Small Business Marketing Series ? Choosing a Niche Market

Many smaller businesses choose niche markets for various reasons and these niche markets can be very lucrative. This article will look at ways to identify and assess whether they are right for your business?

For many smaller businesses it is important to have a focused strategy which enables them to operate in a small part of a chosen market with great success. This has a further advantage of giving the smaller business a way to compete with larger organizations and achieve a level of protection against competition.

How is it Relevant to You as Owner?

As the owner of the business, you decide on the business strategy and make informed choices as to where the business will be going. Being clear on possible niche markets or a niche focus of your business can be crucial to the ultimate success and sustainable growth of your business.

The advantage of operating in a niche is that you can specialize in a small market and hence become a leading supplier of that specific product or service.

Niche marketing can be extremely cost-effective. For instance, imagine you offer a product or service that's just right for a select demographic or population group in your area, such as South Africans or students. You could advertise in newspapers or websites that focus on them, which have considerably lower rates than stations that program for broader audiences. So your marketing budget would go a lot further, allowing you to advertise with greater frequency or to use a more comprehensive media mix. Taking on a new niche can be a low-risk way to grow your business, as long as you keep in mind several important rules:

Here are a 4 steps to consider when choosing a niche market.

Step 1

In The News:

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The Star Democrat

Small Business Administration members tour veteran-owned businesses
The Star Democrat
CAMBRIDGE — Members from the Small Business Administration, an organization that aids and protects the interests of small businesses nationwide, visited a select number of veteran-owned businesses in Easton and Cambridge Tuesday, Nov. 13.


Fresno Bee

Small Business Saturday: A big opportunity to support the Valley's small businesses
Fresno Bee
Across Fresno and around the San Joaquin Valley are unique shopping areas like these filled with locally owned small businesses, stores, and restaurants that add character to our neighborhoods. Our hometown entrepreneurs provide consumers with places ...


Kansas City Star

Small-business owners in LS, Cass enjoy making connections
Kansas City Star
Beginning this week, small businesses in Cass County and Lee's Summit will be in the spotlight of “shop local” initiatives. Among these is the popular American Express program, Small Business Saturday, held on the Saturday after Thanksgiving.


Small business expo planned
Valdosta Daily Times
The Quality of Life Association Small Business Pop-up Shop, is a way for QUOLA to raise funds to maintain its summer, after-school and Saturday enrichment program; perform small renovations and buy new equipment, said Azerlene Tucker Williams, ...


cleveland.com

Small Business Saturday in Cleveland gains momentum despite Black Friday, Cyber Monday promotions
cleveland.com
So it shouldn't be a surprise that this small-business owner has all sorts of signs in her store touting this coming Saturday's “Small Business Saturday” for the shops in her community. Nationwide, Nov. 24 is aimed at celebrating and helping customers ...


KGWN

Small Business Saturday in Cheyenne
KGWN
Cheyenne, Wyo. (KGWN) - Small business Saturday is just around the corner and communities are gearing up for the day to support small businesses around the United States. Here in Cheyenne it's no different. Businesses are preparing for the day by ...


The San Diego Union-Tribune

Temecula: Shop big on Small Business Saturday, Nov. 24
The San Diego Union-Tribune
While Black Friday boosts the bottom line for big box retail, and Cyber Monday is designed to persuade people to shop online, Small Business Saturday, on Nov. 24, encourages holiday shoppers to patronize brick and mortar businesses that are small and ...
Take advantage of Small Business Saturday in the ValleyAZ Big Media
Small businesses essential to local economyWOWT
Biz Buzz: It's happening - Black Friday, Small Business Saturday. How much will shoppers spend this season?Brainerd Dispatch
The Durango Herald -Small Business Trends -West Hawaii Today
all 61 news articles »

Forbes

Finding the Giant within Your Small Business
Forbes
If you were to match up a multinational company that offered generic options with a successful regional brand that focused on localized offerings, who do you think would be more successful? I'd argue the regional business would, and here's why ...


Forbes

Microsoft Is Cracking Down on Office Licensing...And Other Small Business Tech News This Week
Forbes
Here are five things in technology that happened this past week and how they affect your business. Did you miss them? 1 — Microsoft's strategy: force enterprises to buy every traditional Office upgrade. In a new round of support policy changes ...

Google News

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