Niche markets

Segmenting your customers can help you to identify a niche market - a specific, well-defined area of your market that may be overlooked by competitors.
How to find a niche market

It is a good idea to look more closely at your markets, in order to:

* identify whether there are any market segments that are not well covered at the moment
* think of ways in which you can offer products or services to fit the individual needs of these segments

How to exploit a niche market

To maximise sales to any niche markets you might have identified you should:

* do your research to find out if such a niche exists and how it could best be served
* try to find out as much as you can and develop expertise in the niche market

Remember that going into niche markets can be a risky business:

* make a business case before you try to enter a niche market
* be on your guard for reaction from competitors already operating in the niche
* monitor the market and be prepared to move to another niche