10 Questions to Ask When Writing a Business Plan Competitive Analysis

8. What Market Segments Might Your Competitors Be Overlooking?

While looking for markets that your competitors are targeting, also try to spot niche market segments that they might have overlooked. These may represent great opportunities for you to grow and obtain market share.

Niche marketing can be especially effective for smaller businesses whose resources are more limited than their larger competitors. Rather than focusing your marketing efforts widely on a large universe of prospects, you can focus more narrowly on a tightly defined niche segment of individuals who are the best possible prospects for your company. Doing so will save you time, money and resources, and will likely be more effective in the long run.