Boost your company’s bottom line by finding a product niche. In today’s saturated markets, catering to a targeted customer base is the key to success. Narrow down your company’s offerings and focus in on a customer base that’s more likely to take interest in your business and its products or services.
Start by deciding on a broader category of products to sell, and then hone in on it further. Say, for example, you wanted to start a clothing company. If you just advertised that you sell clothing, most potential customers wouldn’t take notice. If you focused the clothing category and sold athletic uniforms, maternity wear, or baby clothes, people who are looking for those niche products are more likely to take notice.
Search engines and other online resources can be powerful tools for choosing a niche. Searching for your product idea provides valuable insight into what the market currently looks like. If there are already many large, established companies selling your product, you may want to keep looking.
Stand out from the rest of the herd as much as possible. For example, you may not have much luck selling books online, as there are already many well-known book retailers, including corporate giants. If you search online for antique books or used school books, there is far less competition.
You may be able to have moderate success selling books locally if you live in an area with no bookstores, but selling products online allows you to reach a much larger customer base that’s looking specifically for your unique product. Even if what you sell is only desirable to book collectors or students, a tiny percentage of the amount of people who shop online is still a massive number.
If you’re passionate about a product, there’s a strong chance that other people are, too. Choose something that you’re going to want to stick with in the long term. You’re probably going to have to go through some trial and error to find what works. If the category genuinely excites you, riding the ups and downs will be much easier.