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Niche Is Not Always Defined by Products
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Maybe you don t think you have a specialty or you don t fit in any easily categorized niche. Think a little harder. The way you do business can be your niche. You might ship faster than anyone else. Maybe you re known as someone who can find any product at lower than retail price. Perhaps you re a champ at refurbishing old things and making them look new again. Maybe you have a connection who can get hold of sold-out tickets for sporting events or concerts. An entire group of sellers on eBay, known as trend wavers, closely follow trends and jump from one niche market to another. When a particular item is hot, they ll sell the heck out of it, and then they ll jump out of that market and onto the next big wave. They always have the hottest toy for the holidays or the coolest fashion of the season. These sellers have a knack for being one step ahead of what buyers want, and they have found their niche in forecasting fads and fashions for profit. Specialty doesn t have to be tied to a finite product set or a narrowly defined product line. The important thing is that you define what makes your business unique and communicate it to your potential customers as well as your employees.
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Tip: Take the time now with a pen and paper and define your niche mar-
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ket in writing. An intimate knowledge of your niche will be helpful as you progress through this book. All of the discussions on copywriting and advanced marketing techniques should be understood within the context of your niche.
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Maintaining Niche Focus
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Equally as important as finding a niche is continuing to grow and profit within that specific market. Many businesses have faltered or failed in attempts to diversify beyond a tight niche market. The sirens of opportunity can be tempting, but it s important to remember that drifting from your niche can be deadly as your business grows. If you are known for selling great hamburgers, don t get into tofu. If you sell teen fashions, don t entertain delusions of complete clothing market domination and stray into the 65-plus demographic.
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The sirens of opportunity can be tempting, but it s important to remember that drifting from your niche can be deadly as your business grows.
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Develop the Principles and Goals of Your Business
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Corporate players large and small frequently develop vision statements or mission statements, fancy terms for defining the scope and philosophy of
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a business. At first consideration, these kinds of exercises might sound like colossal time-wasters, especially for a small business that s consumed with the countless daily tasks of running a business. However, self-examination works wonders for a business, whether you re a one-person shop or you employ a small army. Defined principles and goals set the tone for internal standards and expectations, and they also do wonders for projecting your organization out into the market. Know thyself is one of the most overly quoted instructions on the planet for a reason. Don t worry though, because writing your own mission statement doesn t need to be a painful experience. The secret is to keep your mission statement simple. You want to capture your essence, reality, and ambitions without popping a blood vessel in the process. All it takes is a little brainstorming. Everybody loves brainstorming. It s work, but it sure doesn t feel like it. Sit down with a pen and paper, and write down your ideas as they come to mind. For starters, ask yourself the following questions about your business: Aside from making you money, what is the broader purpose of your business What do you want to achieve with your eBay business What is your benefit to selling on eBay versus other retail venues What do you sell What s special or unique about your products What do you want for your employees Do they want the same things you do Be sure to incorporate their perceptions into your consideration. How can you tie these musings back to your customers How does what you want intersect with what your market niche desires Think backward, from the customer to the innards of your organization. What s the value of your product, and why do people come to you for it Some businesses develop mission statements that are several paragraphs long, with elaborate lists of their core beliefs, goals, the ways they value their customers, and on and on. If you end up getting that detailed, that s great; however, it s not really necessary. Your mission statement doesn t need to be so significant that it realigns the planets. Just make it meaningful and inspiring to you and your employees, and be sure that it will make sense to your customers, too. Here are a few sample mission statements that might help to get those creative juices flowing: Sporting goods Turning couch potatoes into athletes. Antiques Connecting collectors with the objects of their desire. Costume jewelry Exquisite adornments at affordable prices.
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