Challenges come fast with startup businesses, no startup can provide a high quality product or service to every industry. Therefore, the more focused your target market and offerings are, the more likely you are to thrive. It is better to be a specific than general. Finding your niche makes developing a brand name and strong following within a specific industry easier.
#1. Know the industry landscape
Finding a niche market is a 2 step process; the first is finding the industry you want to work in, and second, your niche within that industry. Niches can be product specific or geographic specific and requires trial and error, making picking one difficult. The key is researching and understanding the marketplace and its demands for your product or service. Determining your specialty is likely to only come after working with clients, experiencing the nuances and knowing profitable areas.
#2. Jump in and iterate
Once you know the industry you wish to operate in, you need to jump in, learn the ropes and iterate along the way. This is where you will get to understand the gaps and work to fill them. Companies usually launch with one product and purse another when they learn what customers want and how to serve them best. Absorb as much information as you can from your clients on what is useful to them.
#3. Find your unique voice
Don’t join the bandwagon of producing a standard product or service, differentiate from your competitors and ensure your product is unique.
Make your positions clear to your target market and take a stand on issues affecting your industry. As a starting point, attend industry events, conferences and network proactively. Participation at seminars and speaking engagements will take you a long way in raising awareness of your company’s approach. Getting published is also effective but what is most important is offering a product or service that spreads through word of mouth. Once you begin to deliver a unique quality product, you will be shocked at how fast recommendation travels and how establish you will be in your niche.