Niche Marketing

April 13, 2006

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An approach that is perhaps even more effective than tackling existing businesses head-on is to look for ways that you can perform a service or provide a product that is similar to, but not quite the same as, a service or product already being provided. One example of this approach is to look for a special niche within a given field.

Betsy Mirkin was an accountant in a large accounting firm. Among her duties, Betsy would occasionally do work for film companies that came to town for a shoot.

Betsy did a little research and found that there weren't any other accountants who specifically served the film market. She also found out that there were enough film companies that came to town each year for her to make a nice living serving only them.

Betsy quit the accounting firm, and started her own firm, specializing in accounting for the film industry.

To develop a niche, you should be looking for anomalies in the market. An anomaly, in marketing terms, is an unmet need whose time has come to be filled. To support a profitable business, the need must be fairly widespread or growing rapidly.

Although people wanted to be able to send letters and packages overnight anywhere in the country, they didn't think it was possible. Enter Federal Express and - presto - a $500 million startup business serving an anomaly.

Where are today's anomalies? Perhaps one lies hidden in the social and business trends now underway. For example, a lot of couples where both partners work would like hot, delivered, home-cooked meals that vary each night. But no one believes that it's possible.