Your personal niche market definition: From inception to success
“A lot of times, people don’t know what they want until you show it to them.” – Steve Jobs
I’ve always considered this to be a brilliant quote, but because it came from Jobs, I framed it in terms of the big, mass-market product categories where he was such an important force.
But, when I began to explore the niche market definition, I saw that the idea he was expressing relates directly to creating niche markets. You see, one of the most important attributes of the niche market definition is that a niche market is created – it doesn’t pre-exist.
Niche market requirements
You can carve out a niche market for yourself with consumers or in a B2B (business-to-business) sector. For success, one of the most important requirements is that your product or service is so unique that people must go you to get it.
Further, you need to be able to clearly define who your customers are. If you can’t do this, you can’t reach them. This is important in any market, but its importance is magnified in a niche market.
When your product or service appeals to a broad market segment, you can be less precise in your marketing and advertising campaigns and still achieve some degree of success. But when you know that your market is small to begin with, any misfires in your marketing and advertising will deliver two bad results:
- You’ll spend a lot of money, and
- You won’t make any sales.
We want “win-wins” not double whammies! If you don’t know who your customers are, don’t go any further with your business idea.
And that brings us to the question of how to come up with solid niche market ideas. Let’s touch bases with the two concepts we’ve already discussed.
- The niche market definition makes it clear that these markets are created, and
- You must be able to identify your customers.
Defining your own niche market
I suggest that one of the best starting points if you want to build a business, product, or service around a niche market is to build on what you already know. Further, this can be ideal for budding small business owners and even those of you who want to create a business from home.
What are your interests? What are your hobbies? What professional expertise and experience do you have?
Dig deeply into those areas of your personal knowledge to discover needs that aren’t being met. What inconveniences do you find yourself often coping with? What would you like to do, but right now getting it done is a hassle, so you don’t even try?
If you can develop a unique product or service in an area that’s very close to you, you have a good chance to succeed. You will be in a position to judge the value of your creation – its marketability – and you’ll also know who your market is.
That’s a winning combination.
Let me add one final bonus of setting your sights on developing a niche market: Because you know who you need to sell to, you can conduct smaller inexpensive tests to gauge your probability of success.
And if you succeed, you’ll be in a position to write your own niche market definition!
Your personal niche market definition: From inception to success
“A lot of times, people don’t know what they want until you show it to them.” – Steve Jobs
I’ve always considered this to be a brilliant quote, but because it came from Jobs, I framed it in terms of the big, mass-market product categories where he was such an important force.
But, when I began to explore the niche market definition, I saw that the idea he was expressing relates directly to creating niche markets. You see, one of the most important attributes of the niche market definition is that a niche market is created – it doesn’t pre-exist.
Niche market requirements
You can carve out a niche market for yourself with consumers or in a B2B (business-to-business) sector. For success, one of the most important requirements is that your product or service is so unique that people must go you to get it.
Further, you need to be able to clearly define who your customers are. If you can’t do this, you can’t reach them. This is important in any market, but its importance is magnified in a niche market.
When your product or service appeals to a broad market segment, you can be less precise in your marketing and advertising campaigns and still achieve some degree of success. But when you know that your market is small to begin with, any misfires in your marketing and advertising will deliver two bad results:
- You’ll spend a lot of money, and
- You won’t make any sales.
We want “win-wins” not double whammies! If you don’t know who your customers are, don’t go any further with your business idea.
And that brings us to the question of how to come up with solid niche market ideas. Let’s touch bases with the two concepts we’ve already discussed.
- The niche market definition makes it clear that these markets are created, and
- You must be able to identify your customers.
Defining your own niche market
I suggest that one of the best starting points if you want to build a business, product, or service around a niche market is to build on what you already know. Further, this can be ideal for budding small business owners and even those of you who want to create a business from home.
What are your interests? What are your hobbies? What professional expertise and experience do you have?
Dig deeply into those areas of your personal knowledge to discover needs that aren’t being met. What inconveniences do you find yourself often coping with? What would you like to do, but right now getting it done is a hassle, so you don’t even try?
If you can develop a unique product or service in an area that’s very close to you, you have a good chance to succeed. You will be in a position to judge the value of your creation – its marketability – and you’ll also know who your market is.
That’s a winning combination.
Let me add one final bonus of setting your sights on developing a niche market: Because you know who you need to sell to, you can conduct smaller inexpensive tests to gauge your probability of success.
And if you succeed, you’ll be in a position to write your own niche market definition!