Many business owners want to have the largest clientele possible when running a business. Start-up's dream of having many huge clients that allow them to be "successful," but this is not always the best thing for businesses to strive for. 

After proving they can succeed in their field, business owners should start to find their niche. Once a business finds its niche, it should curate its clientele to meet that niche.

What is a Niche?

A niche in a business aspect is a more specific market within a larger market. An example of a niche market can be found in the footwear market. Shoes as a general market had sales that reached $91 billion in the US in 2019. We can break that market down into men's and women's shoes. This can further be broken down into running vs. formal vs. boots etc. Sports shoes, a niche market, had sales reaching $14 billion in that same year.

While the overall market sales are much greater than that niche market, we must consider the power of a single business. Nike, which generates the largest revenue in shoe sales, is mainly an athletic shoe brand. If ever, rarely does Nike offer dress or formal shoes because their niche is in the athletic and urban categories. Nike knows this and sticks with it, allowing them to grow to be what they are today. 

Why is having a niche important?

Growth is constantly sought after as a business, especially a young business. Business owners want to grow however they can, pulling themselves in many ways. This desire to grow may only hurt the business as it pulls them away from their area of expertise. 

Having a niche allows businesses: 

• To have a loyal customer base to expand on

• To focus on a specific product or service and be the best at it 

• To be in a less competitive market

Curating clientele to meet your niche:

Service-based businesses also need to find a niche. Many businesses offer very similar services (i.e. marketing companies). To be as successful as possible, a business needs to break away from its competition in the general market to focus on its business niche. 

Creating a specific client list to meet your niche allows your business to:

• Focus more closely on your clients

• Create genuine relationships 

• Establish high levels of familiarity and comfort

Our niche here at MOXY Company is healthcare marketing. Our healthcare marketing niche can be even more specific as we focus on interventional pain, orthopedics, spine, and medical device start ups!

With such a specific niche, we can fulfill the needs of an underserved market while successfully distinguishing ourselves from our competition. 

No one company has all the answers, but the successful companies find their niche and excel profoundly- we should follow their lead! 
*Reach out to us at MOXY Company, click here for our online contact form!