Question

Topic: Strategy

How Does A Small Business Find A Niche Market?

Posted by Anonymous on 4/15/2004 at 4:14 AM ET 125 Points
I own a small graphic design firm and I have been trying to figure out how to grow my business, get bigger clients and larger projects. I have been told from people, much smarter than myself, that I need to find a niche. An industry niche to be specific.

How do I determine what is the best niche to go after? Should I look back at previous clients and see what was successful, or do I really need to pick a niche that I would enjoy working in. For example, I have worked with attorneys and doctors, but the projects are pretty dry and not very fun. On the other hand, restaurants and food are a second love for me, and really brings out the best in me creatively. (I think I am answering my own question...) It seems logical that go after an industry that I enjoy, as long as it is lucrative. Right?

I would like to hear your thoughts and find out if their are any resources available that would help me figure out how to find my niche. Thank you so much!
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RESPONSES

  • Posted by jcmedinave on 4/15/2004 at 11:01 AM Member
    I would like to complement the Suze excellent answer.

    The specialization can be carried out in other different aspects (market), can be in the Product or Service that is offered. One way is to offer specialized products to an extensive market, or diverse products to a specific market. Which is your situation?

    The variety can be an important motivating one, as it is for Suze. For instance, It could be interesting in being advertising specialist in one topic (ex: cars) if you increase the field to the transportation in general, where the airplanes are included, trains, bicycles, buses, and more.

    Greetings,

    Juan Carlos
  • Posted on 4/15/2004 at 12:08 PM Member
    Instead of targeting a niche, you need to BE in a niche.
    Like Suze said, keep your target wide to continuously challenge yourself and to keep your options open, but become the firm that other firms are not. Differentiate yourself from other graphic design firms.

    Don't find your client's niche. Find YOUR niche.
  • Posted by telemoxie on 4/15/2004 at 9:20 PM Member
    I agree with Suze that one can get stale - I'm working every day on multiple projects in multiple markets to stay fresh...

    ... but I think the niche that matters is the one in your prospect's head. I agree with Ricky - you need to be a niche, you need to be different...

    ... and that needs "out of box" thinking as per mbarber's profile.

    How can you do this? Here is a thought to get you started - between your two postings, you used the word "I" over twenty five times - plus another ten if we count "my", "myself" and "me". You talk about your profitability and big projects and things that you enjoy - but don't seem to spend much time talking about the benefits for your clients.

    Whatever happened to focusing on the needs and wants of your prospects?

    You might ask yourself, "For which customer did I have the greatest impact?"

    If you truly focus on serving your clients, and put your heart into it, you will find your niche.




  • Posted by SRyan ;] on 4/16/2004 at 12:58 AM Member
    RT: Here's a thought from an entrepreneur . . .

    Perhaps one of your niches should be START-UP companies. If you're in a Big City, there's probably a "hi-tech incubator" or an entrepreneurial charm school or some such institution around. Go hob-nob with the early-stage business folks. Beware: their feverish energy is contagious AND their bank accounts are undernourished.

    Any good work you do there might not be worth big bucks right away, but a few of your prepubescent customers might end up maturing into those "larger clients" you're pining for now.

    And don't forget NEW doctors/attorneys/stuffies who might be more hip to work with than their established competitors... so hang out at law school, too (?!).
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