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At Finnies we can provide businesses with help and advice on a wide range of business issues. Here are some thoughts on finding your market niche...
Generally, only the largest companies can hope to meet the needs of an entire market. For most small to medium-sized businesses, a key factor in business success is finding niches in the market, and exploiting them by offering specialised products or services to specific groups of customers.
Careful study of the market will almost certainly unearth opportunities for products or services that you are well-equipped to provide. The first step is to conduct research into existing companies in your field, with a view to understanding the areas in which your competitors are already well-established. You might use this information to create a table and help you visualise the gaps in the market where you'll meet the least direct competition.
Here are some of the factors to consider:
It is important to avoid complacency about exploiting niche markets. Continue to monitor your customers' needs - perhaps with regular questionnaires - and analyse your customers to spot further opportunities for profitable specialisation.
A good database will allow you to analyse your market information and help you spot patterns that you might otherwise overlook. For example, do customers in certain geographic areas consistently purchase expensive, top-end products. If so, you might want to tailor your marketing strategy and concentrate your customer care resources accordingly.
If you are looking for assistance from experienced accountants and business advisers, contact Finnies.
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