How to identify new market niches

February 16, 2018
Como-identificar-nuevos-nichos-en-el-mercado

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.

Banco Popular de Puerto Rico (Popular) has no affiliation or relationship with Astrid Vélez & Alliances. This article is informational and does not represent an endorsement or guarantee of the accuracy of its contents. Neither Popular nor any of its affiliates, subsidiaries or related entities are or will be responsible for any special, direct or indirect, or incidental damages, including but not limited to loss of earnings, resulting from or related to communications, articles or advice provided by Astrid Vélez & Alliances or that may arise from information contained in this article. Popular is dedicated to providing banking services and does not provide (directly or indirectly) any type of tax, accounting, human resources, training or marketing services. In the event you require any of those services, you should consult the competent professional advisor of your preference. Popular is in no way responsible for the results of any related effort if you decide to communicate voluntarily with Astrid Vélez & Alliances.

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