With the development of the market and an increase in the number of commercial enterprises directly interested in attracting and retaining consumers of goods and services, the question of how to find a niche in the market worries many of those entrepreneurs who decided to open their own business. Nishing (from the English niching) - the process of finding the market niches still unoccupied, has even become a separate area of marketing research.
Instructions
Step 1
In the process of finding your own niche, you will need to decide for yourself several basic questions: what will you produce, what target audience your products will be designed for, in what price range and geographic region it will be sold. But these questions cannot be resolved without considering a few more.
Step 2
You need to find an area of activity that is completely free or has not yet been explored by your competitors. To do this, conduct market research. The appearance of such areas may be due to some conditions. You can occupy that part of a stable market that large companies do not want to fully master due to its insignificance for them. In another case, a niche may arise as a result of temporary demand by coincidence.
Step 3
Vertical marketing is interesting, when you can offer the same product as your competitors, but bundled with other products that are functionally similar and targeted to different groups of consumers. This will allow you to capture new market segments. With horizontal marketing, you can find your niche by constantly expanding the range of products and services provided. Another way to find your niche is to provide a full range of different products and services that consumers can only find separately, from different manufacturers.
Step 4
When choosing a niche, give preference to the area in which you are a specialist and where you can find practical use for your abilities. This will allow you to be well versed in all technological nuances and to feel and react to market conditions in time.
