Many small business owners spend a few hours thinking about their niche; some don’t even think about it at all. When they taste a little bit of success, they would ignore finding their niche all the more.
This is not the right way to do business. As a matter of fact, you have to spend not just hours but days just figuring out what niche you have to market to. Those who are in a B2B company already know how important this is. You, as a B2C company, should know about it even more because the competition is extremely fierce and you can’t afford not to determine your niche, so you can fashion your marketing activities accordingly.
Why should they choose you?
This is a question you often hear, but it’s not easy to answer. Why indeed should a customer pick you over another company offering the same services or products? Before you can answer this question, you have to determine your niche. That’s how you eliminate all possible answers and get to the one that matters.
Why are you in this business?
This is another question that begs an answer. Whatever your business is, no matter how good you believe your products are, if nobody needs them, or if there’s someone else out there who offers your products in a much better package for far less money, then your products are next to useless. That’s why you have to identify your niche. You have to know what kind of customer you are creating for. Even when you’re deciding on promotional products, you can’t just create them without consulting your definition of who your niche customers are.
Identifying your niche market is very important if you are to stay in business. Without a reasonable definition of who you’re targeting, you could be losing a lot of opportunities to make a decent profit.