How to Build a Niche for Your Business

 

In order to improve the chance of success, business owners should have a clear idea of their targeted market and why their products or services would attract them.

Victory State Bank, Staten Island’s only community-based commercial bank, points out that well-defined business offerings can help an enterprise build a niche when the right audience is reached.

The bank suggests heeding the following advice from the Small Business Administration (SBA) for making your business stand out:

Be Clear About What You Have to Offer

Ask yourself: Beyond basic products or services, what are you really selling? Consider this example: Your town probably has several restaurants all selling one fundamental product – food. But each is targeted at a different need or clientele.

One might be a drive-thru fast food restaurant, perhaps another sells pizza in a rustic Italian kitchen, and maybe there’s a fine dining seafood restaurant that specializes in wood-grilled fare.

All these restaurants sell meals, but they sell them to targeted clientele looking for the unique qualities each has to offer. What they are really selling is a combination of product, value, ambience and brand experience.

When starting a business, be sure to understand what makes your business unique.

What needs does your product or service fulfill? What benefits and differentiators will help your business stand out from the crowd?

Don’t Become a Jack of All Trades-Learn to Strategize

It’s important to clearly define what you’re selling. You do not want to become a jack-of-all trades and master of none because this can have a negative impact on business growth.

As a smaller business, it's often a better strategy to divide your products or services into manageable market niches. Small operations can then offer specialized goods and services that are attractive to a specific group of prospective buyers.

Identify Your Niche

Creating a niche for your business is essential to success. Often, business owners can identify a niche based on their own market knowledge, but it can also be helpful to conduct a market survey with potential customers to uncover untapped needs.

During your research process, identify the following: 

  • Which areas your competitors are already well-established
  • Which areas are being ignored by your competitors
  • Potential opportunities for your business

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

 

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