Identifying a niche is crucial for several reasons:
Market Differentiation: By focusing on a specific segment, you can differentiate your business from competitors that serve a broader market. Efficient Resource Allocation: Concentrating on a niche allows you to allocate your resources more effectively, be it time, money, or manpower. Customer Loyalty: When you meet the specific needs of a niche market, you are more likely to build strong relationships and customer loyalty. Reduced Competition: A well-defined niche often has fewer competitors, making it easier for your business to stand out.