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Have you created a niche market for your business?

Guest post by: Warren Gencher

Article Overview: You MUST position yourself and your business as that authority or expert, and you CAN'T do that while trying to be everything to everyone.

Have you created a niche market for your business?

Like it or not, we live in a time when prospects and clients demand specialization. They want to feel that they're receiving the product or service they want and need from an authority or expert.

You MUST position yourself and your business as that authority or expert, and you CAN'T do that while trying to be everything to everyone.

Most business owners today try to expand their product or service offerings, reasoning (incorrectly) that they're casting a wider net that will catch more fish. In reality, they're doing the exact opposite. Your prospects want to feel as though you're focused solely on the things that are most important to them. If you try to be everything to everyone, you become nothing to no one.

The key is to discover what your ideal clients really want and make that your "niche" market.

A mere 20% of your current clients are producing 80% of your total business revenue. Those are your ideal clients, and they love what you do and what you provide for them. When you select the area that attracted them to you as your niche market, you immediately begin to attract this type of client in droves.

Your revenue and profits begin to skyrocket, and you will actually begin to work fewer hours. You will "play" at what you do instead of work at what you hate. If you fail to create a niche market for your business, the cost to you may be staggering...

• You lose revenue and profit.
• You work longer and harder.
• You lose the chance to build a valuable business asset.
• You will be forced to compete forever on price
• You will never become unique or differentiate your business from your competition

These are the secrets business owners must know to effectively position their business in the proper niche market that will explode their revenue.

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Article Tags: business authority, business expert



Related Forum Posts
Re: Starting a Online T-shirt Company - I recently started a tshirt printing and embroidery business. We are still in a start up phase but have already found out how important your niche is. We spent a lot of time finding our niche, our customers and how we would reach them. As soon as we attempted to market to our niche we found several flaws in our marketing plan. Luckily we were also able to talk to some people in our related niche and got some excellent ideas on how to market our products. I would suggest that you think about who you are going to sell to, where they buy their clothes now, who your competition is and how do they market to their customers. Then do a test marketing to see if it works. During the test of our marketing is when we found out it would take way too much time and money to market the way we had planned. Now we are marketing to a different market but with the same end customer. An example would be wanting to sell t-shirts with sport team logos. The market appears to be the sports fan. But when you look at marketing to all the sports fans in the country, state, county or school, you will find it very expensive and impractical. But if you have a unique enough of a design you can market it to the sports stores or concession stands and have them sell it to the sports fan. Yes, the money may be less, but the profit will be higher as you will sell more shirts than you could on your own.
Re: Hi there - Hi Galuh, Welcome to the forum, you will get plenty of help here and from what you have said, you may have found a niche market there. Starting an Internet business is no different from any other business in as much as if you enjoy it and have knowledge of the subject then so much the better. From what you have said there may well be a market for your idea and it is something that you could start small and test the waters first. If it goes well then you can take it further. best wishes, Mal.
Re: Matching competitors prices - beware - [quote:2bbxdsgo]Are you talking about your carpet making business by any chance? I checked out your website the other day and was very impressed with the quality of the carpets you make. You have a great niche market here, and if you target the right market you should not need to look over your shoulder and worry about cheaper competition from overseas.[/quote:2bbxdsgo] Hi David, Yes I'm talking about the carpet making business, thanks for the compliment! I would agree that there is an attractive niche market - in fact several - related to this business. The challenges come when you are faced with the reality that you [i:2bbxdsgo]are not alone[/i:2bbxdsgo]. When we are bidding on the high-end projects, our main competitors are the manufacturers overseas in Thailand, China etc... as they do produce exceptional rugs. They are represented mainly by Interior Designers. We do get our fair share of the market because we are stealthy, faster, and have a more hands-on service. BTW - I don't really worry too much about the competitors because we are well established and have a good system in place. Most of our clients are coming via the internet, which is just the way I like it!
Re: Service Or Product? - Thanks GT, been there and done that as is said in an overused cliche just as hauling around 18/8 stainless steel pots and panes, Kirby vacuums, Tupperware, Bibles, etc. Notice my load got lighter Now I just to Service online, information, ebooks, articles etc. Works for me Agree with Michelle, however any niche remains a niche unless you can break it out of the niche and make a market for it
Re: Great start, but no finish - A good niche or area of expertise is and should always be the cost of entry into entrepreneurship. But its easy to stick to your niche. What most people dont realize is that they have to LEARN and continue to grow in their own learning and development or at best, they will build themselves a nice little hobby. Statistically they say 40% of all businesses fail within the first 5 years. whether this has to do with market conditions or the actually CEO, how knows. I do believe that you have to start studying business as business and then weave your own expertise/products/services into that education. If you can sell one thing, you can sell anything. Longevity in business is about being adaptive, opportunistic and a hard worker, J


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