A niche can make you rich, so start specializing now
Tuesday, October 10, 2017
You may not be well-known in the business community, but that doesn’t mean you can’t be a business celebrity, and a wealthy one at that.
Your shortcut to fame and fortune may be as simple as identifying a niche market, and becoming a specialist in it.
Niche marketing entails targeting and focusing on a specific segment of an industry, one that is overlooked by other companies. That oversight leaves you with an opportunity to provide products and services that are otherwise unavailable.
One way to take advantage of that opportunity is to fill a void in a well-established industry.
That might involve, for example, offering healthy treats in the pet care industry. Americans spent nearly $61 billion on their pets in 2015, according to the American Pet Product Association. Yet you may discover a demand for, but a shortage of, nutritious snacks.
Other growing industries that offer ample opportunities for niche marketing:
- Services for seniors. More than 75 million Americans were born in the 18-year period ending in 1965, and an estimated 90 percent of them favor continuing to live in their homes and communities.
- Microbrewing. The craft beer market has expanded to $20 billion in annual sales.
- Gluten-free food. Predictions are that U.S. sales of these products will reach $2.34 billion by 2019.
Establishing your expertise within a niche of specialized industries such as these can lead to substantial rewards, recognition and even celebrity status.
But what does it take to make that kind of impact and achieve that kind of status?
Step one is to do a niche market analysis. You’ll save yourself time, money and stress in the long run by analyzing the potential of a niche before you jump into it.
Find out if your prospective clients are nearby, and whether there are other companies vying for those prospects by offering products and services similar to yours.
Once you’ve decided on your niche, become an information resource for and about that market segment. Assuming that niche is unique, you will be one of the few such resources, or perhaps the only one.
Focus on the major trends and challenges in your niche industry, and address them in your social media commentary, blog posts, videos and podcasts. Submit articles to industry trade publications and offer to speak on the topic at industry events.
You need not be a polished presenter nor a Pulitzer Prize-winning writer to take these steps. Your expertise will sell itself, and your audience will be far more interested in your information than in critiquing your speaking style or your journalistic skills.
Develop your database within your niche by converting your information and insights into a complimentary special report or white paper. Make it available online to those who provide you with their contact information.
These simple low-cost and no-cost steps will go a long way toward communicating your credibility and establishing you as a leader in your niche and in your field. Promote yourself as the (niche) industry expert, be consistent and persistent in your marketing, and you may just find that your niche can make you rich.
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