Sure, It seems like a small detail. Right? Wrong! I’ve discovered specific dangers in confusing the two or ignoring the differences. In fact, it can mean the difference between someone persisting or quitting, even failure and success. For example, By confusing a market with a niche …
- You're in Danger of … Overlooking a potential gold mine of unique selling advantages your competitors miss, neglect or overlook.
- You're in Danger of … Diluting your focus, thus increasing your chances of becoming just another me-too business, product or service to your prospects. Or worse, getting infected with shiny object syndrome.
- You're in Danger of … Relegating yourself to competing directly with larger (Alpha) competitors in your market – instead of discovering or creating those “unique” benefits your competitors overlook or under-serve.
- You’re in Danger of … Overlooking the many -- high demand/low competition -- niches that exist in every lucrative market – because you fail to drill down enough to where they exist.
- You're in Danger of ... Getting locked in a sales slump, routine or rut. Because you can no longer see, find or create fresh niche ideas to answer the needs of the "general or mass" market you're operating in.
- You’re in Danger of … Overlooking profitable opportunities because you "think" a market is saturated. However, that usually means it’s bulging with potential niche opportunities galore.
... Are Faster, easier to use, adds more convenience, improves existing customer experiences, makes existing products and services easier to buy, use, manage or maintain and more!
So, next time you notice someone confusing a market with a niche, correct them, politely. It could make a huge difference in their success. They may not know it – but you will.
Here’s a article that covers this subject as well, if you’re interested.
As usual I welcome your comments, questions or even disagreements if any.