Niche products, Niche market , and Vstar Company
Niche business, together with Niche market and Niche product, is a wonderful approach for a small company to thrive in fierce market competition. It is really the best way to get started building your business if you don’t have a big budget and are bootstrapping your business.
Unlike conglomerates that target the masses, niche businesses cater to highly defined markets that are often over-looked, underserved or disenfranchised by larger competitors. It targets on very specific group of people with a very specific common shared interest or passion or desire.
Here is the way you make your Niche business a hit.
Create a Simple Service
A simple service is a singular offering that focuses on the needs of a narrowly defined customer base. Whether you yearn to be the premier manufacturer of dog lingerie? or the industry-leading producer of edible Christmas tree ornaments, make sure you can easily answer these questions: Who needs your service? What’s uniquely useful about that service? What makes your service better than your competition? Fine-tune your brand name, website, and marketing tactics to focus solely on selling your unique specialization and expertise.
Craft Your Niche Marketplace
The key to your simple service’s success is to capitalize on a niche marketplace that you feel is being underserved. A niche marketplace is a small, specialized market segment within a larger, viable commercial industry. When identifying the niche marketplace you wish to enter, consider the following questions: Who lives in your marketplace? Why have they been underserved? How can you better serve them? How can you unite them? In short, why is your simple service the solution to their problem? Compile the data you collect to produce a detailed profile of your target customer. Using the data from your customer profile, join or create online groups, feeds and networks that are relevant to your simple service. Connect with your niche marketplace’s key decision makers, enthusiasts, and influencers using social networks such as Facebook, LinkedIn, Twitter etc.
Become the Niche’s Leading Authority
As the creator of your simple service, you offer your niche marketplace valuable insight and advice. However, simply proclaiming you are an expert will get you nowhere. Shamelessly self-promoting your service will also lead to a dead end. Authenticity builds credibility. Relate to your constituents. Tell the story behind the founding of your simple service. What problems did you encounter? How did you solve them? Once you’ve perfected your message, disseminate relevant content through “expert real estate” such as blogs, forums, press releases, speaking engagements, newsletters, web videos and podcasts. Remember, no one knows your marketplace better than you.
Be Specific, Distinctive and Relevant
Seize every opportunity to point out why your service is a better fit for your niche marketplace than competitive offerings. Take a good look at all of the components that make up your simple service, from concept to manufacturing and distribution. What makes you stand out? What do you offer that competitors don’t? Why are you more relevant to your niche marketplace? Use the answers to these questions as ammunition against the competition. While a competitor may tout their “multi-service one-stop-shop”, your niche marketplace prefers a specialist. Your competitor may be a low-cost leader, but your niche marketplace appreciates high quality craftsmanship.
Copy, Paste, and Repeat to expand
Keep hammering your message home. Expand on your successes. Find innovative ways to grow your niche marketplace. Locate new avenues, channels and “expert real estate” to showcase your simple service, its competitive advantages and your expertise. You know what’s worked; now increase your exposure. Copy, paste, and repeat.
And here is How Vstar makes their Niche business exceptional
Niche business is already a business of specialty, but what Vstar is doing is more than that. It is an exceptional one. Our Business philosophy “Let’s make it different” is the boundless power which generates creative ideas, Niche ideas in all of our activities. Take our Business Match Service for example, we are not simply doing the job of matching buyers with producers, we in fact connect customers’ ideas then turn them into a tangible value. We bring added values to every product so as to create product Niche, same time to indetify a Niche marketplace for such products. Not only provide a perfect business matching we also care for the perfect performance, from the starting time of production until the delivery at destination, even after that.
These are the values that bring difference and specialty to Vstar’s Niche business.
Based on “Five Steps to Building a Successful Niche Business” by Scott Gerber