The market niche is offering your product or service to a very specific audience. For example: if you want to sell Montblanc belts and wallets, your customers will be those who like luxury brands, and, therefore, have purchasing power. Well, the price of a Montblanc belt ranges from $7,500 to a little more than $10,000.
A market niche It is a very specific part of a consumer group. For example: 76% of Montblanc customers are men who love luxury items. They buy the best of European craftsmanship. Its three main characteristics are elegance, quality and prestige.
Montblanc It focuses on the business part and on a classic, serious and urban client. It is a consumer who does not look for fashion, but for timeless products. It is a person in love with the brand who buys online or goes to a store for a leather item, a pen or a watch. He is accustomed to luxury and has a high cultural level.
And so, the more specific you are, the more success you will have in your niche business. A niche is a portion of a market segment in which individuals possess similar characteristics, needs, and desires. If you choose a good market niche, you can specialize and become a benchmark in your industry or sector.
Here we leave you the 10 keys to find your market niche
1.- Don’t adapt your product to the customer, but create it with them in mind
To do this you must study, know and understand as best as possible a group of people who catch your attention. This way you can sell them your product or service. The better you know them, the more you will solve their problems like no one else.
2.- Don’t confuse niche with market segment
A segment is a large group of consumers with common characteristics; and a niche market is a smaller, specific group of that segment. For example: bicycles in general (segment) and bicycles vintage (niche).
3.- Solve the problem of a specific audience
The niche must be specific and solve the problem of a group of consumers who are actively looking for a solution for a latent need or a desire that has not yet been satisfied.
4.- Don’t start in a temporary niche
Don’t choose a market niche inspired by something temporary that will soon pass away. Think of something timeless, classic, that won’t go out of style. There are businesses that, like everything in life, disappear in the blink of an eye.
5.- Don’t decide on an overserved niche
Identify if the niche you are interested in is not too saturated, as it will be difficult to gain a place in a highly competitive market. Although there will always be an opportunity to stand out in a highly exploited area.
6.- Maybe a micro niche suits you
The micro-niche is a part within a niche, and, therefore, has less competition. It has even more precise and concrete characteristics, needs and desires. Examples: shoes (segment), women’s shoes (niche), women’s wedding shoes (microniche).
7.- The ideal is to find an emerging or little exploited niche
For this it is necessary to be aware of what is new. Look at the trends, what is in the spotlight. At the same time, carefully observe those unresolved needs and problems around you.
8.- Take into account different aspects
To find a market niche you can look at age, gender, occupation, purchasing power, values, beliefs, lifestyle. You can focus on any of these points. For example: solving a specific need of the elderly or women.
9.- Find a profitable niche
You need to make sure that the consumers you are targeting can afford your product or service. Therefore, you need to find a way to motivate them so that they know what you offer and pay for it.
10.- See if it is a scalable market niche
Scalability is basically the ability of a company to grow without having to significantly increase its operating expenses or organizational structure. If your niche allows you to open more branches, reach more users, sell more, it is a scalable business.