Choosing a niche is vital when starting a small business in the Philippines. But how do you find your niche in the Philippines? Today we will be exploring this question by looking at niche market examples in the Philippines, different types of niche products in the Philippines, and how you can grow as a niche business.
What Is A Niche Product In The Philippines
In its simplest definition, a niche product is a product that is targeted at a certain type of customer. Therefore, if a product has a general appeal, it is typically not a niche product. However, if the product is only purchased by certain consumers or sold in certain markets, it is likely to be a niche product in the Philippines.
So let’s look at some niche product examples for further clarification.
Niche Products Examples In The Philippines
The Vegan Grocer PH: This growing health food store has several niche products targeted to a vegan audience. Their shop is located in metropolitan Manila. It has several products, from chocolate to sauces. All of their products are 100% vegan, and these are fantastic illustrations of niche product examples in the Philippines.
My Best PH: This handy website focuses on cosmetics and skin care; in one of their recent articles, they discussed products perfect for oily hair. These products (shampoo for oily hair) are niche product examples in the Philippines, targeting a specific audience.
Hanford PH: You can find many niche product examples through their catalog. For example, their men’s running brief. This product is tailored toward men who enjoy running but do not want to be uncomfortable during their jog.
Why Do Companies Make Niche Products
As we know, business competition can be extremely competitive in the Philippines. Large companies can produce a huge number of products quickly and cheaply, and therefore it can be very difficult for smaller businesses to compete. Focusing on a smaller market can allow small businesses in the Philippines to compete with larger businesses by focusing on a certain type of customer or product/service.
For example, it allows business owners to focus on the smaller niche markets, which can be dominated much easier and is often the quickest way to grow a business. In other words, small businesses in the Philippines focus on producing niche products as it allows them to grow and beat larger corporations who may not be focusing on the smaller niches of the market.
What Is A Niche Market In The Philippines
In the simplest definition, a niche market in the Philippines is a small part of the larger market. This smaller part of the market focuses on a specific customer or a specific type of product. Niche markets can be defined by the price range, quality of products, or demographic factors.
Niche Market Example In The Philippines
It is important to look at niche market examples in the Philippines to explore niche marketing in more detail. To do this, we shall first start with our big markets. The first example is the business market, the second example is the fitness market, and the third market is the beauty market.
As these industries & markets are very large, it would be difficult for a small business to focus on all parts of the market and succeed. Therefore we will need to niche down to help build and grow a successful business. But it’s important not to niche down too much as this could negatively affect the business.
Niche Market Example 1 – Dropshipping Training For Filipinos
As mentioned above, the first example includes the business market; therefore, we shall choose a sub-market which is dropshipping in the Philippines. However, to go one step further, we have focused on training for beginners. From research, this is a big enough industry to be profitable but not so big that it is impossible to penetrate.
Niche Market Example 2 – Fitness For Moms At Home
The fitness industry is huge, and it is only getting bigger. Here we looked at the general market of fitness but focused on the submarket of moms. Because many mums are also working online from home, it makes sense to focus on this niche market. We could even dive deeper by focusing on a country such as the Philippines or even a specific region.
Niche Market Example 3 – Fake Tan For Bodybuilders
In the Philippines, there is no demand for sun beds and fake tans, but in other parts of the world, looking brown is considered healthy, and many Europeans use sun beds and tanning products. A niche of this market is bodybuilders. Many bodybuilders use tanning products before a big show as it defines their muscles on the stage.
How To Find A Niche Market As A Small Filipino Business
Not all businesses will need to niche down; new markets are often created with little competition. For example, in recent times, the NFT market was created. We released 4 guides on investing in nonfungible tokens in the Philippines, and within a day, we were number one on Google for several search terms as there was very little competition.
1. Research 98% Of The Market
Research is one of the most important stages for any new business. This is especially true if you are trying to find a niche market in the Philippines.
Let’s look at one of the biggest markets: food. If you are starting a food business, you need to know what kind of customers eat out, what kind of foods they like, what their budget is, do they prefer cheap eats or do they like a 3-course meal? Market research will allow you to see smaller gaps and niche markets within your industry.
2. See Who Is Not Being Served
Even though it is hard to believe… not all customers in the market are being served. In other words, there are still plenty of opportunities, and one of the best ways to find these gaps is the question of who is not being served in the current market? It’s a good idea to change the demographics from what is considered normal in your market and ask yourself, are these people being served? If the answer is no, there may be an opportunity for a niche market within the industry.
3. Don’t Think About Niche Marketing
Ironically, one of the best ways to find your niche market is to not focus on it; This doesn’t mean that you ignore the process but instead look at the idea without judgment. For example, many years ago, no one would ever believe that animal clothing would be so big, but millions of products have been sold in this market niche!
How To Choose The Right Niche Market In The Philippines
When trying to find a niche market in the Philippines, the ideal niche is an audience large enough to become profitable but not too large that it has a tonne of competition. In other words, when choosing a niche market in the Philippines, entrepreneurs need to find niches that are small but not so small that they are unprofitable.
Research is one of the most fundamental stages when choosing the right market for your business. This includes focusing on the supply and the demand, including any potential competitor. However, wider research is also needed, including the industry, regulations, and financial implications.
When you have found your niche (or your niche has found you), you need to ensure that you and your business can serve that niche. For example, can you produce the quality of products or deliver the service the audience is expecting?
At this time, if you are finding the pursuit of a niche market difficult, a great idea is to listen to the people in your market. For example, what are the reviews on Lazada saying? What are the biggest posts on Reddit talking about? What is the feedback from Facebook groups? This is also a type of research and can give business owners valuable market data.
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