Why Finding Your Niche Is Crucial To Excel And Succeed
Entrepreneur's New Year’s Guide
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A business that brings something different to the table yet meets customers’ needs during every interaction is indeed one that has mastered its niche. In a market where consumers know what they want, entrepreneurs must create a value proposition that its buyers will not find anywhere else.
When there’s a clear picture or an avatar of what makes you unique and who you are attracting with your efforts, there’s less guesswork and minimal stress out of business. Fashion designer Adam Edelberg and proclaimed visual artist Dangiuz share that assessing your current skillset and the talent you aim to upgrade yourself to is the first step towards finding your niche.
Adam and Dangiuz are experts in their respective fields of work; in a conversation, the two shared why it’s important to find a niche in your work or business.
Adam is of the view that when you specialize in a particular field, you cater to a targeted audience with your limited yet unique set of offerings and services. This way, your unique selling propositions show up through your brand, and mission statements reflect through your work. Having a specialty and niche is particularly important because that’s the best way to attract the right kind of customers. In the end, you’ll be remembered for what you are, what you offer, and why you stand out.
Dangiuz states that if you specialize in your niche, it can help capitalize on your unique knowledge, skills, and credibility, especially if you are the face of the brand. Truth be told, people buy people. It is important because someone ultimately comes to you for your skills to help solve a particular problem and seek the support they need to move ahead. Standing apart and specializing in your area makes a lot of difference to the clients and customers who want to sign up with you.
Identifying a niche market
The key to identifying a niche market is to know what markets you are already a part of, states Adam. Niche markets can be hard to see from the outside. However, before delving into one, you need to discover the needs and solutions in that market. And when you get this right, you will know how to interact with people in that zone.
Dangiuz reveals that the formula to find your niche lies in evaluating your skills and passion. Though it may sound basic, it does really make a difference. Don’t just go for a niche because you are “sort of” interested in it; for it to be sustainable, it needs to be something you can see yourself pursuing and being passionate about for at least ten years. Is this something you like investing your energy in during your free time? Does it solve problems or offer solutions that people are looking for? Are these products or services capable of attracting big money? If the answer to these questions is yes, know that you have identified your niche.
Keep observing & innovating
Adam shares that it’s crucial to keep a close tab on the developments taking place in your chosen area of expertise. To stay ahead, you must keep innovating your space and stay relevant with the changing trends and times, elaborates Dangiuz. Sustaining specialist skills can and will happen over time, he adds, either through training, learning, or practical experience.
Most importantly, maintain your USP and hone what makes you stand out in the crowd.