Having written about niche brands and why they are a great way to dominate the market place, demand higher prices and have the ‘expert factor’, here are some thoughts on potential issues with being so specialised and targeted.
Don’t Get Stuck in a Niche
I have a vast portfolio of work within the hotel and leisure industry as well as arts and culture. However, was I to concentrate on these sectors alone, a number of issues would occur, including the number of clients I can work with without causing problems with competition, the fear of clients that my work may be repetitive if I am not exposed to other markets, the danger of the industry being in trouble and marketing budgets being cut; not to forget my own personal longing for diverse problem solving within a multitude of industries and company sizes.I guess it is about finding the right balance between being a ‘Jack of all trades’ and a master of not a lot of industry.
Whatever your niche market, make sure your product and service are far reaching and adaptable to a larger playing field.
Keep Your Eye on the Mainstream
Starting out as a niche, you may find yourself comfortable and secure – but it may be a good idea to strive for a larger market long-term. We all know the typical global ‘household brands’. Apple, for instance, used to be very focused on the designer’s market alone before breaking into the mainstream with their innovative iPod and iMac many years ago now.
Being a niche brand, you may never consider that step – but it’s a good one to aim for if you want to grow into a global brand with the relevant advantages of a much larger market and influence.That’s not to say mainstream is the ultimate solution for brands – BlackBerry are just abandoning the consumer market in favour of going back to their roots in targeting businesses, Dell is another example that struggled with trying to be everything to everyone.
Sometimes though, a niche (such as FairTrade for instance) becomes relevant and popular with a large part of society and is the next step for a brand.
So, if it suits your product, service and the demand on the markets, mainstream is a viable aim. On the upside, retailers are discovering more and more the power of niche brands and are offering smaller brands valuable shelf space.
Innovation is Key (again…)
Even though you may be the expert in your field and have a great reputation, without innovation and pushing your brand and its boundaries, the competition will catch up and overtake you in the long run.Purchasing preferences even in specialised sectors change and evolve so be aware and step out of your comfort zone to explore new value-adding products and services – or markets.