A lot of entrepreneurs believe that to be able to gain any profit, they must be able to get the widest possible market. They do not think that creating a marketing niche is good because it will drive away 'other' customers. However, studies have revealed that this ¡take-all attitude is not very effective at all. These studies have shown that it will be difficult to market your business without a distinctive set of prospects in mind.
Establishing a niche means you would not be competing with a lot of similar businesses with price as the only factor. Having a niche means having specialized products or services for a specific group of people which gives enough elbow room to determine how you would charge your customers or clients. In short, your products and services provide a specific market which means that that market cannot easily find alternatives. Call it captured market if you like.
Creating the niche market involves doing a lot of research: analyzing your best potential customers, your competitors, and your ability to serve these groups, so well that you will become the preferred provider.
Market research, on the other hand, is learning your market before you make the plunge. It is like sticking your toe into the pool before jumping in. This is very important because it minimizes the chances for mistakes which may be very costly on your part. Market research will eliminate the trial and error period that most businesses often resort to. Trial and error is costly and some businesses realize too late in the game that their error is fatal.
Market research does not have to be expensive. It does not mean hiring expensive consultants or undertaking costly surveys - it can be as simple as asking yourself these questions:
•Is there a particular group in the population with a special need?
•Is that market large enough to sustain my business?
•Can I tailor my products or services to suit that specific requirement?
•Are there other businesses serving that specific need? If so, how do I make my product or service more appealing?
For instance, if you are in the commercial printing business, you might want to focus on a particular group in the population and offer customized printing services. Hence, you not only capture a specific market, you also create a niche and be known for that particular kind of service.
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