Know Your Niche

Originally posted at: http://darlamittler.com/blog/2012/02/know-your-niche
 
I always shake my head at large corporations that do well for years and suddenly announce that they are filing for bankruptcy. Inevitably (but not in every situation) the root cause is the same: they expanded too fast and are collapsing under their own weight. Perhaps these mega-corporations bought out too many smaller companies. Maybe one consultant too many told them that one staff member could handle the work of five. (This is a major mistake that companies both large and small make with disastrous consequences. It is also a prime source of human resources nightmares when it comes time to fill the positions of these ‘super-workers’.) In either case it is evident that these crumbling companies lost sight of their niche.
 
A niche (in business terms) is a distinct segment of a market. There are many facets to any market, but a niche is a specific segment of that market.
 
Take the virtual assistant market as an example. A virtual assistant can offer many services: document creation, email marketing, database construction, concierge services, and lots more. It is up to the individual virtual assistant to discover their strengths and joys in order to be sure that they provide the best possible service to their clients.
 
Know your niche. Have the knowledge and experience necessary to fully service that market segment.
 
The world is an ever-changing place. You must continue to learn and grow. A great example of this is the e-book market. It is constantly evolving. As a company that formats e-books we need to be aware when changes happen. We would be a poor e-book formatter if we weren’t aware of things like Amazon’s exclusivity clauses or Barnes & Nobles banning Amazon books or the coming of epub3 or Apple’s quirks when it comes to epubs or any of the myriad things happening in the world of e-books.
 
Find your niche. Discover what you are really good at and what you know the most about. Learn everything you can about your chosen field and continue to update your knowledge.
 
It’s better to specialize than to try to be all things to all people.
 
Darla Mittler
President & CEO, Darla Mittler Document Magic
Darla Mittler Document Magic
 
Darla Mittler is President & CEO of Darla Mittler Document Magic. With a personal library of well over 1,000 physical books, over half a decade as a Mass Media Buyer for a major bookstore chain, and insights into e-publishing, Darla is ready to help authors bring their works to market.