Why Focusing on Underserved or Niche Markets Can Be a Winning Strategy

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There are entire industries built on the premise of “Go big or go home” — wherein success is defined not necessarily in terms of profitability, but by the ability to find the big market, scale to meet it, then scale even more. The underlying concept is that, because large markets have huge numbers of customers to reach, the opportunity is greatest there, but going after the biggest buyer group and honing in on their obvious needs isn’t the only path to doing well, and can often put one in the position of simply being a commodity player. It’s worth asking, as a seller, whether it’s possible to do better taking a different path and looking for smaller, perhaps underserved markets. These are often less expensive to buy into, have lower overall competition and provide a new business the opportunity to truly differentiate itself through convenience, technology and personalized service.

Related: How to Thrive in Niche Markets

Obvious opportunities = ample competition

When a lot of people have a clear need, it’s obvious that many business leaders are going to target it — their principal concern how to develop themselves and their companies to meet that need in a way that stands out. As a result, competition is often reduced to its lowest common denominator: price, which is often the sole differentiator that customers are actually able to see. In such a crowded mass market, products get commoditized. Take coffee, for example, which was a commodity-only proposition for decades until a few competitors realized that customers had another need: they wanted a place where they could be social, where coffee was just a part of the experience. And, voila, an entirely new industry was invented (some might say rediscovered).  

In mass market situations, a potentially winning bet is to leave that crowded playing field and find niche areas where customers aren’t being served. The number of customers in that niche might be smaller, but you’ll have

Source: Entrepreneur.com

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Why Focusing on Underserved or Niche Markets Can Be a Winning Strategy

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