Many small companies have forged a path to success by targeting a niche market.

So how can you find your own niche market? Essentially, you need to offer a unique product or specialised service. Ideally, you want to be the only one selling it. So offer something no one else has - and aim your business at a few select markets. In this way you protect yourself not just from the competition, but also the ups and downs of the economy.

By creating a specialist product or service that so completely fills a need, your customers will find it almost impossible to imagine life before you came on the scene.

The trick is to “look on the fringes” for needs that are not being met. Don’t forget that processes can be products as well. They’re ubiquitous now, but someone once looked at an inkjet printer cartridge and came up with the idea and the process for refilling them.
Finding your own niche is sometimes a matter of putting a new spin on what you already do. Ask yourself how you can differentiate your business from others and create the perception that your customers simply cannot live without you.

Decide who you want your customers to be and then examine their needs. Match what you’re selling to what the customers want to buy - and make sure your niche is viable.

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 carrying out extensive market research - and then trial and error.
Making or buying a lot of stock and throwing up a website to see if there’s any interest in what you’re doing is a recipe for disaster.

Never forget that marketing is more important for niche market businesses than any other kind, because they succeed or fail on making the connection with exactly the right kind of customer or client.

When your niche has grown established, look at where your market has been and where it’s going. Brainstorm new products and services to add to your business mix and be prepared to respond to change. The secret to successful niche marketing is the ability to grow and evolve with the times.