Niche markets are sort of like finding a little cubby hole with benefits and negatives to be carefully weighed out. Finding a niche is somewhat difficult in some fields. Very few people are able to find something that will work for them; however, the niche market is becoming a much more achievable concept and will continue to improve.
This improvement can be attributed to the current move in industry toward variation and versatility. As an example, one hundred years ago farming was marked by self-sufficiency. One farmer may have had cattle, hogs, horses, 40 acres of corn and a huge melon patch. Being able to provide for ones own needs was imperative. Generally the concept of raising something different was looked down upon.
Niche markets may be ignored or discounted by large businesses due to what they consider to be small potential. This in turn is part of the process that makes the niche market available to smaller businesses. The key to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already.
Focusing on a niche market enables you to reach the consumers with the frequency and quality to generate the awareness required to win business. That is the power of focus. Because an agent runs a very small business in comparison to the entire market, it is critical to identify a niche and serve it properly. First, there are plenty of niche markets to choose from. There are literally thousands of under served niche markets developing every day.
The more specialized your niche market the better off you are, as long as the market is large enough for you to generate the volume of business that you need. A specialized market can be more easily mastered by a small organization. Every nook and cranny of it can be sloughed and farmed, like a small, fertile plot of land.