It’s a good thing that you are having thoughts (if not yet fully decided) on focusing at a niche market for your own business.
Finding your niche is one thing, but capturing it is another. Many businesses know their niche market, but only few survive to capture it, and even less businesses dominate it.
Here are few tips in capturing your chosen niche market.
1. Be the First
The fastest way to dominate your own niche market is introducing a FIRST OF ITS KIND product or service – either through invention or introduction of a very unique product or service.
The objective here is to position your product or service in front of the pack. Making early presence in a segment of potential customers and patrons.
Being the first always put you in a position to dictate the market, especially if you present it very well.
In 2002, the first portable media player (PMP) that can play digital video and music was introduced to the market by Archos. The brand dominated the PMP industry by being the first in the market.
2. Be the LEADER.
“There can only be ONE.”
If you’re not the first to invent or introduce something in the market, then you can always reinvent the existing product or service and be a leader of something in your industry.
Why be the leader?
Being a leader in a specific segment always put someone or something in the lime light – and being in that position means INFLUENCE and CONTROL.
More so in business, you have to be a leader at something.
In essence, the rise of the Ipod is “not so” unique after all, since, in the 80’s there was Sony’s Walkman and in the 90’s the Discman. All of which focused on providing portable music players to people. Apple just reinvented their product in order to adapt to the likes of the market it chose.
3. Be the Better Communicator.
Know your audience. Know your message.
It is very important that you learn how your target market thinks, feel, talk, behave, that way you can deliver the message and behavior you would like them to embrace.
Apple knew very well the how the existing breed of computer-based listeners would react if a portable media player arise. They understood why people spent so much time downloading and listening to mp3s from their desktops and laptops.
The message that Apple sent to their early market niche was well executed for Ipod to be rapidly adopted. In effect, other niche markets patronized Ipod as well based on the high acceptance and appreciation of early niche market that Apple tapped.
And though, Archos went on to an early start in widely introducing PMPs, Ipod got the better hand with their well targeted and well fabricated marketing position and message.
Photo Credits:
by bk1bennett
Rey Belen