Creating an identifiable market niche
"It's not the product that makes a business, it's the offer presented to solve a very painful problem. Once you find the golden combination of a hungry market, a believable promise (offer) and proof that you can and have delivered on that offer, you have the foundation for a very successful business." Rich Schefren
We can help you create an identifiable niche. We will run an ideas session and create a detailed action plan to capitalise on all the opportunities.
You can’t create a winning company unless you are meeting a need in the market, addressing an identifiable market niche and if you can identify an unmet need then you will have the opportunity to create a great success and do good.
To have on-going financial success you need to have a strong market position. Whether you are a larger 21st Century business or a start up or smaller business this means a clear niche market or market proposition. It was always useful to have a niche but in the digital era and the global market businesses are now literally competing with millions of others and competition can be extremely fierce.
In the past when there was no internet, before travel became easy, and large companies started to supply everything, a business would have a natural niche because of its location and what it offered, which there might be few others supplying. Now the initial step when people are considering purchasing most things, be it personally or professionally, is to look on the internet and being local is rarely enough.
Beyond this having a niche market will also make you a lot more money. Firstly it makes it easier and cheaper to market your business, niche marketing! Secondly you are less likely to be impacted by competition and lastly you can reduce the price sensitivity for your products and services and consequently increase profits.
A successful niche should be easy to understand for everyone from the staff to the customers. It should inspire passion, so it might be a particular market you care about strongly, for us it is working with organisations that have a purpose beyond making money so that we can improve the world. But the niche might not be a sector but a way of doing business for example Ryanair or IKEA. Everything you do as well as everything you say needs to reflect your niche
If you are interested in reading more and thinking about your niche then a starting point could be thinking about your marketing strategy - the parable of the lettuce growers is an introduction to how to develop strategy and different niches - even in lettuces.
We are passionate about helping people identify what makes them different and great at coming up with ideas; in fact so confident that if we don't come up with an idea for your business you won't have to pay!
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