First off, its too expensive and usually a very difficult task to try and develop your own niche. Its better to identify and plan on addressing an existing niche that has good potential for using your unique product or services.
For example, lets assume youve invented a fantastic sports drink and want to develop the market for your product.
Here are the first three steps you must take to find your niche:
- Assess yourself and determine what areas of life you are most interested in and how it will interface with your product.
- Assess your potential market to determine if there is an area that could use your services. An easy way to make this determination is just talk to the people in your targeted community. Another is to join groups of people who have similar interests such as health clubs, little league boosters, soccer clubs or at car racing activities.
- Once you find a promising niche, then determine if you can be comfortable with the anticipated income from it.
For example, if you decide to target sporting events, consider aligning yourself with local gyms or sports teams. Try to sponsor a series of community sporting events. Of course, an ample amount of samples should be available for your products promotion.
Since my area of interest is car racing, I started out by being an associate sponsor for one then finally three different venues of car racing. Later, when I started driving my own racecar, my services were prominently displayed on the car.
To avoid putting all your hopes into one basket, I recommend developing several niches rather than having to depend on one. Aside from the racing connection, I focused on several departments of our citys government such as police department, city management and public works personnel.
I just didnt randomly choose those departments; I assessed my interests (See step one) and that was on the list. I was a reserve cop for 6 years and had an understanding of the problems encountered by cops in the field.
Picture this...You're wearing a belt full of equipment such as a gun, radio, cuffs, extra ammo, speedy loaders, mace, etc. While youre lugging all that weight around your middle, get in and out of a police car many times during the day. If youre not entering and exiting the car, youre sitting on seats that are broken down from the overuse of multiple shifts.
The above doesnt even address the injuries from jumping over fences, short races to nab an uncooperative detainee plus occasional wrestling matches with uncooperative citizens.
The people in our city management worked long hours at the computers plus were under many timeline stresses. Further, at night, they were required to sit for long periods of time at council or committee meetings. The chairs were not always cushy and usually were made of the hardest wood possible. In my opinion, I believe medieval inquisitors designed them.Therefore, along with my services, I was able to discuss ergonomic and stress-related considerations with those city employees.
The same type of thinking would apply to your sports drink. You should not only be able to offer a fantastic drink, in addition, you should be able to offer your expert advice on how its use relates to their performance, health or comfort levels. Your expert advice will differentiate you from the other drink manufacturers who are just selling drinks Period!
About the Author
Dr Delman has degrees in both business and chiropractic accompanied by 38 years of practical experience in product and services management. Since 1995 he has written two books plus numerous published articles on the business of managing a health care practice. The principles he advocates are applicable and essential for the successful management of any small business. His website is www. BusinessofChiropractic.com