One of the interesting challenges that many business owners face as they launch or expand their business is determine what their market is. Some argue that small business owners should find a niche that fits them and focus solely on building out that niche. Niche marketing can be very effective in allowing you to build out your business and create a space for yourself. Even better is when you can create a niche or build your brand in a new or innovative way.
Know Who You Are:
Businesses succeed when you know what your talents are and what your passions are. When you can blend the two and stay the course when things get difficult, that is generally the recipe for success. Business isn’t about re-inventing yourself and over-complicating the process. Real business is in the simple, direct ways that we project who we are in a way that connects with others. When determining your market, it is critical that you first know who you are.
An interesting example of this is a recent startup that provides chic wardrobe alternatives for our favorite nerds and geeks. Build a brand that focuses on the ‘geek chic‘ has helped Panjerize begin to build out their own personal niche in the fashion industry.
Know Who Your Clients Are:
Panjerize has also been able to focus on who their customers are in such a manner that it allows them to create products that are narrowly tailored to their customers. When building out a niche you need to know who exactly will be purchasing your product or service. Use this information to focus in directly on what they like, want or need. This will allow you to more successfully build you brand and find your place in the market.
Give The People What They Want:
Finally, build products that people want and need. Creating a niche is about creating something that people will buy, recommend and then re-purchase. Building a residual demand always helps business grow and succeed. If you want to own your niche, you have to give the people what they want.