Many smaller businesses choose niche markets for various reasons and these niche markets can be very lucrative. This article will look at ways to identify and assess whether they are right for your business?
For many smaller businesses it is important to have a focused strategy which enables them to operate in a small part of a chosen market with great success. This has a further advantage of giving the smaller business a way to compete with larger organizations and achieve a level of protection against competition.
How is it Relevant to You as Owner?
As the owner of the business, you decide on the business strategy and make informed choices as to where the business will be going. Being clear on possible niche markets or a niche focus of your business can be crucial to the ultimate success and sustainable growth of your business.
The advantage of operating in a niche is that you can specialize in a small market and hence become a leading supplier of that specific product or service.
Niche marketing can be extremely cost-effective. For instance, imagine you offer a product or service that's just right for a select demographic or population group in your area, such as South Africans or students. You could advertise in newspapers or websites that focus on them, which have considerably lower rates than stations that program for broader audiences. So your marketing budget would go a lot further, allowing you to advertise with greater frequency or to use a more comprehensive media mix. Taking on a new niche can be a low-risk way to grow your business, as long as you keep in mind several important rules:
Here are a 4 steps to consider when choosing a niche market.
Step 1
green cleaning service Glencoe ..Franchising Corporations need to maintain an iron fist when it... Read More
The FTC Franchise Rule maybe changed, as the Federal trade... Read More
In many industries, image is one of the last things... Read More
WHEN you are operating or planning a small business that... Read More
There is a great deal of abuse going on in... Read More
The following are six essential skills to business success. You... Read More
Small businesses need Public Relations, possibly more than large corporations,... Read More
Researching information for a recent business plan, I came across... Read More
You can provide affordable health care plans to your employees.... Read More
Multimedia is everywhere on the Internet, whether in the form... Read More
Ok, you have successfully accomplished your dream of being the... Read More
As a solo entrepreneur or small business owner, one of... Read More
Some marine biologists feel that the concentration of dead marine... Read More
We hear a lot of talk about junk mail nowadays.... Read More
Why are we over regulation the franchising industry, what purpose... Read More
Here is an interesting case study of a company, which... Read More
Company mottos can easily be printed on a business card.Sometimes... Read More
During the California Recall Election, I was very interested. Without... Read More
Fuel prices these days are quite high and they take... Read More
Would it help you as a real estate investor to... Read More
If you are looking for a franchise opportunity, the choice... Read More
One of the first things you will need to set... Read More
My 16 year-old daughter said, "Gee Dad! You look just... Read More
Concrete Roof Tile Business: During the 2004 summer season, storms... Read More
Running a business, whether large, small or in your home,... Read More
house cleaning company Bannockburn ..For the employees, payday is the brightest day; they finally... Read More
If you're anything like me then you dislike with a... Read More
I agree that knowledge should be free, but the next... Read More
Perhaps you are building a new home office or you... Read More
If an organization lacks a mission statement, it is worthwhile... Read More
I love work, I can watch it all day.I am... Read More
You've heard marketing and advertising gurus quip, "Sell the sizzle,... Read More
You're pretty proud of yourself! After all, only four months... Read More
When someone owes your small business money, you certainly feel... Read More
What image do you and your people portray to your... Read More
Business consulting opportunities might be just what your are looking... Read More
In today's fast paced marketplace it is easy to neglect... Read More
Having a successful business means also having a good working... Read More
Once you've decided to incorporate your small business the next... Read More
We have all seen the mobile washing units cruising our... Read More
Financial Consultants are one of the fastest growing industries today.... Read More
Q: A friend told me that as a woman of... Read More
Rule 15C211Under SEC Rule 15C211, a U.S. securities broker or... Read More
Nothing can drive a business down faster than customers who... Read More
Q. I am a former pastor who left the ministry... Read More
The way you manage your money is one of the... Read More
Where do you look for the appropriate alliance?One of the... Read More
Small Business, Big Business ? What's the Diff?Well a lot... Read More
After over 30 years of participating in hundreds of businesses,... Read More
Most small business owners are faced with so many responsibilities... Read More
Small Business |