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What exactly is a niche market, and why should you look for one?

For the month of July we go deep into finding out why having a niche will keep you one step ahead of the competition!

If you’re not sure, A niche market is a small segment of the market that caters to a specific demography, product type, price point, or quality. In other words, a location with a high demand and a low supply.

Finding your own niche has the advantage of reducing competition. Because there is less competition, you have a better chance of selling your product to the particular people that want and need it. Due of the lack of competition, you may be able to charge even more.

This improves brand loyalty and raises purchase rates for the brand. You won’t have to spend as much money on marketing because your target customer is right there. Customers will not need to be “sold to” if you speak to them in their language, sincerely, and through telling valuable tales. They’ll recognize your brand right away. Customers choose brands that are clear, consistent, and have a compelling reason for existing.

The fashion industry was valued at three trillion dollars. That is enormous. This opens up a lot of doors for both established businesses and novices. Alright So now you know why you should look for a niche, but what about how to find one?

How Do You Identify Your Market Niche?

It all starts with media monitoring in general. Check out relevant brands online, offline, and in stores; talk to boutique owners; talk to your friends and relatives; and read everything you can about your idea. Amazon’s “best seller” page is updated every hour, ensuring that you have an up-to-date list of products to compare. You can also attend fashion shows and network with other business owners. You start to see things, you start to connect the dots, you start to notice your hunches, things you’ve heard, read, things you’ve seen in stores, trends, and all of this information should give you a very clear picture of where your idea and brand should be heading.

It will assist you in determining your niche market by answering the questions and completing the tasks in the following 5 steps. If you’re already in a niche market, you might find that the answers to these questions indicate whether you should stick with it or branch out into a new one with more prospects.

1. What are your interests and abilities?

You, or you and a small staff, will be the driving force behind your brand. If this is your first business, you’ll quickly learn that there will be ups and downs, as well as how hard you’ll have to work to succeed. Your enthusiasm will make your job much easier. It will motivate you to persevere through the ups and downs and to push through the difficult times.

So, do you have any hobbies or interests that are relevant to the garment industry? Are you a motorcycle rider? Do you enjoy wearing custom-made suits? Are you a streetwear aficionado? Is your wife pestering you for the hundredth time about an issue with her clothes?

You will be working on your business 24 hours a day, seven days a week, and if this is not your passion, you should not start a clothing line. You’re on the right track if you’re actually passionate about the connected areas and have genuine interests in them. Customers in specialist areas are often very knowledgeable, and they will smell you out if you aren’t genuine and don’t know what you’re talking about.

Last but not least, trust your gut instinct. You know what you want to do deep down inside. Have faith in your instincts!

Tasks

Make a list of at least five of your passions. What do you like to do in your spare time? What industry do you have a lot of experience in? Which of those passions can you use to your new business?

Make a list of at least five skills you have. What is it that you excel at? What is something that comes naturally to you? Which of those abilities will you be able to use in your new business?

2. What values do you want to live by in your company?

The garment industry is tremendously crowded. Customers today purchase brands based on their beliefs and what they stand for. You can narrow down your target consumer, demographic, and positioning even more by establishing a list of values. Is it about sustainability, openness, local community support, quality standards, a specific gender, and so on? If you’re having trouble coming up with ideas, start by making a list of the qualities you admire in your favorite brands. Examine your top favorite companies to determine what you like about them and why you like them so much. This is a really enjoyable activity. If you want, you may make it in written form or as a mood board with a lot of photographs. Alternatively, combine the two.

Task

Create a list of your non-negotiables and values.

3. Which part of the country do you want to visit?

This part is rather self-explanatory. What kind of goods do you wish to create? You can’t (or shouldn’t) accomplish everything, so start with the basics. You’ll have a target audience, and you should focus on providing the greatest product available for them, rather than trying to please everyone, which, in the end, doesn’t suit anyone, right? So, keep in mind that the field you wish to pursue should ideally tie back to and work in tandem with the first question – what are your passions and skills?

Task

Answer the following questions:

• In which segment do you wish to begin? What do you mean by menswear, bridalwear, athletics, streetwear, childrenswear, and so on?
• For which gender should it be? Men’s, women’s, children’s, or unisex?
• Do you want to sell online, in stores, or a combination of both?
• What is your geographical location?
• What happened to your customer?
• What pricing range will your goods fall into?
• What kind of quality would you like to have? (This is frequently linked to the cost of the product)

4. Who is your target market?

In order for a brand to be successful, it must first determine who its target client is. Before you launch your brand, you must first establish a target consumer profile to learn about their preferences, where they buy, what they enjoy, and what they don’t like. To put it another way, you need to know who you’re designing for. Speak with anyone you know that fits your target customer profile. Inform them of your concept and ideas, as well as product options. However, only do this with people that suit your target profile description, not your friends and family. Most likely, they aren’t your ideal customer. The concept will be lost on those who are not familiar with your brand.

Task

Read on to learn how to determine your ideal consumer. And everything you do in your business, from the minute you define your ideal customer to the moment you send something out into the world for this individual, should be for this person.

So your job is to figure out who your ideal customer is.

5. What challenges are you capable of resolving?

The majority of successful garment firms in the market answer a problem for their target market. What are your target customer’s pain points, and how are you going to address them? For example, if you travel frequently, most of your suits will wrinkle easily during your journeys. You want to create a suit that doesn’t wrinkle, stays fresh, and appears professional in every setting. This suit will require certain materials, a specific fit, specific production, and a specific pricing point, among other things.

Task

Consider the following questions: What are the pain areas that you will address for your customers? How do you plan to address this with your products?

Last but not least, it is preferable to concentrate on a single product or market sector. Instead of having a vast collection that’s all over the place with no clear target client in mind, do that really, really well. And the only way to stand out is to carve out a niche for yourself.

Now that you understand about a niche, try it out! It starts today!!!