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How to Have Success in a Niche Market

Standing out in the crowd isn't easy, but it's possible.

Photo by Randy Fath on Unsplash

Don’t lie…have you ever used the, “Too many people are already doing that” excuse as a reason to not start a business venture in a niche market? If not, you’ve most certainly heard that excuse once or twice. 

For the record – that excuse is a lie.

Let’s get something straight, you can be the very first person in the whole world to do something, and people are absolutely going to copy you if it’s a good idea. You can’t be the “only” one of anything if it’s an idea worth doing. Some people might even do it better than you and that still doesn’t mean there isn’t room for you too. You must not let others, especially your competition, dictate what you will do in your business.

Suppose you want to open up a coffee shop, but there’s two down the street AND a Starbucks across the road… Do you give up and not open a coffee shop?

You can…

A: Do something different to stand out from the others.

Or

B: Move your location where there is less competition.

Although, you should probably do some research before you make that decision as there is evidence that the more something exists, the more customers it will attract. For example, ever wonder why you see two Starbucks located within walking distance of each other? Because the first location plants the idea of wanting a Soy Vanilla Latte, and the minute you walk past the first location, regret sets in that you didn’t stop and buy one so when you see the next location, what do you think you do? Economics shows that sales INCREASE, not decline in situations like this. 

If you want people to choose YOU, there are a few simple things that you can do to stand out from the crowd in your niche market.

  1. Consistency

Everyone thinks you need to do something disruptive to stand out, but the truth is, being consistent and credible is a great way for you to stand out in a niche market. If we’re talking about social media or building your list, you have to be patient. Credibility isn’t built overnight. If you want to build a following, expect to wait 12-24 months of consistency before you have a good-sized following. If we’re talking consistency in your bricks and mortar store, you have to build credibility through your client experience. Quality is crucial during every single customer visit, from the service to the product that leaves your front door.

  1. Be a Go-Giver

Do things that are kind, generous and helpful to support other people. When you’re someone who notices others and pays attention to them it helps them stand out. I believe this so much that I wrote a whole chapter about this in my book Pilot to Profit. When you are a SWIIFT Marketer, you See What’s In It For Them and you that helps you to stand out. People do business with those they know, like, and trust. You don’t have to spend money to be a go-giver, or to do things that are kind, generous and helpful. When you take the time to support others, they will make the effort to reciprocate that kindness.

  1. Brand

Your brand is your signature. When you have a solid, reliable and recognizable brand – people will think of you when they’re looking for your product or service. Not only does branding increase your likelihood of getting the business, if done well enough – it means you could sell your products at a higher price than your competitors. Brand goes hand in hand with #1, consistency. When you brand your business, you have to be consistent in everything you produce. From the font in your emails to the packaging of your products – keep the colors, theme, feel, and logo the same throughout.

It can be hard to compete with an established business, no one said it would be easy – but you can’t give up on what you want based on the fact that you have to work for it.

What makes you different from the rest?

The viral videos of successful businesses that you see on Facebook normally have one thing in common – they have something extremely unique that makes people say “I need to go there!” With that said, you don’t need to have a puppy sanctuary in your cafe to make it unique but you can find something that separates you from the rest and makes customers want to choose and remember you.

Stay in contact with Lisa Larter!

This article originally appeared on lisalarter.com

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