How to Find the Perfect Niche Market and Dominate It

RECAP

In the previous series of blogs, we learn about the Technology Adoption Lifecycle, the chasm between two market segments. Now that we know all about the chasm and the strategies involved in crossing it from the innovators to the early adopters market segment, we ought to learn about the details. What do we need to do in order to identify the niche market that we are going to attack? The one that we are going to attack D-Day style.

CHAPTER 4

We already established that it is easier to dominate a niche market. It all sounds easy. We take a large market segment and categorize it into smaller segments based on size, potential revenue, distribution methods and etc and we pick one and attack! Well, it’s much easier said than done mainly because there is not much information available to make such an important decision, leading to a low-data high-risk situation.

  • A compelling reason to buy: the product must be worth the purchase
  • Whole product: customer satisfaction is key
  • Competition: there are others who are meeting these needs
  • Distribution: There is a sales channel.
  • Pricing: Price must be adjusted to the customer’s expectation.
  • Positioning: There must be some credibility with the target market.
  • Next target customer: Adjacent niches must exist

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