subject: Is Your Market Niche Doomed To Failure In A Tough Economy? [print this page] When the bottom line deteriorates due to a poor economy, it's time to start figuring out whether your market niche has any useful marketing life left. If you were one of the people who owned horse-and-buggy companies when the automobile first came out, your market niche was doomed, but you probably didn't know it because the Great Depression was slowing everyone's sales down.
The fact is that depressions and recessions have a way of spurring innovation and business creativity as business owners seek to provide a solution to the market to create demand for their businesses. If that innovation impacts your market niche, you may be in trouble, but otherwise, many of the same market niches will continue to exist, but only the proactive business owners will be able to survive.
What Happens Might Depend On You Before you throw in the towel, think about the ways you can become more adaptable to the changing market. Have you looked at where your traffic is coming from and if that's changed? Have you reviewed your advertising campaigns? Have you figured out where the demand is for your market niche? Do you know who is buying and why? Are you asking for feedback from your customers?
Many questions are going to have to be addressed to be as proactive as you can be to help your business survive. What Innovations Are Impacting Your Business? Many are not right now, as the green economy is not enough of a threat to your business to warrant attention. But, what happens if a stimulus bill is passed to make them highly competitive? Do you know what you can do to play in that ball field? How might you thrive or go bust if such a thing occurs?
Keep an eye on government regulations during this down economy as they can severely impact your market niche, quite often overnight. Can You Widen Your Market Niche? If you see that things are going to be tough, why not try to gain some market share in previously untapped markets? You can do this on the Internet very easily by trying to find ways to appeal to newer foreign markets or demographics.
You might even find uses for your products and services that appeal to people having a tough time right now; all you need to do is communicate how your market niche can serve their needs too. Don't throw in the towel until you've reviewed things thoroughly, and then, make an informed decision to go forward, change your strategies, or close your doors.
