Create A Niche Product That Aligns With Your Passion
(3 minute read)
If you are contemplating the creation of a small business, or a side hustle, but aren’t quite sure which type of product or service to provide, you may want to consider a niche product. A niche market is a small, subspecialized market within a larger market. It exists to serve the unmet wants and needs of those within a customized market, or a highly defined demographic. Niche products obviously cater to those markets and can manifest in the form of price, quality, geography, demographics, interests, market neglect, esoteric desires or values. What sets the niche product apart from the broader competition is its unique selling point. Obviously, it does carry some risk because a niche product, by definition, limits its appeal to a much smaller slice of the market. However, there are many potential benefits to a niche product. In the paragraphs below we summarize those benefits and outline the basic process of cultivating a niche product.
Easier To Establish Brand Loyalty
Niche products stand out by virtue of the fact that they deliberately set themselves apart from the larger market. Because niche products do stand out, it is typically easier to establish a brand, which is half the battle in the small business arena. If you can establish a brand, and you know precisely what makes your customers tick, it is also much easier to establish brand loyalty. If you can achieve brand loyalty, you have staying power.
Niche Products Are Fluid, Dynamic & Responsive
Niche products can be much more fluid, dynamic and responsive than the larger market brands. If consumers desire a specialized twist on a product, niche brands are well poised to experiment with that twist, create it, and then quickly fashion their identity and marketing in harmony with that twist. It is much more difficult for a larger product entity to rebrand itself after it has already spent considerable time and money establishing a foundational identity. Niche marketers have the luxury of analyzing the broader market and identifying unmet needs. They can select, in advance, a highly targeted audience and make specific products for that audience. Because they have a clearly defined target audience, during the marketing process niche marketers can much more easily make the customer the hero of their product. In short, they are in the very specific business of making very specific products for very specific customers. This dynamic also allows niche marketers to get close to their customers.
Benefits of Niche Customers
When a niche customer base senses that a brand is committed to them, and to solving their unique problems, they become more than just customers, they become enthusiasts, advocates and brand ambassadors. Additionally, when customers associate a niche brand with solving their unique problems, they regard that brand as possessing customized knowledge, skill and expertise. The niche brand is often perceived as a specialist, an authority, adept at finding specific market solutions. If a niche brand achieves that status, its customer base will “follow” them in more ways than one. This then reduces marketing costs, and makes the niche customer base much more accessible for feedback and valuable market insight. What was once a neglected market, now has its own platform to express itself.
Niche Market Steps & Considerations
When considering a specific niche product for cultivation, a great place to start is that of aligning it with your own passions, interests and affections. If you can successfully achieve that alignment, it naturally translates into loving what you do. The question then becomes: is there a market for your enthusiasm? If so, who is your target audience or demographic? Once you have identified your target audience or demographic, then give exhaustive consideration to their specific customer needs. If you can crack the code of discovering which specific customer needs are not being met by the larger market, then you dramatically increase the likelihood of producing a successful niche product. Figure out who, if anyone, is offering a similar product or service within your identified market. Finally, determine what your unique selling point will be, to set yourself apart from both the larger market and your niche competition.
Chances are, there is a niche market out there just waiting for the spark of your ingenuity.
We Would Love To Help Build Your Niche Business
If you do cultivate a niche product, TrueView would love to be a small part of building your dream. Our mission is to dramatically simplify cash flow management for small business owners, the self employed and side hustles. Our simplified cash flow system sits on top of your existing finances, no changing banks or credit cards. We transform your business checking account into an intuitive cash flow system with our automation, expense reports, credit card tracker and credit card pay off account. Our system was designed to prioritize paying yourself. It replaces the need for a budget and provides real time transactional updates 24 hours per day, 7 days per week at a cost of 27 cents per day. Keep more of what you earn and spend significantly less time managing your finances. Spend your valuable time and energy building your niche product and serving your niche market. Put us to the test with our 14 day free trial offer.
Let’s do this!
