Riches In Niches

Who Niched Michael Clayton?

When you start looking for niches, you start finding them everywhere.  This weekend, I went to the movies, and discovered an attorney who’d found a most unfortunate niche for himself in the film “Michael Clayton.”

The title character has found his role as a ‘fixer’ -- an attorney who specializes in fixing other people’s messes. This causes him all sorts of problems in a complex, thrilling film -- if you want to learn more about the film -- but be advised, spoilers abound!

Of course, there are other, less problematical niches for attorneys. Daphne Clarke, one of the Nichepreneurs™ featured in "Riches in Niches: How to Make it Big In a Small Market," found her ideal position representing up and coming hip-hop musicians. Deidre Washbrit, also profiled in Riches in Niches, wound up virtually creating a niche when she decided to go into estate planning for minor children. You can read another example in this story about attorney Theodore Pinnock’s practice, specializing in case law surrounding the Americans with Disabilities Act.

Michael Clayton might not have been too thrilled with his niche, but I think it’s a safe bet that these other Nichepreneurs™ are quite happy with what they’re doing!

Raise Your Expert Identity

One of the most powerful tools Nichepreneurs™   can use to build name recognition, drive referrals, and raise one’s Expert Identity is networking. 

Business is largely built on relationships. Networking is nothing more than the art & science of cultivating potentially profitable relationships. 

This has gotten easier as the definition of friendship has changed. Like everything else, networking now has an online component. It’s called social networking, and it may turn out to be one of the most powerful tools in the Nichepreneur’s™ arsenal. 

Just this week, eBay announced the launch of its own social networking site.  Other social networking sites include Ning, Facebook, and perhaps the most well known, MySpace. 

The key to reaching your target audience is to discover where they congregate online and establish an appropriate presence there. This will vary by market segment -- the older, more educated crowds on Vox, for example, are very different from the MySpace set. Research is essential, but may be well worth your time.

Listen to "Seven Secrets to Succeeding in a Business Niche."

Create a Niche

One simple way to find a niche: ask yourself what your competitors aren’t doing -- or if they’re doing it, they’re not doing it well. There are times that large, generalist service providers can literally create a niche for you. 

Want an example? Look at Chemistry.com. This internet-based matchmaking service is rapidly carving an identity for itself by targeting a very niche group of customers: individuals who are looking for love who have been rejected by industry leader, eHarmony.com.  

While there’s a great deal of debate about why eHarmony chooses to not allow certain individuals to participate in their matchmaking program -- as seen in this article in Time  and on the blogosphere there’s no question that their actions have created a number of niche opportunities. 

By targeting where the industry leaders fall short or choose not to act, savvy Nichepreneurs™ can locate lucrative opportunities. It’s almost as easy as falling in love!