An Introduction To “Micro Niche” Businesses
Anyone who is in the process of starting a business will know the importance of finding a niche for that business. Niches help with all aspects of business planning and also help to build recognition across customer bases; few businesses succeed as genuine “jacks of all trades” – instead, businesses have to specialise in order to succeed.
However, defining your business’ niche is actually just the beginning; establishing your micro niche is even more important still.
What is a micro niche?
A micro niche is a niche that exists within a niche; a “Russian doll” type of situation. eLearning, for example, is a business niche – but it is a very broad one that encompasses a huge number of different types of companies. A micro niche, in contrast, would be starting a business that sells learning management systems to companies that provide eLearning. This company still fits within the overall niche (in this case, eLearning), but focuses on a deeper specialization within that niche.
As a general rule, every niche – not just eLearning – will have multiple micro niches within it.
What are the benefits of starting a micro niche business?
Micro niche businesses allow you to build your specialty; to choose one particular product or service and perfect it. This, in turn, can help to build your reputation within your niche, and encourages customer loyalty; customers will always return to your business as they will be confident, thanks to the work you have put in to your specialization, that your product or service is able to deliver results.
In addition, micro niche businesses can also research and target their customers more effectively. The infographic below demonstrates this; companies that sell products to eLearning providers can benefit from in-depth research that helps them to choose a form of marketing most suitable for their customers. This kind of deep research is far trickier for businesses who are seeking a broad appeal, which can mean that choosing marketing strategies is more hit and miss – but micro niche businesses can research, and then action, marketing campaigns that are designed to appeal to their narrow customer base exactly.
Infographic Design By pop up ads infographic 2019 edition for eLearning companies