Home > Productivity > What’s Your Business Niche?

One of the core principles of running a successful business is identifying your niche, a focused subset of the market. However, many business owners resist this basic lesson. For those who aren’t yet convinced, this article on American Express Open Forum offers some great insight on the topic.

The author, Ivana Taylor, says the following:

“It’s counterintuitive to think that by focusing on a smaller market you will actually make more money, but it’s true. Real money is found in targeting and identifying a market niche found inside the intersection of wants, trends and frustrations. The biggest mistake most business owners make is stopping their search for a niche too soon.”

The article further explores how to identify the emotional desires of your target market and create a compelling offer for them. It’s a great read and one that will certainly open your eyes to the importance of understanding your niche on an intimate level. Click through to read the article in its entirety.

So, what’s your niche? Share with us in the comments and push yourself to get specific.

Photo Credit: CameliaTWU