Implementing a Niche Stategy

Topic: Exploration, Startups, Strategies|

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Good morning Startup Students, today’s post will discuss ways to implement a niche strategy, regardless of the industy. The days of “build it and they will come” are over (think manufacturing industry of decades past). What you should really be thinking is,

“Find your customers and then build exactly what they want.”

If you intend to dominate, not merely compete in a market, you must develop a niche strategy. Here are some quick pointers.

  • Focus on a single market segment, don’t try to take down the 300 pound gorilla!
  • Emphasize a single product or service, you’ll have time to become the global conglomerate sometime in the future.
  • Focus on a tight geographical region withing your market. Even if you run an internet business, you can benefit from having a clearly defined audience in a clearly defined locale.
  • Make your product or service superior to that of the competition. If your competitors are focusing on a larger segment of the market, determine the needs customers in your, more clearly defined, market require and cater to them.

I’d like to offer a quick example. I am currently developing an online solution for the management of full and part time event staff such as those employed by arenas and stadiums. Now, this solution would be perfect for a large spectrum of companies that employ hourly staff, but by narrowly targeting a certain set of facilities I am increasing my chances of success. As the business grows, there is no doubt I’ll begin to tap the secondary markets – but to start off it’s absolutely key to define your niche.

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