Are you in the Right Market?

Discover Your Business Niche — The Power of Micro-Niches | by Bhartesh  Shetty | Medium
You might think to yourself – Of course, I am! I’m in business, and it’s profitable. Why would I think differently?

So what is your market?

It’s a great question. You may answer that your market is anyone who wants your services. However, many of us don’t know what our market is.

What is your Micro-Niche?

A niche is a name given to a company’s area of expertise. A micro-niche is the small part of the niche that they play in. So, for example, let’s think about shoes. Men’s shoes are a market. Men’s running shoes are a niche. The micro-niche would be long-distance running shoes.

Have you been able to identify what your micro-niche is? Because when you invest your time, energy, and effort into marketing, sales, and funnels, it’s so much easier and more successful if you know your micro-niche.

Once you know your micro-niche, you can then look at your market.

What is your brand identity?

So the brand identity is about your mission, vision, concept, symbols, ethics, culture, reputation, and legacy of the brand. Brand identity is about what inspires people to buy your product?

What is your brand recognition, and how well does your micro-niche recognize your brand?

Can you answer these six business questions?

1) Who is your customer?
2) What is your micro-niche?
3) What is the price for your micro-niche?
4) What are the features of your product in your micro-niche?
5) What is the quality of your products and services for your micro-niche?
6) What channels are you using to reach your micro-niche?

Understanding these things helps you know what your competitive advantage is. Understanding your competitive edge in your micro-niche will help you target and increase your sales and decrease the costs of finding customers in your micro-niche.

To find your micro-niche is a little bit like dating.

When you’re single, you want to go on a date. However, when it comes to finding someone to date, where is your market (niche)? What type of person (micro-niche) are you looking for?

Is your niche Tinder? Do you prefer to look for a date on an app like Tinder? Or is your niche the local pub or club? Another niche to find a date is your friendship circle? Each dating niche is different, and each market is also different.

The strategic action model talks about we can have a high and a low level of strategy or a high and a low level of activity, and it’s the relationship between the two that counts.

So, from a business perspective, it’s imperative that you have your marketing activity, market segmentation, and market positioning activity aligned with your micro-niche strategy.

You can create a strategy aligned with the market’s activity by working on a business plan that will help you tap into your micro-niche

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