Which Niche Market?
Posted on February 12, 2008
Filed Under Business |
Having thoroughly researched the topic of niche marketing and having written a book
My research did uncover some commonalities among the successful niche businesses and the entrepreneurs themselves. While I did not uncover a secret formula for success, here are a few of my findings:
1. Many successful niche businesses started accidentally. Sometimes a hobby grew into something bigger. Other times a small idea took on a life of its own.
2. Most niche businesses started slowly with a lot of trial and error. The entrepreneur kept improving the offering until he or she got it right.
3. Most of the entrepreneurs had a special connection to the market. They were intimate with the customers and extremely knowledgeable about their wants and needs.
4. Making money was not the key determinant in choosing the business. In fact, it was initially pretty low on the list of priorities. The rewards came later.
5. The competition was never an issue since the competition typically did not serve the target market or did not serve it well. Most successful niche businesses have little real competition.
6. Most successful entrepreneurs had personal talents and interests that nicely aligned with the niche business. They liked what they did.
7. During the early stages of the business, they somehow found enough capital to survive. Most were self funded.
8. Contrary to popular opinion, most entrepreneurs were conservative and avoided unnecessary risks. They were frugal and made very calculated decisions.
9. Many of the entrepreneurs were sons and daughters of entrepreneurs. It seemed to run in families.
10. The niche market served was big enough for the niche business to make a good living, but was not big enough to draw the attention of the bigger firms.
John Bradley Jackson
© Copyright 2007 All rights reserved.
John Bradley Jackson brings street-savvy sales and marketing experience from Silicon Valley and Wall Street. His resume also includes entrepreneur, angel investor, corporate trainer, philanthropist, and consultant. His book is called “First, Best, or Different: What Every Entrepreneur Needs to Know About Niche Marketing”.
Check out his website at: http://www.firstbestordifferent.com or his blog at http://www.firstbestordifferent.com/blog
Tags: competitive advantage, Marketing, niche marketing, positioning, product positioning, strategy
Related Posts
- Affiliate Marketing Tip - 6 Tips To Look For Your Affiliate Marketing Niche
- Do Niche Affiliate Marketing First And Then Do This To Make Real Money
- Blog For Money And Success
- Subdomains For Your Niche Markets
- How to Consistently Generate Zero Traffic to Your Website Day After Day
Comments
Leave a Reply