You can capitalize on your unique market strengths through niche market development. In order to do that, you must define what you do in such a way that it creates a niche that did not exist.
It’s not easy, but try to answer the following questions with as many perspectives as you can:
1) From our customers’ viewpoint, what are they actually buying from us?
If you make labels, your customers may be buying an identification benefit. Can you think of other places where identification is needed but is not currently being provided?
2) What is the outcome of using our product or service?
Instead of objectively looking at your service or product, try to identify what it does. If you are a printer, are you really in the communications business? If you are a boat builder, are you really in the vanity business?
3) What is gained by using our product or service by our customers?
Are you really in the convenience business by making kitchen appliances? If you sell insurance, are you really in the family protection business?
The above process has been called “reinventing your organization.” Use the information gained to search for ways to create market niches that only you can service. Small to medium-size businesses can thrive because they are – or should be – flexible enough to identify and serve niche markets.
– William Kraemer
