by Sharon Jones
Not every successful business has to appeal to the masses. There may only be a very specific group of people interested in your product, but this small group could be enough to fuel you with a large income. Here are some tips on how you can make your niche business a success.
Learn the habits of your niche consumer
Only a certain type of person is going to want your product – by getting an idea of the habits that these people share, you can target your market more specifically. This could include understanding the types of places they hang out, the publications they read, the sites they visit and the other interests they may share. If your niche business is luxury cat fashion, you may want to arrange a focus group of people that like dressing up their cats in luxury clothes.
Don’t limit yourself locally
Unless local consumers are your niche, you’ll probably need to search further afield to find customers. This could involve travelling across the country to market your business or indeed opening yourself up to international trade. Trading internationally is much easier thanks to the internet – the web can help to connect your to your niche and you can use email and videoconferencing to communicate. Consider whether you’ll need to deal in foreign currencies or hire translation services. You may also have to cater to different time zones when communicating with clients.
Keep your service simple
Niche products can often require some thorough explaining – you don’t want your service to also be complicated as it may challenge the patience of your potential consumers. Keep your service simple and straightforward to contrast the product you’re offering. Accept multiple forms of payment and avoid offering arrays of bundles and extras.
Pay close attention to your competitors
As a niche company you may not have many competitors – which has its pros and cons. The advantage of this is that it’s easy to keep tabs on your competitors. The disadvantage of this is that your competitors will also be keeping a close eye on you. Avoid copying your competitors and try to find small ways to single yourself out. Competition can be healthy, but it can also turn sour if someone else feels you’ve stepped on their toes and stolen their unique idea.
Partner up with related niche companies
You may be able to find new customers by forming close relationships with related niche companies. For example, if your company sells Barry Manilow dinner plates, consider looking for a company that sells Barry Manilow mugs or another celebrity-themed dinner plate. You can cross-promote with this company – this involves promoting their product in exchange for them promoting yours. Both of you can then pass on each others customers and generate more business.
