How to Find a Niche Market & Make It Your Own

One common path to success for many small businesses is to find a niche market and establish themselves as a dominant player in that niche.Because no matter how hard they try, no large retailer can be all things to all people, there are always going to be segments of the population whose needs for particular products and/or services are going unmet – leaving room for the small business to succeed by meeting those needs.
So how can your small business capitalize on these unmet needs and find and dominate your own niche market? Product Showcase Video Concentrate on these four basic concepts for niche marketing success:

1. A unique product or service.
For starters, if you’re going to master a niche market, you need to have a unique product or service. Ideally, you want to be the only one selling what you’re selling.

The trick to coming up with such a product or service is to look on the fringes for unmet needs. For example, one East Coast entrepreneur’s business consists of creating hand-made medieval outfits. Large retailers and even shops specializing in costumes don’t supply these types of garments.

Don’t forget that processes can be products as well. Someone once looked at an inkjet printer cartridge and came up with the idea and the process for refilling them, for example.

Need help getting started with this sort of idea spotting?

7 Sources of Business Ideas will spark your thinking.

2. A marketable product or service.
You can create all kinds of wonderful and wonky products and/or services but if no one wants what you’ve produced, what’s the point?Maybe there’s no one selling fried insects from a vending cart on your street, but that doesn’t mean it’s a good idea.
The niche market of people who enjoy eating fried insects in this country is so small they wouldn’t even fill an elevator.
There has to be enough of a demand for your product or service for your business to make a profit. How do you find out? By trial and error or by conducting extensive market research.

I, of course, recommend the latter. If you want to know if there’s a market for coats for dogs, bamboo flooring or counseling for the iPhone addicted, the best way to find out is to get out there and ask. Making or buying a lot of something and throwing up a website to see if there’s any interest in what you’re doing is for people who don’t want to make money.