New businesses sprang up everywhere after the pandemic. According to a study by the Economic Innovation Group, there was a 24% increase in new business applications in the pandemic year. As a result, there are new businesses in nearly every industry. This might be good for the consumer as the increase in competition means lower prices and better goods, but for businesses, it becomes more difficult to stand out.
Hence, it becomes very difficult for businesses to find their niche and focus. This is because businesses fail to understand the importance of focus and finding their USP (Unique Selling Proposition). When you work in a focused field, you get very good at it. As a result, you can provide the best offerings in the said field. Hence, it is important for businesses to find their super-niche. Without it, most businesses will fail to scale to the heights they dream of. To help your business find your super-niche, our experts have compiled a list of questions that you should ask yourself to find your perfect opportunity better.
- Where is my model broken?
To better find your super-niche, objectively identify and assess your business’ daily routine. Doing so will help you greatly. Outline your routine, and you will surely find steps and methods in your business that are not performed optimally. Some of your products, service, or system will be merely ‘making do’ with the situation and not really helping your business. It is human tendency to adapt to these small annoyances and ignore them. However, for businesses looking to specialise, these can be opportunities to innovate. To help identify these processes in your industry:
- Find the pain points that are never addressed in your industry and are always overlooked.
- Find the most repetitive customer complaint.
- Find why other companies in your industry fail to address or ignore these problems.
The more specific your solutions are, the more customer will appreciate and associate with your business. It will also make you stand out expressively.
- Look for ways to cut the middleman
Cutting out the middleman is one of the best ways to identify and improve your super-niche. Some companies, like Amazon and Carvana, have eliminated the middleman and allowed their customers to get more intimately involved with them. This allows them to reach even further into their super-niche.
Your business can be improved greatly if you cut the middleman as they are unnecessarily hogging their cut and increasing the product’s end price. Instead, think of ways to deepen your offerings and further impact your industry to find your super-niche.
- Break the rules to widen your view
There will be times when you will feel like your business is restricted by certain rules and obligations that are preventing you from entering the fields that you know will help you grow. In such situations, it is advisable to ignore these rules and go ahead with your ideas, given that the rules you are flouting are general beliefs and opinions and not moral and legal requirements. Furthermore, the number of possible offerings and regions to improve your business specialisation will increase significantly once you realise your business talent and pursue your desired field.