I’ve written before about the need to niche down, to choose a segment of the broad market and address that segment’s unique needs thereby creating enthusiastic and loyal customers who willingly pay a fair price.
With that in mind let’s look at some successful companies and the small and large niche markets they serve.
One From The Heart (Vegenaise) – For vegans who love mayonnaise
CoverCraft – For people who want perfect custom car covers
Cyber Defense Group – For companies offering SaaS services
Southwest Air – For people who want low-cost, on-time, travel
Jiffy Lube – For people who want a fast, low cost, oil-change
Surefoot – For people who want custom fit ski boots
IKEA – Furniture for young families on a tight budget
As you can see, some of these niche players have become quite large. But they started small and became successful by addressing a need that wasn’t being properly met.
When you consider these companies, think about what they don’t do. That’s key. They made a choice of who they would serve and who they wouldn’t. You can do the same.