What's one way to stand out from the competition?? Become a niche brand!
By definition, a niche brand is one that has a higher level of loyalty and lower level of penetration than would be expected for its market share. Buyers of niche brands seek a distinctive mix of benefits that are either greater or less than the average needs fulfilled by the large brands in the market.
So instead of just being a boutique selling all types of women's fashions, you could become a women's fashion boutique that sells and becomes known for ONLY selling comfy lounge clothing, or 100% cotton dresses, or all versions of faux leather items!
Instead of mixing up and selling all types of bath and body products, you could focus on ONLY selling products made with CBD or hemp, goat milk products, honey-based products, turmeric-based products, or products for dry skin!
These are all ideas off the top of my head but hopefully you guys get the idea lol.
Niching down is a great business idea for MULTIPLE reasons:
Cost effective--the fewer products you offer, the less you have to spend on inventory/ingredients, which is important in the beginning when most people are bootstrapping their business!
Loyal Customer Base--when you do only one thing and do it well, people will only want to shop with you for the type of products you sell.
Seen as Expert--when you become known as the go-to brand for a certain product, people see you as an expert in your space and will trust only your brand for the type of products you sell.
Easier to Identify Customer Avatar-when you sell to a very specific type of person, it's usually very easy to lay out his/her characteristics and market to them with clear messaging, branding and ads.
YOU STAND OUT FROM ALL THE OTHER BRANDS IN YOUR INDUSTRY THAT DO IT ALL. 99.9% OF THE TIME, THE BRAND THAT TRIES TO SELL TO EVERYONE, SELLS TO NO ONE.
Some examples of niche products are:
Eco-friendly feminine products
CBD-based skin products
Kids' toys that focus on representation (like puzzles for black children that depict black children)
White House Black Market- they only sell clothes for women that are white, black, or black and white
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