Industry Niche Focus – Finding Your New Business Focus
The term industry niche refers to the subset of a market where a certain product is concentrated. Usually, the niche targets the exact product characteristics intended for satisfying certain market demands, i.e., the price range, quality, production quality, and also the targeted demographics. However, it is also sometimes a small market segment, sometimes known as a minuscule market. The price range can range from a few hundred dollars to tens of thousands of dollars. For a product to attain a niche status, its price has to be sufficiently low enough not to completely wipe out the competition, yet high enough to maintain a market share. A high price with a limited supply won’t achieve this objective.
To some extent
marketing a new business in an industry niche could be comparable to marketing an ordinary new business. You need to develop a marketing strategy and conduct surveys to determine which products will have the maximum sales potential. You also need to set up your office, find a niche law firm and get to work. However, unlike selling a new car or home to a group of car lovers, prospects in a small-scale industry niche may be much more receptive to your advertising and marketing messages.
In many cases
a niche law firm will need to do some research to determine if there is sufficient consumer demand for the type of services you are providing. This involves looking at consumer opinions, surveys, statistics, and other data. Some industry niches, such as health care, construction, and electronics have many potential customers. Other niches, such as tattoos, handbags, and cosmetics, have fewer potential customers and more competition.
As with marketing products
in a regular market segment, you’ll need to educate yourself about what people within the industry niche are looking for. One way is to search for Google Trends. If there is an ongoing debate about which legal services are the top priorities of people within an industry niche, it can be an indicator of how popular that service might be. Keep in mind, however, that the more popular a topic is, the more blogs and articles you’ll find discussing the topic.
to find out about the trends surrounding a potential niche law firm is to do a search on the Internet for the terms that people within your target market are using to search for legal services. For example, if you are interested in the health care industry, then you’d search for keywords like “cellulite treatments,” “male breast reduction,” “slimming underwear” and “wrinkle reduction.” Keep in mind that these types of terms can be very competitive, so keep these keywords simple and relative. As long as they are used correctly, you’ll garner a wealth of valuable information regarding the target market for your new business development.
In addition to tracking your own company’s keywords
you can also tap into your target market’s social media sites to help spread the word about your new business venture. LinkedIn, Facebook, and Twitter are all great ways to do this but remember that they are just platforms designed to make your friends happy, so tastefully use them. While you may be able to attract some initial interest to your company through your online presence, ultimately your marketing and client relations efforts will drive sales and success.