Ask the Expert: Why Is It Important for Companies to Find Their Niche?

Ask the Expert: Why Is It Important for Companies to Find Their Niche?

You’re a new business owner; you’ve hired the people, designed your logo, and finalized your product…but you aren’t seeing the numbers you expected. It might be time to ask yourself whether or not you know your company’s speciality, or niche. A niche is a specialized or focused area of a broader market that businesses can serve to differentiate themselves from the competition, and nailing down your niche is key to building up your performance. Valentina Gomez Bravo from Bunker +58 says that “selling to everyone is literally selling to no one. Now more than ever people are wanting to feel like they are understood and that you are the right fit for them.” 

Finding your niche is important to perfecting your product, your services, and your marketing. You want to make sure you tailor everything to your “dream client.” In order to understand what your niche is, research is everything. Study the market around you and observe your competition. Howard Wolpoff from Profit Master Business Solutions says that “you have to have an understanding that this is your passion, this is what you want to do. Let’s see what is going on in the marketplace, are there others that are doing it? Are there others doing it in different markets? Really study them and learn what they are doing.” 

When tackling the task of finding your company’s niche, ask yourself these questions: 

  1. “What are my interests and passions?” 
  2. “What problems can I solve?” 
  3. “What is my competition doing” 
  4. “How profitable are my possible niches?” 
  5. “How can I test my niche?” 

This process is not easy, in fact it is a journey filled with trial and error. However, establishing your niche early on will lead to excellent numbers down the line. Find your ideal customer and make the marketing plan that will best establish your company’s success! 

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