Have you been in situations where you were wondering what to
do to differentiate yourself from your competitors? You want to stand out from
your competitors, but you don't know how?
To compete and win in the market place nowadays, you need to
do something unique that nobody else is doing, and that uniqueness is to create
a niche for your business. A niche is something that makes your business
different from your competitors.
Recently, I was having a chat with someone at a networking
event, and I asked him, what makes him different from his competitors, and he
said "our price"- meaning his company offers cheaper, lower price than
his competitors. From experience consulting with small business owners, I have
discovered that if you are the cheapest in town, people will perceive you as
not good enough.
You may want to ask me why do you need a niche? Here is my
answer- "The eagle that chases two rabbits catches neither". Having a
niche help you dominate the portion of the market.
It is better not to be jack of all trade and master of none.
Selecting a niche group of people who you are going to concentrate on will give
you much more chance of domination within specific area. You can become the
known expert in that niche. It concentrates both your marketing efforts and
your expertise.
Here are two recommendations for creating a profitable
market niche for your business:
