niche market

Term of the Week: Specialization

Niche businesses specialize in a particular area or type of product, which often allows them a competitive advantage over other companies. Reducing the focus on potential buyers enables businesses to implement marketing plans that highlight areas of a product that appeal most to specific groups. Marketing strategies tailored to a particular product or service creates an effective overall advertising campaign. Having a specialized business also makes it easier to pinpoint your target audience. 

Offering a specialized product can also help a business establish itself as a pacesetter within the industry. Choosing to market a niche service or product can help solidify new companies or offer a fresh spin to older brands. By highlighting the unique aspects of the product, a niche company stands apart from competitors. 

Since niche markets cater to a specific interest, the end product is often significantly more critical than the price. People who are passionate about something throw thriftiness out of the window when it comes to something they like. 

As a niche business owner, customers often regard you as an expert in that field, especially if you dominate that niche. Being recognized as an authority lends credibility to your business, and excites customers to do business with you. It can also help you position yourself as a consultant in the field, providing advice and tips to competitors and others in the industry. Additionally, event coordinators and trade magazines may contact you for speaking engagements or writing opportunities, which can help increase your visibility.

Deciding which niche to corner can be a difficult task. Fortunately, many markets provide outstanding opportunities for specialization within the apparel decoration industry. A few of those include:

  • Infant and newborns: baby blankets, bibs, onesies, diaper bags
  • Nautical: caps, jackets, towels, shirts, fabric keychains, boat mats
  • Schools: caps, T-shirts, polos, athletic jerseys, jackets
  • Pets: apparel, leashes, collars

Source: Ed Levy