Find Your Niche (market), CEO Advises
Written by Jenna Weiner
When developed and marketed successfully, niche small business can be quite successful, said one CEO.
Entrepreneurs looking for a new startup business idea may want to consider niche markets, said Scott Gerber, CEO of brand development and venture management firm Gerber Entertainment.
In an article for Entrepreneur.com, Gerber advised entrepreneurs who were considering starting a niche business - or small business owners who already had one - telling them that the most important factor is creating a dedicated consumer base.
To do so, Gerber suggested simplifying the business' product or service offerings, to better corner the market. Targeting an underserved niche market is also important, as is developing brand and marketing strategies that are tailored to those customers.
It can also help to position the business or business owner as an authority in its specific niche market, which will help generate more news. For small businesses, that visibility can be a huge asset for increasing brand visibility and customer acquisition.
"Keep hammering your message home," Gerber wrote. "Expand on your successes. Find innovative ways to grow your niche marketplace." The exposure will likely pay off, he said.
The importance of creating a strong foundation for a startup business is not to be underestimated - a recent study from the Small Business Administration found that two-thirds of small business startups survive at least two years, but the number decreases to 31 percent by the seven year mark.
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