The first step in starting a business is having an idea for a product or service. While this is a key move, it's also just one step in the ongoing marathon of establishing and maintaining a business. To build businesses that grow and become sustainably successful, entrepreneurs will also need to form detailed plans for how they will set their brand apart and communicate their offering on the market.
The members of Newsweek Expert Forum have experience building and managing businesses and learning what actions do and do not yield fruitful results. Below, 14 of them share their tips to help entrepreneurs effectively define and establish their brand's niche in the market.
1. Be Patient and Proactive
Many will encourage you to narrow your focus and not be broad. In order to do that, you must first have an open mind and heart. Challenge yourself by taking risks, exploring and identifying what fuels your interests and passions. This exploratory phase is key for truly uncovering what ignites you and will increase your interest and focus as your journey unfolds. - Leah Marone, Corporate Wellness Consultant
2. Examine the Market Thoroughly
I would say to explore the market and analyze the competition carefully. This will help aid the entrepreneur in comprehending the dynamics of the industry, recognizing unfulfilled consumer wants, developing a distinctive value offer and fine-tuning advertising and promotional efforts. It works because it makes the brand more relevant to consumers and gives it an edge over its rivals. - Paul Yroz, Pro Tax Executive Search Inc.
3. Define Your Ideal Customer
Every entrepreneur must know their ideal customer before they even begin the journey. Just think and ask yourself, "What are the pain points of our ideal customer?" and "What will motivate them to act to relieve this pain?" This simple exercise will identify not only the niche, but also an entire initial market campaign. - Laura Kasbar, GemIIni Systems
4. Determine Your Value to Customers
When you are starting out, first define the value that you bring to customers in one sentence. Not ten, not five, but one sentence. Keep it simple at first, and don't try to be all things to all people. From a marketing and communications standpoint, having too many messages is the same as having no message. Don't confuse people. Keep it simple and effective. - Zain Jaffer, Zain Ventures
5. Focus on Engaging Your Target Audience
Understanding the market isn't just about numbers, trends or competitor analyses. It's about understanding the people you serve. By deeply engaging with their target audience, entrepreneurs can carve out a niche that is both meaningful and sustainable. This strategy is effective because it places the customer at the center of brand development, ensuring relevance and fostering loyalty. - Britton Bloch, Navy Federal
6. Put Yourself in Your Customer's Shoes
To establish your brand's niche in the market, it's essential to view your product or service through the lens of the customer and to convey the message of how your product will be easing their pain and solving their problem. Your brand's success depends on your ability to meet the customer's needs, not just focusing on what makes your product or service great. It is about conveying empathy for the buyer. - Helen Riess, Empathetics, Inc.
7. Gather Feedback from Your Target Audience
An effective strategy for entrepreneurs struggling to define their brand's niche in the market is to listen to their target audience. By listening to their feedback and concerns, entrepreneurs can ensure a more resonant and compelling market presence. When you build your brand around your customers, your customers will feel heard, seen and understood. - Adi Segal, Hapi
8. Identify Untapped Opportunities
Rather than thinking about what you should be doing, think about what you aren't doing. What I mean is ask yourself, "What areas, niches, markets or audience have I not tapped into yet?" This will set you on the right path toward refocusing your brand and help uncover some of the points you might not be seeing. This mindset has helped me pick up on new trends. - Christian Anderson, Lost Boy Entertainment LLC
9. Seek Advice from Thought Leaders and Influencers
Reach out to thought leaders and influencers and say, "Because you are a thought leader/influencer in this market, we'd like to buy 30 minutes of your time to ask a question." Ask their opinion on what would be something impossible to offer that would blow the minds of every customer or client in this market if you could offer it. Then share how you'd like their advice on how to make it possible. - Mark Goulston, Mark Goulston, M.D., Inc.
10. Embrace Deep Customer Immersion
Engage your customers in surveys, conversations and even shadowing to try to understand not just what they want, but also why. This anthropological approach helps you reveal hidden desires and pain points, offering unique angles to position your brand. When you resonate deeply with your clients' experiences or situations, your brand becomes irreplaceable. - Dr. Kira Graves, Kira Graves Consulting
11. Craft Authentic Stories
I'd advise entrepreneurs to focus on authentic storytelling. Craft a narrative that resonates with your target audience's values and speaks to their pain points and aspirations. Clarify what sets your offering apart and how it addresses their specific needs. This clarity will resonate with customers and distinguish your brand in a crowded market. - Anna Yusim, MD, Yusim Psychiatry, Consulting & Executive Coaching
12. Increase Your Visibility
A key element to establishing your brand in a niche market is visibility. A lot of that can be done at no or low cost. How you do it depends on your market whether you are doing business with local people or online across the country. Some local ideas include buying a digital billboard ad or participating in community charitable events. This will allow people to meet and get to know you. - Baruch Labunski, Rank Secure
13. Leverage Social Media Marketing
I believe social media marketing is the strongest strategy for any online business. It opens your brand up to millions of people for free or at a low cost. For example, you can build strong relationships with influencers by offering them free products to review them. It's a very small investment for a big return. - Tammy Sons, Tn Nursery
14. Build a Foundation Based on Real Customer Problems
Anchor your brand in solving a genuine customer problem. Listen to potential customers to identify a pain point that's yet to be effectively addressed. By centering your brand on a real solution, you not only carve out a unique niche but also build authentic customer loyalty. This strategy is effective because it roots your brand in genuine value, not just market noise. - Ian Wilding, Hangar 75
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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