“Commit to a niche; try to stop being everything to everyone.”
– Andrew Davis
As a business owner, identifying your ideal customer is key, and nothing makes that task easier than honing in on a niche market. If the concept is new to you, a niche market is a specific segment of a more significant industry. Within your broader target market is a smaller subgroup of individuals. This “niche” shares specific characteristics and has particular needs, wants, and choices.
According to the Harvard Business Review, “Most large markets evolve from niche markets, that’s because niche marketing teaches many important lessons about customers — in particular, to think of customers as individuals and to respond to their special needs.” In other words, large amounts of potential exist for your current and/or future niche business, and theBLOQparq (tBp) supports anyone’s passion for realizing a further refined vision for success.
Less Direct Competition
The more specific your product or service, the fewer competitors there are with the same offering, which means less competition targeting the customers you are looking to support. Another bonus? Your competition will find it difficult to duplicate your winning strategies since yours are narrowed to your niche!
Stronger Client Relationships
Identifying your niche market means connecting with a specific kind of consumer. The result? You’ll work with a smaller client base allowing you to focus on the quality of your interactions and nurturing your client’s needs. The opportunity to build and grow your client relationships is more robust when your circle is smaller.
“Selling to people who actually want to hear from you is more effective than interrupting strangers who don’t.”
– Seth Godin
Higher ROI
Because niche marketing focuses on specific groups of users, they’re more likely to buy your product than someone caught in a mass marketing net. Having lower traffic than a broader site might seem counterintuitive but it all comes down to conversion rate – quality over quantity. Niche marketing also tends to cost less. If you know who you’re speaking to and where to reach them, you don’t have to spend the big bucks on mass marketing strategies.
Built-In Expertise
Identifying a niche market allows you to fast track as a specialist or thought leader in your specified industry. When you end up being an expert in your niche, you gain increased trust from your clients along with better brand recognition. Your specialized services or products become a signature marker of your expertise and build your reputation!
5 Untapped Niche Markets for 2021
If your current business, interest or area of expertise relates to any of these untapped markets, take note!
1. Home Security Products: Theft Deterrence, Monitoring, Motion Sensors
2. Maternity Products: Maternity Pillows, Skincare Products, Clothing
3. Renewable Energy: Solar, Off the Grid Solar, Mobile Power
4. Survival Niche: Survival Prepping, Survival Manuals, Homesteading
5. Drones: Landing Pads, Portable Battery Chargers, Drone Skins
With finding your niche, you secure your place as a big fish in a small pond. By concentrating on your energy and efforts, you can feel empowered and stand out in your market. As always, tBp wants to help drive your desire to be brave, define your niche and provide you with a sense of community among fellow visionaries and legacy makers.