Every company’s dream is to be known, far and wide, for “something”—and for that “something” to bring customers back over and over again. AND for their customers to tell everyone they know about that “something.” One reason consumers return to a particular retailer is because of the experience they had. Another reason is because the experience was memorable—in a positive way.
This is the reason for creating a brand. A brand is a combination of your business name, your logos and symbols, slogans, and designs that help consumers identify what you sell, and helps them differentiate your offerings from those of your competitors.
Today, you’ll learn how to:
· Develop a Business Niche
Developing a Business Niche
Why bother to establish a business niche?
- Less competition: Narrow the competition and help your customers more easily identify your brand.
- More Unique: Increase your chances of offering something unique. Other small businesses may not be aware of your particular niche market.
- Don’t Fight with the Big Kids: Larger businesses, like Walmart and Target, won’t offer specialty items or take the time to put together a unique collection or combination of products.
What’s a Niche?
A “niche” in economics refers to a very particular segment of the marketplace that is set apart, for one reason or another, from the mainstream. If you think of the economic marketplace as a literal marketplace or bazaar, niches are the isolated little corners, away from the main promenades where most people shop; the places where the mysterious and rare items are bought and sold, by mysterious and rare people.
What isn’t a Niche?
One useful way to define the idea of a niche is by establishing what it isn’t, rather than what it is. Niches are not the place for high-volume, “economy of scale” businesses. A niche doesn’t just sell jewelry; it sells a particular kind of jewelry. A business that is interested in a niche market doesn’t carry large inventories of dissimilar items; every product that it carries and sells is related to some very specific purpose or activity.
Gathering Products for Your Niche
Your search should begin as early as possible. Below are a few resources to help you get started.
- Doba.com: a wholesale warehouse that specializes exclusively in drop shipping. This is the best choice for you if you don’t want to have to worry about carrying inventory. It also removes the risk of investing in lots of inventory that just doesn’t sell.
- WorldwideBrands.com: a directory of pre-qualified wholesale distributors. You can choose from drop shippers to massive wholesale product suppliers at a bulk rate. More work is involved here, but you get a lot of options.
- Liquidations.com: offer lots of products in liquidation. What this usually means is that you’ll purchase a large quantity of an item at a deep discount.
Once you have figured out the niche and the products you would like to sell, you can start thinking about purchasing a domain name.