Although many companies strive to secure success through besting the competition, another approach toward that golden ring is the establishment of a business that thrives in a select niche—particularly where competition doesn’t exist.
As BusinessWeek reports, such an approach becomes possible when a business effectively negates competition by “owning” its own space. Avenues to this level of niche establishment include solidifying brand identity, fostering “microcelebrity” buzz, and divining grassroots approaches to ongoing monetary success.
