It might well be the oldest business problem there is – how do you find and develop a market niche that others haven’t fully exploited? What are some of the things you can do?
I’ve discussed in the past how not every good idea is a real business opportunity. But how can you take advantage of an opportunity or move into a new niche?
This is something I’ve been thinking about a lot over recent months as parts of my business are changing due to market forces. The opportunities for freelance journalists are slowly contracting. To some, perhaps a great, degree this is doe to the actions of publishers over the last decade or so who have not reacted the changes wrought on them by the Internet. Like King Canute, many have stood back and expected the rising tide to stop because they overestimated their market power. But another element is that the number of information sources now available is exponentially greater than it was. In the old days, two or three city-based newspapers used to compete. Now newspapers are competing globally.
Enter new niches in response to market forces
My response, and it’s one that is still evolving, has been to ensure that my revenue streams remain diversified. That means doing some freelance journalism, other corporate writing, event facilitation and management consulting. But another thought recently came to my mind and I’m using it as an opportunity to build a new niche for myself.
About a year ago, I started a small blog called Run and Lift. It was never intended as a money maker. Like many blogs, it was simply a place for me to share some things I was learning in part of my life. In this case, it was about the exercise regime I embarked on.
What I’ve realised recently is that, even though the readership is small (minuscule is a word that springs to mind!) it’s a place where I can build a new section of content that I can use to build and demonstrate my expertise and experience. in other words
It’s an opportunity to build credibility in a new niche
Many writers use blogs as a living curriculum vitae or as a place for publishing good content that they haven;t been able to sell elsewhere. Those are perfectly valid reasons for having a blog. But, of some of that unsold content seems to hang together as a specialised body of work about a particular topic area, then perhaps it can be more than a place to release unsold content.
It can be split off as its own body of work that helps establish your credibility as an expert in a field that is new to you.