Strategy of Niche Marketing for Competitive Advantage
How does niche marketing lead to competitive advantage?
By positioning your company focus into profitable segments and focusing on customers and their needs that have been neglected by others. This focus is profitable due to lack of competition. It is also important to remember that intimate knowledge of your customer is key in your success. You need to profile and identify best customers and then classify those customers. You can start by, for example, compiling a computerized guest database. Alternatively, you can survey prospective customers to provide yourself with a better understanding of needs out there or better yet you can interview a segment of people from the market.
When you have a clearly defined niche and you summarize the differentiating benefits for your business, not only will you attract your ideal customers and clients, you can often build your clientele, your business and profit from all of your hard work. Good Luck.
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