It is more likely that you become a market leader within a niche market. Businesses pioneering certain markets usually become market leaders and maintain their positions. Being the first to serve your niche, you will capture the largest market share. As a market leader you have the power to set trends, prices, and direction. Others following in your foot steps will have to become followers, or create their own niche. Although you can't avoid competition, you will have the leg up.
Niche businesses don't have to work so hard to find customers. You are not competing for the same customers with huge corporations. If you get your message out, people will find you. Word of mouth marketing can do wonders for niche businesses.
Niche businesses work with larger profit margins because they are not in a constant race to the bottom. Don't expect to gouge your customers, but you are going to have to be less price conscious than mainstream market players.
Once you've built a successful niche business, you will have the understanding to build more. As you become familiar with the process of finding a niche market, you will be able to build a business around it.
Examples of Niche Markets
To be absolutely positive about what isn't a niche market product, go to any big box store. If they carry it, it is not a niche product. For the most part, niche markets are too small for big companies to bother.
A small specialty bakery, specializing in hand made bread and pastries is an example of a niche market. Customers embrace specialty food companies. They understand that hand made bread requires tender loving care, and they are willing to pay the higher price. In addition, you don't have to worry about your local groceries store competing with you. Such a model is too expensive for large chain stores.
The gift basket market is a multi billion-dollar market packed with fierce competitors. Instead of competing with established large companies for the same customers, you could focus on a smaller market within the gift basket arena. Gift baskets for cats, dogs, or other pets would allow you to become a specialist within your market. It is a tiny market, but you will find it easier to break into than the much larger general gift basket market. While large gift basket companies may offer some pet related gift baskets, their product line is too large to focus on such small market.
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