Cyber Week Sale! 50% Off All Access

60-Second Guide to Creating a Market Niche <b></b>

Starbucks did it. So did Sam's Club. For that matter, McDonald's did, too. They carved themselves a successful business niche. When Starbucks came on the scene, it raised coffee from a mere beverage to a culture in its own right. Warehouse clubs like Sam's made shopping in bulk fashionable and before McDonald's, fast food was downright slow.

In just 60-seconds, you will learn how to create a market niche.

0:60Concentrate on a Niche Market
In today's competitive business climate, you've got to separate yourself from the pack-you've got to create a niche. By offering something no one else has and by targeting your business to a few select markets, you protect yourself not just from the competition, but also from the twists, turns and plunges of the economy.

0:46Advantages of a Niche
By creating a product or service that so completely fills a need, your customers will have a hard time imagining life before you came on the scene. Is there a niche that your competition has failed to fill? Can you, perhaps, become a specialist in an area where there are many generalists? The most successful marketers are those with special, specific expertise in a particular area.

0:38Questions You Should Ask Yourself
Finding your own niche is often a matter of putting a new spin on what you already do. Ask yourself, how can I differentiate my business from others? How can I create the perception that my market simply cannot live without me. What do I have to offer?

0:23 Define Your Niche
Decide who you want your customers to be. Carefully choose your focus. If you have trouble, then examine the needs of your customers. Match what you're selling to what the customers want to buy. Make sure your niche is special, unlike anything else out there. Make sure your niche is viable. Is there a market? Is it a strong one?

0:03 Repeat the Process
Do it all over again when your niche has grown old. 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.

Brought to you by SCORE"Counselors to America's Business"

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

'I Just Hustled': She Earned More Than $300,000 Wrapping Gifts Last Year — and It All Started With a Side Hustle

When Michelle Hensley lost her husband to cancer, she needed to figure out how to earn an income for her family.

Science & Technology

You Have 1 Month Left to Prepare for These 5 AI-Powered Marketing Changes — Act Now Before It's Too Late.

Big changes in 2025 will redefine marketing as AI evolves rapidly, offering growth opportunities but also risks. Learn how to stay ahead in this week's video, covering new search platforms and avoiding over-automation.

Growing a Business

This Breakthrough Technology is Poised to Accelerate Your Company's Growth

Discover a breakthrough technology stacked on top of generative AI, now poised to revolutionize businesses across nearly every sector. Unlock unprecedented growth and profitability potential, achieving levels once thought unattainable.

Leadership

How to Master the Art of Delegation — Lessons From Andrew Carnegie's Legacy

Here's what Andrew Carnegie can teach today's entrepreneurs about leadership, teamwork and effective delegation.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.