Should You Niche or Microniche?

For those of you that are familiar with sales and marketing, you probably understand the benefits of narrowing down, and fine-tuning your business focus. But the question is, when should you stop 'niching down' and just start promoting? The opposite question is also a valid one. How do you know if you have identified, and fine-tuned your market enough? In order to answer these questions for yourself, you really need to know the difference between niche marketing, and micro-niche marketing.

The Health and Wellness industry, for example, would be considered a mass-market. This contains all products and services related to physical, mental, and emotional health and well-being. One specific niche-market, within the broader niche of health and wellness is diet and nutrition. This could include micro-niche topics like gluten-free, organic, whole food, Paleo, Mediterranean, and nutritional supplements among others.
 
Once you have worked out where your professional skills, collide with your passions, and what you really love doing, you will know which niche market to work in, and, exactly how much you may need to further specialize your business, into a micro-niche. For example, you may want to create a wellness company that delivers weight loss nutrition supplements and diet programs. This would be a niche company. However, If your professional skills and personal interests are more suited to a specific nutrition-related field like irritable bowel syndrome, then operating a micro-niche nutrition business is probably your best move.

The important thing to remember, is that there is no 'one-size-fits-all solution' when you are narrowing the focus of your business selection. Some entrepreneurs and business owners can be very happy, and successful, delivering niche solutions for their clients, while others will be more successful by niching their business down even further, so that they can provide very specific solutions, to a much smaller, and more clearly defined micro-niche customer base.

It's also business critical that you do your homework, before you decide to open a business that specializes in a really specific niche-market. The right type of market research will show you if there is enough customer demand, for your business to be profitable. Researching your potential customer base, and competitor market, can take time. However, if done well, it can be time well invested. 

Remember, It will be much easier for you to pinpoint your niche market with a laser focus, if you spend the time getting clear about what you really love doing, and why your customers should be buying from you, and nobody else.

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