How to find a niche
31/05/2010Finding a niche is crucial if you want your business to grow successfully.
While there may be scores of similar products and services vying with each other for customer attention, it’s this niche and the way you position your particular business that could make all the difference to your business plan.
It’s so easy to get carried away with what some of the market leaders in your field are doing and follow suit. But this will be to the detriment of your business.
You can’t be all things to all people – set out your unique selling points (USPs), the elements that stand you out from the crowd, and make these your niche.
So think about what makes your business special – it might be your size; the fact you can provide a truly personal service; you can respond next minute to inquiries; offer an immediate or last-minute delivery; customers can speak to a ‘real’ person and the same ‘real’ person every time; you are more than happy to take one-off orders or offer a bespoke service, and the list goes on.
Then carry out a bit of research to back up what you're thinking. You can do this either by constructing a questionnaire to be completed by a group of people who will give you honest feedback. Alternatively some desk research to establish the size of the market, who the competition is and what they offer. This often shows you where the "gap" is in the market.
Good places to look for research data and advice include Business Link or Mintel (although you usually have to pay for these). Your competition is the next place to look.
Identifying your niche is key. Once you have, make sure you shout about it and use it to drive your business forward. It should be the focus of all your activity. Don’t be thrown off course by what the bigger players are doing – your niche makes you unique and this is why customers will use you and be happy to recommend you to others.
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