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Finding your market niche

Capitalise on your corner of the marketplace.

At Numera we can provide businesses in the London 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 London area and are looking for assistance from experienced accountants and business advisers, contact Numera.

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Company details

020 7794 5757

Numera, 4th Floor Charles House, 108-110 Finchley Road, London NW3 5JJ

Numera is a trading name of Numera Partners LLP | Company Registration No. OC365787 | Place of Registration: England & Wales | Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.

About us

Numera is a newly established forward-thinking firm of chartered accountants, with over 25 years in experience of audit, accountancy, taxation and business advisory services.

We work with clients in a large variety of industries and sectors; from sole traders to multi-million pound turnover organisations. We aim to create and maintain a close relationship with our clients. By being so involved, we are able to identify opportunities for our clients as well as possible risks that our clients may be faced with.

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