Not all niches are equal, and some niches aren't even niches at all. If everyone offers similar service, it's not a niche. A niche strategy has to adhere to 3 components: 1, customers self-identify with the niche; 2, specialized expertise or capabilities; 3, market density to support a business.
A lot of time and effort is wasted developing the wrong niche markets. When building a niche strategy ask 3 key questions. 1. Is there a market? 2. Can you compete and win? 3. Will a market leadership position endure?
Vertizontal Marketing: The Halo Effect of Niche Marketing
A vertizontal strategy combines specializing in a specific niche—the vertical—while still taking on general clients—the horizontal. This approach is highly effective for professional services firms operating in regulated environments like accounting, legal, insurance or financial services.
