What's Your Niche?
What's Your Niche?
Building a brand is a multi-step process. One of those steps is finding your niche. A niche is select group of consumers who your brand will be targeted towards with interests similar to yours. Finding your niche should be easy. Consider these questions: What do you like to do?, What are you passionate about? How can it serve people and consumers? How are you going to make your niche stand out from the thousands of competitors you face every day? The final part of this equation is finances. What are your price points going to be? How much does your target audience like to spend?
Storybook Cosmetics is a great example of a business successfully reaching a niche. There are literally thousands of cosmetic companies in the world and the three sisters who started Storybook Cosmetics found a way to be completely unique. They combined their love for stories and make up into a brand with eyeliner quills and ink pots, rose makeup brushes, and an eye-shadow palette modeled after a certain wizard’s class book. Then, they widened their niche even further by using cruelty free and vegan products. These sisters took what they were passionate about and interested in, making a completely unique approach to cosmetics and giving consumers something they hadn’t even known they wanted.
Storybook Cosmetics focused their approach to people with an interest in cosmetics and a love of fairy tales or pop culture. By narrowing down their audience, they were able to create a unique and well-made product successfully. And by choosing something as fluid as stories, their inspiration can come from nearly anything in the fiction and pop culture sections, giving them nearly endless possibilities for creating various products to keep every consumer happy and coming back for more. Finding a unique approach as Storybook did will make you stand out from the competition and give consumers a reason to come back to your company again and again. See what has been done before and what your products can do to stand out compared to others.
Not only does the packaging stand out but their product stands on its own as well. All products produced by the Storybook Cosmetic company are vegan and cruelty free. In an age where consumers are becoming more and more conscious of what is in their products, keeping the best quality is integral. Looking different is no longer enough in today’s market, you need to have quality product to stand up to the competition as well. Produce the best product you can to keep up a reputation of not only unique looking products but quality products as well. This will keep consumers coming back again and again while still drawing in new consumers looking for a better product.
Storybook Cosmetics also did their financial research. They kept prices similar to the competition but with more unique pieces are giving consumers more of a reason to buy their product over the other products. This allows them to target the audience they want to reach without being so far out of price range consumers are hesitant to buy the product. Research the competition, see what similar products and services are priced at to get a good idea where to begin your pricing. Be careful not to price too high, it’ll keep consumers away but giving away your goods and services for practically nothing won’t help either. Find a good price point between affordable and profitable to make a stand against the competition.
It's impossible not to have competition today but it is possible to stand out from it. Focusing your company on a target niche will help your business stand out in a big way. Remember, focus on your passions, how to create a quality and unique product, and price fairly. These things will help your business on its way to its own happy ending.
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