the least direct competition. Unfortunately, there is no universally effective way to make these comparisons.

Not only will the desired attributes vary from industry to industry, but there is also an imaginative element that cannot be formalized.

For example, only someone who had already thought of developing pre-packaged surgical instruments could use a survey to determine whether or not a market niche actually existed for them.

A well-designed database can help you sort through your market information and reveal particular segments you might not see otherwise.

For example, do customers in a certain geographic area tend to purchase products that combine high quality and high price more frequently? Do your small business clients take advantage of your customer service more often than larger ones?

If so, consider focusing your market niche on being a local provider of high quality goods and services, or a service-oriented company that pays extra attention to small businesses.

If you do target a new niche market, make sure that this niche does not conflict with your overall business plan.

For example, a small bakery that makes cookies by hand cannot go after a market for inexpensive, mass-produced cookies, regardless of the demand.

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