Niche? Who needs it when you have a whole ocean of opportunities if you go mainstream, right?
In the ocean, there are big sharks and blue whales that can just swallow you completely without you even realizing.
Competing with players who have more budget, resources and loyal clients is suicidal for any business these days.
If you don’t believe me and still want to go mainstream then please search for any mainstream keyword like “Buy shoes”, “Black car” or “buy policy”.
Still, want to compete with these millions/billions of pages?
But if you feel like the examples are too generic, search for “best black shoes” or “best health insurance”.
If you think you can make your way in this deadly competition then good luck! close this article because this one is not relevant to you.
Now for those of you who are left, I suppose you got the point by now. King of only a thousand people is still a king than being a beggar of a big kingdom.
You can always expand your kingdom steadily and one day you might become the king of a big kingdom.
Starting with a niche is just like that. No one said that if you start with a niche you will be limited for the rest of your business lifespan.
As a marketer, I see niche as an opportunity to make my business’s name in the market.
Even if fewer people are my potential client I am fine with it.
I would rather swim my way to the bigger water bodies than to just dive in the ocean and then try to survive.
I have had the opportunity of working for a company who doesn’t just works in a niche, they work in the niche of a niche. So here are some drawbacks of working in a niche.
Fewer Opportunities in a Niche
Imagine how scared I was as a marketer when I found out that the company I have joined, works in a niche of a niche.
Initially, I could only see the disadvantages I had and limitations this deep niche placed on me. I was in a Deeeeep niche if you know what I mean.
Find another job.
This was my primary instinct.
It took me some time to realize that niche also means less competition and less competition means more business for me.
It basically nullifies the drawback of having fewer opportunities.
Ask yourself what matters the most? What is your goal?
If your goal is to get business and generate revenue then it doesn’t matter what path you take to reach that goal.
Even if the people looking for niche services are less, the chances of them converting or you being able to convert them into paying customers is higher.
If you want to compete with Amazon with your startup then you are plain and simple STUPID!
But if you target a niche of what Amazon offers, say all electronics items, then there is a good chance of you getting some traction.
If you have to buy a mac book from Gorillakart or Amazon whom will you choose?
You don’t know anything about Gorillakart, right? But we all know Amazon as it has been in the business for a long time.
This is called goodwill.
Its easier to trust brands with goodwill. People tend to move to the place they are familiar with and know that the experience they will have will be good.
Very few people are willing to take a risk with the new brand which in turn, makes it hard for a startup to survive.
But there is a solution to this problem…
Unique Selling Point
Whom will you trust more? Jack of all and master of none or Master of one field?
After watching so many Jackie Chan movies I came to a conclusion that first I have to become a Master of something then only it’s wise to enter other fields.
Always remember, Master is always respected.
Now even if you are a startup you can thrive if you pick a niche. Just make sure that niche is the field you want to become a master of.
This makes it easier for people to trust you even if you are new in the market.
If you claim to be a master of something people are more likely to give you a chance to prove your worth.
Obviously only this won’t help you because there are many people who have already realized this so what you want is another USP.
One that outperforms all the U.S.P’s that that your competition has to offer.
Xiaomi’s USP is top notch technology at affordable rates.
Apple’s USP is after sales services and their brand value. Heck, even their tagline says “If you don’t have an iPhone then you don’t have an iPhone”.
Point is that first, every startup has to choose a niche.
Very few people know that Google was first rejected by major search engines when Google was a startup. But Google’s USP was no-nonsense search.
Before Google, all search engines had advertisements, news and weather forecasts at the homepage.
Each of the above brands chose USP’s first and later on entered with different products.
Point is that you can choose a niche at first and later on you can compete with big sharks of the ocean once you have grown up. Always remember, first you have to survive then only you can thrive.
This one is important as it connects with Goodwill and completes the cycle.
If you are a master of something and you only deal with one type of product or service (niche) then you will start getting some traction as people will start giving your product a try.
Now you have the chance to present yourself in the market and impress everyone with your product.
If you truly are a Zen Master and are able to present your skills with grace then it will be very easy for you to turn these visitors into your disciples.
Not only that, these customers will start trusting your brand.
Once they start trusting your brand, make sure that you do not break their trust even if it means taking some loss.
Look at any accomplished brand, they make sure that their customers stick with them even if they have to bear some loss.
There are times when an apple product doesn’t work on arrival. What will happen if Apple won’t take full responsibility for it and won’t replace it?
Do you remember Samsung Note 8 incident? Many Note 8 devices exploded. What did Samsung do?
They apologized and gave refunds. Not only that, people who were injured from that explosion, Samsung took complete responsibility for it.
By taking some loss Samsung was able to keep its loyal customer base.
Even if there are fewer opportunities in creating niche website, if there is a need in the market then it doesn’t matter. It can be a good way to start making your name in the market.
Big brands already have goodwill in the market so to counter that, picking a niche can make it look like you are containing your services to only the things that you are good at.
Find your Unique selling point to make an impression on the market. Something that none of your competitors is doing but it is very valuable. This can give you leverage over your competitors and make it easier for you to stand out from the crowd.
Picking a niche can be beneficial because people might think of you as master of your field and then they might prefer buying from you instead of buying from a jack of all trades.
If you have any queries feel free to use the comment section below.