It’s always a debate among niche players while competing against the big giants, do we compete or play safe. A market so dominated and ruled by bigger champions its not easy to craft a space for yourself, therefore for niche companies, all those years of growth can quickly turn into losses when facing industry consolidation and facing an unstable economy only increasing the struggle.
The Survival Risk
Well if you are a niche you should always be prepared for the risks while the economy gets surrounded with weakening dollar and market valuation being empirically low, the risk of consolidation has never been greater. Also the most successful niche companies like Apple, Ducati, Red Bull and Swatch are vulnerable.
Is Niche definable? Is it a subsidiary market with special needs that can be served by special companies? Or is it actually a market that is too insignificant for the sector to care about?
Around 600,000 companies worldwide are affected by the subject of niche strategy, therefore this subject accounts for a major concern as global consolidation occurs. In addition to many underestimates by business pundits, hardly any other group of strategies has misled business owners and managers in such a fatal way as an unsuccessful or poorly defended niche.
Judging Market Subtlety for Niche
It’s extremely important to judge market subtlety towards niche, but if you are the one striving to be the next best, here’s how you can create your own demand by redefining the market:
Tip #1 – Understand Consumer Need
By closely analyzing an established market, an entrepreneur can easily point out what is missing in the offerings. An idea can strike anywhere, anytime.
Tip #2 – Differentiate Your Product
If you have the innate desire to create demand for your products or services, you’ve got to offer something that the world has never seen before.
Tip #3 – Narrate A Story
Tell people about your distinct offering and imbibe the same essence through visuals, ads, or short story over social media. Let your consumers know about the same.
Tip #4 – Spread the Word
Talking about a low cost strategy, build up your brand ambassadors – they are people who just can’t stop talking about your services.
If you are a niche and want to make your company the next “Big”, just go through the flow and get yourself the attention deserved.