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In order for a brand to succeed, it has to be more than a clever idea. A successful brand must meet customer needs, separate itself from the competition and last beyond a passing trend. All of these characteristics combined contribute to a brand’s niche — or a comfortable place in the market. Without this well-defined niche, a brand can struggle to maintain its customers’ interest and, as a result, its rising sales.
Whether you’re just thinking about starting a business or you’re trying to get your current endeavor off the ground, consider the following advice for those struggling to find their brand’s place in the market. Here, seven business leaders from Rolling Stone Culture Council offer their best tips for what uncertain entrepreneurs can do to really nail down their niche.
Speak to Your Targeted Audience
Entrepreneurs who are struggling to find their brand’s place in the market should speak directly to their target audience. Learn what’s important to your customers and combine it with your brand values. This approach creates authenticity based on research and builds loyalty among your customers. Avoid trying to appeal to everyone, and instead focus on the needs of your hyper-specified audience. – Dan Serard, Cannabis Creative Group
Get Back to Your ‘Why’
Why did you start your brand? What was that nagging desire that pushed you into starting something in the first place? Get back to that authentic reason for being. Focus on your gut desire and the answer should show up. – Michael Kennedy, Component Wine Company
Disrupt the Norm
Each industry has implicit “rules” of conduct and expectations. Medicine: white lab coat. Hospitality: eager greeter. Real estate: firm handshake. Snack food: explosions of flavor. List the stereotypes, expectations and “rules” of your industry, and then list the opposite of each rule. Break a trope to find a unique space. Be surprising. Finding a niche often comes from disrupting the norm. – Sarah DaVanzo, Pierre Fabre
The Rolling Stone Culture Council is an invitation-only community for Influencers, Innovators and Creatives. Do I qualify?
Define Your Unique Value Proposition
Determine what sets your brand apart from the competition. Identify your unique selling points, strengths and advantages. Highlight the value you bring to customers that others cannot replicate. This unique value proposition will help you carve out a distinct niche for your brand. – Billy Carson, 4biddenknowledge Inc.
Follow Your Passion
Find what you are truly passionate about — what you would do for free — and if there’s a need for it in the marketplace, clients will find you. My firm arose out of my advocacy in the cannabis industry. Contacts in the industry saw how passionate I was about the work I was doing, asked for my help publicizing their companies, and I turned it into a business that’s been going strong for 10 years. – Evan Nison, NisonCo
Test and Experiment
Test. Gather data. Iterate. Do not consider it a stumble if you don’t immediately connect with the market. Use it as an opportunity to hone and refine versions of your message until you land on one that resonates. It’s a crucial step in establishing a solid foundation for growth. – Michael Klein, cannabisMD
Reexamine the Brand
When you’re struggling so hard to find where a brand fits, reexamine the brand. Entrepreneurs sometimes fall so in love with their own ideas that they need to see them to fruition even when the marketplace is just not there or the brand is too niche. Be willing to see reality and readjust as needed to bring your brand forth successfully. – Cate Rubenstein
