Niche

A specialised, focused segment of a larger market defined by specific characteristics, needs, preferences, or demographics. Niches represent subsets of broader markets where you can establish expertise, reduce competition, and serve specific audiences exceptionally well rather than serving everyone generically. Examples include 'fitness' (broad market) versus 'strength training for women over 50' (niche). Effective niches balance specificity with sufficient market size, narrow enough to dominate but large enough to sustain business. Niche focus enables targeted marketing, premium pricing, stronger customer relationships, and becoming the obvious choice for specific audiences. Many successful businesses start with tight niches before expanding.

Why it matters

Riches are in niches. Focused positioning lets small businesses compete effectively against larger competitors by becoming the obvious best choice for specific audiences. Niche expertise commands premium pricing and attracts ideal customers.