The Niche Code by Rajeev Roy
There are books that are machines to think with, as Ivor Richards described them. And there are others that are tools to work with. The Niche Code by Rajeev Roy belongs to the latter category. The promise of the code is in the subtitle of the book – Building big businesses in small markets. In periods of uncertainty, markets get smaller in size, but sales still have to grow. Finding niches where growth can continue is one strategy that can help. The Niche Code lays out a banquet of ideas to choose from in discovering, nurturing and growing niches
India, as the introduction points out, is a niche maker’s dream come true, thanks to the complexity, diversity and fragmentation of the markets. Roy builds on this theme spotlighting places where you can look for great niche ideas, including underserved communities, emerging habits and hybrid markets. In describing who the book is meant for, Roy lists those who work in large organisations. Says Roy: “… this book will help you spot new growth opportunities that your competitors can’t see. It will help you innovate from the edges, not the centre,” a lens that’s likely to be valuable for sales professionals
The book is arranged in 4 sections – Why, Who, How, and What next. A niche, according to Roy, is not a mere market subset. It is a focused intentional space built around specific unmet needs and deep Customer understanding. The Who section traces the contours and many shapes of a typical niche. Consider the case of a pet food maker in a metro city whose story illustrates how niches work. Pet food is a fiercely competed space. Yet the company in question found an untapped sales opportunity among the affluent who adore their dogs and regard them as family. In selling fresh, organic, handcrafted dog food, the company built an enduring market with the high-income pet owners.
The Niche Code uses success stories to derive lessons and insights from which it builds frameworks for making the most of niches. Under the Who Section, there are details of how to spot a perfect niche and choosing a niche that works. The How section, that would be most helpful to promoters of new enterprises, discusses niche product strategies, approaches to branding, pricing and perception and choosing the channels that make niches work. The final section deals with the path followed by niche brands in going mainstream and where niches are headed next
For a sales professional the 8 frameworks Roy lists to spot a niche could provide actionable ideas to “hunt for the unseen” opportunities to maintain sales momentum in uncertain demand conditions. A quick listing of the 8 frameworks – (1) Unmet needs (2) Underserved communities or buyer groups (3) Emerging trends, which can be tech or cultural shifts (4) Needs of specialised skill practitioners or passion enthusiasts (5) Geographic niches or micromarkets (6) Value based niches aligned to lifestyle beliefs (7) Price based niches, viz., ultra-premium and ultra affordable (8) Hybrid niches, combining some or many of these elements.
As one of the reviewers has observed: “Niche is a powerful, often overlooked strategy for all businesses, big and small … and this book tells you how to go about it”
Author Information: Rajeev Roy is an IIM Ahmedabad alumnus who is an educator, entrepreneurship evangelist and start-up mentor actively involved in varied entrepreneurship development activities with governments, educational institutions, incubators and accelerators in several geographies across Asia and the Americas. Currently he is Director First Bridge Business School, Gurugram
"When the winds of change blow, some people build walls and others build windmills."
— Chinese Proverb
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