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?
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.
Niche marketing is a powerful marketing strategy. It provides focus, and builds credibility. When you focus on a specific group, you can position yourself as the subject matter expert. This can bring you more leads while protecting your margins. The challenge is niche...
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