Every entrepreneur needs to know that to be successful in niche marketing you need to be first, best, or different.
can offer great rewards, until the other guys find out about what you are doing. Presuming the market is big enough for more than just your firm, it is highly likely that the competition has been studying the market opportunity just as long as you have. Instead of taking the plunge, they hesitated and decided to watch and learn from your successes and failures.
Being the "best"
in the eyes of your customers may seem like nirvana for entrepreneurs, but it can be exhausting. It takes an outright obsession to be the best and you always live with the fear that everyone else is out to knock you off the top of the hill. The bigger the market and the more competition, the more this is true.
Being perceived as "different"
in the minds of your customers is the core of a successful niche market strategy. If your customers believe that your product is different and better than the competition, you have struck gold. Your product's actual differences are far less important than what your customers think is different. This perception is everything.