NICHE: Business to Market or Market to Business

 

To start a business always provokes the journey of reward. No doubt, it takes a long way to admit the success. Because you get a lot of challenges along with full of excitement to establish the business. It comes about your plan, confidence and revenue to embark on the business glory.

According to Charlene Walters, business and branding mentor and author of Own Your Other, finding a niche differentiates your business from the competition and allows you to excel in your sector.

Walters also mentioned a very suitable example of a business niche stating about the clothing: If a clothing company wanted to target executives who travel frequently, it would make sense to have a line of wrinkle-free clothing to serve that specific need. Adding to the niche business concern, wrinkle-free clothing can turn into the fashion world. For that, the major focus will be the strategic planning on your competitors, your targeted customers and their needs, the USP and your passion for and about.

“A business niche is a hole in the current market where the business’s USP (unique selling proposition) will be appreciated by a select group of customers or target audience,” Walters said. “This target audience might be one that is currently underserved and/or has a large market potential.”

 

Inflation, customers and the entire business mitigate the current scenario of the world. Contextualizing Nepal, the mechanism of money, the monetary policies and mobilization of the fund cum investment has uttered the present situation has been the common talks among the business prospects these days. It might be to some extent to accept and generalize with the lens of a financial approach. But the need has come to diagnose the ups and downs observed at present.

 

Rackley said. “The potential market for any business must have the size and mass to warrant the investment to enter that market.” Hence, one should function well to heighten the business to figure out the potential customers and make them visible or identify them into your targeted business segment. It remains possible only when you grant easy accessibility to your customers with affordability too.

 

McLain suggests researching the markets in your industry or business as potential niches. He even adds, "There are often underserved or completely neglected markets, as well as markets that are being poorly served". Now, it clarifies that the business and market correspond with each other to find a niche perfectly suitable to the business that you want to build up as a brand, reduce competition and increase your profit.

Moreover, market research plays a significant role in identifying the targeted customers and strengthening your business, and resources accordingly. Besides, you will have plenty of options after you do intense market research and will be able to determine the ideal course of action to enhance your business.

 

Now the concern in Nepal can be placed with the question, "Has the business in Nepal planned a niche strategy to be established in the market? "