SME's Why Focus on Niche Market This Year ?

New Year now has shine to our business doors and I am sure you have geared up to move further what your business did last year.

I feel to start this New Year focusing on a specific market. Basically when I say so I am talking about a Niche market. This is a corporate strategy which focuses on identifying and satisfying a small segment of the larger market where there are few suppliers.

The main issue with Small and Medium enterprises is the financial difficulty and as with the lack of funds we must have seen many find hard to sustain or compete in the market.

Taking on Niche can be more cost effective to grow your business with less risk.  And, it can be more effective when we just have started and can't compete with the larger players in the same industry. It’s not a very good strategy to go national unless your product and financial situation can handle to serve the bigger market.

Niche marketing is also can be more effective in managing your marketing budget.  These markets further serve in building a customer loyalty and barrier entry to rivals or new firms. It must be noted that not all niche market strategy are profitable however it is sure that for new and small business firms there are growth potentials.

With Competitive Strategies there is focus, differentiation and cost leadership and I prefer SME’s to implement the focus strategy with differentiation in niche market.Niche Market helps to understand your customer, know their needs and you can set your own prices as per their needs.

It is advisable to research your product market before implementing this strategy. 

I hope your new year brings you more profitable business this year.

Happy New Year to All SME's 

Digvijay Thapa helps small business grow . Get connected via https://www.facebook.com/ForgottenSutra 

( The writer doesn't take any responsibility and liability of using his blog contents to implementation  by anybody in their business, in doing so by any entrepreneur  will be at their own decision  and will be doing by their own test and analysis results and writer doesn't have any involvement and liability in their action)