If you have a product or service to sell, the perfect situation would be to have something for which there is a huge demand and very few competitors. For a one man business it’s for example virtually impossible to compete with the chain stores on the basis of price alone. You must therefore have a product that appeals strongly to a group of customers for which these large stores are not catering at the moment. This is referred to as a niche market and finding niche marketing ideas is an excellent way for a small business to set itself apart from the rest.
How does one start a business based on such a nice marketing idea? The surest way to success it most likely to start off by taking stock of your existing experience, products, knowledge and talents. To start a business with a product that you know is hard enough – starting one in a field which you know nothing about is simply so much harder.
Let’s just as an example say that you’re a housewife with an urgent need to make some money for the family, but you don’t want to leave the children alone to work full-time. A home-based business is the ideal solution for you. Start off by making a list of all your hobbies, work experience, interests and talents. Write down everything, even if you initially think it’s insignificant.
In our modern era of mass production, there’s always a demand for homemade products. If you are known to make the best jam in your community, why not turn this into a lucrative business? Don’t for example market the product to the end consumer, but package it very attractively, in a jar with an old-fashioned label that says ‘home made’ and market it to people who buy it as presents for other people. If you keep the product and packaging very upmarket, you can charge more for it than the store because the buyer wants something that looks classy.
The same principle applies if you should decide to produce home-made soap for example. Your product must distinguish itself from the one that is mass produced by being of a higher quality and packaged in such a manner that it creates an air of style and sophistication which the buyer can’t get from the mass-produced product.
Another way in which to exploit a niche market is to take an existing product and add value to it. Let’s say you have a website hosting business. The fact of the matter is that you are in an extremely competitive market. You are selling a product that is basically similar to that of thousands of other service providers.
The answer is by adding value. Sell package deals that are not available from your competitors. Include a free domain name with every hosting package and an easy, visual website builder. Then you market your product to people who want to do their own websites and they are looking for an all-in-one deal.
Finding niche marketing ideas is not easy. But once you have found one you will quickly realize the power of this concept. Your customers will soon be returning again and again, because they can’t find the exact product or service that you are selling anywhere else.