August 6, 2009
From aquatic sporting goods for dogs to Michelle Obama-inspired fashion websites, niche products and services have the potential to generate big bucks if they capture the hearts, minds and wallets of a dedicated consumer base. Unlike conglomerates that target the masses, niche businesses cater to highly defined markets that are often over-looked, underserved or disenfranchised by larger competitors. With an abundance of available outlets, resources and online platforms, identifying and reaching a target audience has never been easier for small business owners. Are you ready to become the big fish in a small pond? Is your passion unique enough to turn a profit? Here are 5 steps to make your niche business a hit.Create a Simple ServiceA simple service is a singular offering that focuses on the needs of a narrowly defined customer base. Whether you yearn to be the premier manufacturer of dog lingerie or the industry-leading producer of edible Christmas tree ornaments, make sure you can easily answer these questions: Who needs your service? What’s uniquely useful about that service? What makes your service better than your competition? Fine-tune your brand name, website, and marketing tactics to focus solely on selling your unique specialization and expertise. Remember: Focus. Focus. Focus.Real World Example: In 2004, my partners and I launched a typical "do everything" video production company. After years of under-performing, I transformed the company into a single product specialist. While the vast majority of video production companies still tout their large service rosters, Sizzle it!has carved out a niche as the only company that specializes in sizzle reels--stylized 3-to-5 minute product videos commonly used by PR and marketing professionals. Result; Sizzle It! has emerged as a go-to company for sizzle reels and benefits from top keyword visibility on all major search engines.