How to identify new market niches

By: Astrid Vélez* Treat your customers’ new needs as an area of opportunity. I always recommend that business people identify new groups as niches. These niches, which are characterized by their common characteristics, support the development of a new service or promotion, which allows the business to expand. In my experience as a business strategist, I have found that a weakness of many business people is they are used to “putting out fires” and do not dedicate resources to evaluating new trends. They also do not stop and develop new approaches aimed at a new niche (group of customers). The fastest and most effective way to identify niches is to observe new trends. It is important to learn to identify them so you can connect with new groups of customers. Some of the most important trends include: Generations X, Y, Millennials and Baby Boomers Environmental issues Safety and health topics Technology services How to identify and take advantage of new niches

1. Evaluate your product or service
2. Review the new trends
3. Make a connection between these trends and your product
4. Identify what characteristics these niches have in common
5. Determine which niche is most effective for you
6. Develop a promotional strategy for this new group of customers
7. Ensure that this strategy has an innovative factor that provides a competitive advantage

Your approach to the new niche will be converted to a business proposal. Keep in mind that you will be offering a new service as a promise. Be sure that both internal and external customers are informed about this new offering, the expectations you want to achieve and how you will guarantee excellent service. Remember that promises must be fulfilled because they are your business’ or company’s best promotional tool. They should be designed and aimed at satisfying the needs of your customers. We are in a time of change, facing new opportunities. Make an impact on a new niche and expand the possibilities for your products or services by taking advantage of technology, which is a fast way to communicate new offers and competitive advantages.   *Astrid Vélez is an international business strategist, coach and speaker, as well as the owner of Astrid Vélez & Alliances. She is a specialist in transforming central areas of businesses and companies to achieve increased sales rapidly and efficiently. Innovation, self-motivation and strategic alliances are some of her main tools. This article is for informational purposes only and does not constitute an endorsement or guarantee of accuracy or applicability for any particular purpose. Neither Popular, Inc. (“Popular”) nor any of its affiliates, subsidiaries or related companies shall be liable for, any special, direct, indirect, or incidental damages including but not limited to loss of profits, that may arise from of be related to information or advice provided in this article, which was created by a third party. Popular provides financial services and is not dedicated (directly or indirectly) to providing any type of service related to the contents of this article. Should you require any service related to this content, you should seek the advice of a competent professional of your choice. Popular expressly denies all liability for any such advice.