At Michael Letch & Partners LLP we can provide businesses in the Essex area with help and advice on a wide range of business issues. Here are some thoughts on finding your market niche...

Generally, only the largest companies can hope to meet the needs of an entire market. For most small to medium-sized businesses, a key factor in business success is finding niches in the market, and exploiting them by offering specialised products or services to specific groups of customers.

Researching the market

Careful study of the market will almost certainly unearth opportunities for products or services that you are well-equipped to provide. The first step is to conduct research into existing companies in your field, with a view to understanding the areas in which your competitors are already well-established. You might use this information to create a table and help you visualise the gaps in the market where you'll meet the least direct competition.

Areas of differentiation

Here are some of the factors to consider:

Your company ethos and image
What message do you promote to your customers? Are you the small and friendly face of local business, or the fast-moving, forward-thinking organisation at the cutting edge? Writing a mission statement can help you to focus on your ethos and image.
Quality of product or service
Do you offer the highest quality product for the top end of the market, or are you going for 'value for money' and a wider appeal? In what ways is your product or service superior to its competitors?
Pricing strategy
Are you aiming to undercut the competition, or do you attempt to attract the more 'discerning' customer?
Customer service
Why should customers prefer to deal with your company? Do you offer better customer care, including aftercare, or a more efficient ordering system - perhaps online?
Geography
Are you effectively targeting a particular area with specific local issues, or conversely, should you be expanding into areas not covered by competitors?
Incentives
Do you offer finance packages, credit deals or guarantees that set you apart?

Ongoing research

It is important to avoid complacency about exploiting niche markets. Continue to monitor your customers' needs - perhaps with regular questionnaires - and analyse your customers to spot further opportunities for profitable specialisation.

A good database will allow you to analyse your market information and help you spot patterns that you might otherwise overlook. For example, do customers in certain geographic areas consistently purchase expensive, top-end products. If so, you might want to tailor your marketing strategy and concentrate your customer care resources accordingly.

If you are in the Essex area and are looking for assistance from experienced accountants and business advisers, contact Michael Letch & Partners LLP.

Copyright

© 2024 Michael Letch & Partners LLP. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01277 655 626

Quick links

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

Address
Michael Letch & Partners LLP, 146 High Street, Billericay, Essex CM12 9DF

Michael Letch & Partners LLP is a limited liability partnership registered in England and Wales with registration number OC328815.

Michael Letch & Partners LLP is also regulated by the Financial Conduct Authority to carry out specific activities and investment advice (registration number 112064).

The term ‘Partner’ is used to refer to a member of Michael Letch & Partners LLP. A list of members is open to inspection at our registered office at 146 High Street, Billericay, Essex, CM12 9DF.

Michael Letch & Partners LLP is registered as auditors in the United Kingdom by the Association of Chartered Certified Accountants