Niche Market Focus
PowerHomeBiz.com:
To help you identify and meet the needs of your niche market, below are some things you need to consider:
1. Aim for a specific target and allocate resources just for that target. When looking at a business to start, look for a highly targeted market. Cover only a small, but profitable, base of customers. You cannot be everything to all customers. Yet make sure that you have the best product or are the best service provider in that narrow market.
If you are looking at the home décor market in North America, think of an area that is currently not being serviced well. Maybe you can provide the market with rare, one-of-a-kind decorative items from far-flung countries like Uzbekistan, the Philippines, Thailand, etc – items that are not commonly found in shops like Pier 1 Imports or World Trade.
2. Talk to potential customers one at a time. As soon as you have narrowed your target market, find a person that you think would be your ideal customer. Find a solution for that customer and then determine how others may be interested in that solution.
For exotic home decors, your customer probably is middle-to-upper class, who has traveled a lot and developed a taste for other cultures. Ask your potential customer what kind of products he or she would like to see; or if the customer would be interested in the type of product you are considering. Perhaps the customer may want one-of-a-kind framed art or conversational centerpieces that will not be in his or her neighbor’s house.
3. Do some market research to verify your findings. Information is the key to a successful marketing strategy. Before launching your product, get hold of as much information as you can about your potential customers, costs of production, and competitors’ products.
Market research need not be expensive. You can do some informal talking with potential customers. You can browse through home decorating magazines to find out about other suppliers in the business. You can run a query on the search engines to determine how many other dot-coms serve the same market.
4. Find out the kind of product characteristics that your potential customers value. Do they want high quality, low price, convenience features, reliability or any other product characteristics you are interested in learning about. If you are selling exotic home décor products, for example, what influences a customer: is it the price range, the history or context of a piece, texture, colors, design or functionality?
Keep in mind that no industry or type of business is an immediate gold mine. It depends on what is not being adequately supplied or services in a particular area. To succeed in your biz, your goal is to identify a particular segment where you can fulfill an unsatisfied need.
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