Before it can rule the world a business must first own its niche. This, however, far too often translated in to ‘create a new niche so we can own it’, and this is where far too many companies get in to difficulties.
The belief, wrongly, is that by creating a new niche where a company is the only player they can legitimately claim to be the leader [more about this in a future post] and differentiate themselves. While creating a new niche allows a business a point of differentiation, it also creates additional and unnecessary work to educate your target audience what value the new niche offers them over the already accepted niche.
Once this has been achieved the task of persuading them that the product or service offered is better than any other on the market. The problem is that by creating a new sub-niche a business alerts competitors that it is trying to steal a march on them. By the time the re-education process has been completed [which usually takes six to nine months] the competition has found ways to close the gap between their product and the new kid on the block.
The result? A business has spent time and money creating a new niche only for its competitors to find ways to compete with you in it. So, rather than creating a new niche [a sub-niche] why not just spend more time working out how demonstrate why your target audience should buy your product or service over the competition.
If you need to create a new niche in order to do it you might want to revisit your proposition.
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#3 | Content Is NOT King