Understanding Your Niche

Next to your product or service, the most important aspect of business operations is your niche. As a business owner, you have to identify your specialized market segment and tailor your products or services to fit its needs. Now, don't get all upset with me for saying this, but...it is absurd and unrealistic to believe that everyone in the whole wide world is a potential customer (exclamation). And it is as equally unrealistic to continuously add or modify your products or services at the request of a small group of customers (double exclamation). Focus here. Focus! Remember, we are looking long-term. So, in order to improve your business position, you must understand your niche.

“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” -Peter F. Drucker

Think about a recent experience when someone tried to sell you something that you chose not to purchase. Was there something specific about the product that turned you off? Were you already using a similar product and were not interested in switching? Or were you simply not a fit for the customer base that would use the product? Believe it or not, the same principles apply to other people as they come into contact with your business. You have to know your product or service. You have to know your market segment. You have to know what the customers in that niche want and need. Here are some examples of nifty entrepreneurs who know their stuff:

Mocha Tree Organics, naturally inspired skincare

Butterfly Consignment, where fashion has evolved

bobaloo!, cool stuff for cool kids

Red Chair Rue, modern urban senior photography

It is pretty cut and dry about the products or services they offer, and you can get a good idea just from their websites about the groups of people they are targeting. Understanding your niche is an essential piece for every business. If you don't have one, GET ONE!  And take your business...

...or wherever else you wish to go.  :)