Building a start-up is a painstaking task that can be rewarding, if it is structured, on a strong foundation, with all the essential ingredients necessary for growth, factored into it.
New data, derived from Crayon’s 2019 State of Competitive Intelligence report, shows that companies battle 25 competitors, on average and 87% say their market has become more competitive, in the last three years.
It is, highly, essential that, you chart out ways of staying ahead of your competitors, to increase the chances of your business surviving.
The world is now, more connected, unlike before, via technology and it is, very easy, to get things done, from gathering information in very fast and efficient ways.
Thus, choosing a niche, to specialize in, while establishing a brand, can assist in augmenting the chances of your business surviving the competitive onslaught.
One good thing about creating a niche for your brand is that, you can have more than one niche, which could be targeted, at some particular services that your business offers.
How, then, can businesses stand out, in an increasingly, competitive landscape and create niches that stand out?
It is, important to note that, while building a brand, you need to choose a niche that will encompass your brand, wisely. In order to ensure that you are doing so, you have to factor in, a lot of things and some of these, are highlighted below:
Will it be profitable?
Niches differ. While some are, naturally, more profitable, others are not so profitable. It is essential that, you identify the profitability of the brand, before creating it, as this will play a major role.
Factor in services that have high potentials, of giving you a profit, or, clients that will pay more than “regular” clients, for the same services that you offer.
Factor in relevant experience
It is reasonable, to choose a niche that you are comfortable with and have more experience in, as this increases chances of becoming successful with it.
Factor in, all the experiences that you have gathered, over the years, working in that particular field and build a niche around it.
This is, essential, as it will play a role, in helping you, to identify a niche that, will be profitable now and in the long run. The last thing you want to do, is to build a brand, around an industry that is, out of vogue, or, slowly collapsing.
Featured Image: blog.taboola
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