Creating Your Niche in the Market - Who Do You Work for?
Perhaps who do you work for may not be the appropriate phrase; but technically speaking, the business that we have created is there to serve the interest of our market, first and foremost.
It has been said time and again by successful businessmen that making money is secondary to running a business. It is the incentive for providing something that the market needs, not the other way around. There is nothing more fulfilling than being able to provide something that people need, and providing this with excellence; and there is nothing more rewarding than being recognized by your target audience for excellence in your field.
Sifting Through the Market
One of the things that we have to acknowledge and recognize when running a business is that the entire population cannot and should not be our target audience. If we want to target every man and woman, child and adult in all social classes; we will have a hard time creating something that everyone will appreciate.
If we have a product or service designed for the AB market, we could expect that some of those in C will avail of whatever it is we’re offering; but the chances of D and E even checking us out are very slim.
One of the determining factors for recognizing who our market is, is the cost of either our products or services. Who can afford them? Determining the price factor, for our part, entails the actual cost that went into production; or the cost of equipment to be utilized, among other things; each time a client comes to us for our services.
Specialize Your Products or Services
True, we may have a lot of competitors but this does not mean that our chances of running a successful business have been shot down. There may be a lot of others out there providing consumer products of the same kind; but what makes ours special?
Other than the price – perhaps we can afford to offer ours at a lower price than our competitors’; what sets us apart? Create something with an extra touch that others don’t have. Specialize in that and harp on it.
If it’s a specific type of service that we are offering, put a little incentive for clients who choose to go with us. The key to remember is to always be one step ahead when it comes to dealing with our customers and providing products or services.