Spa management

Running head: NICHE MARKETS

1

NICHE MARKETS

Niche Markets Online Discussion Assignment Sample Student Submission The Humber College

Niche Markets

Summary

Specialize or Generalize?

The main concept of this article is to emphasize that you don’t have to “know it all” to be successful, rather, it is better to be really good at one thing specifically and work hard to master that one thing in order to see positive outcomes. Furthermore, to be successful, one must have a drive and a passion for what they do. This article exhibits an example of not liking hair, nails, and makeup, but yet being a master at skin care. Overall, the general idea is that in the business world, becoming proficient in a niche topic or market is better than trying to be good at everything.

Know Thy Niche

This article begins with a comparison of the Darwinian Theory. Being a niche market calls for uniqueness, or something no one else has done before. This is the key to “survival” in the spa business world. Identifying who you are personally, but more importantly, professionally, is essential to climbing up the niche ladder. Finding a target market is also necessary in order to build your clientele in the most suitable way. In an industry like this one, it can be difficult to “win over” clients from the competition because products and services are so similar, if not identical. However, one thing to keep in mind is that everyone’s personal touch is different, and thus, there are many ways in which you are still able to build a client base, just by the initial meeting. Keep yourself updated and informed about the world you live in so that you will know how to target what clients are seeking.

Critique

Specialize or Generalize?

Beginning her article with a personal thought she strongly believes in was a great way for Jane Wurwand to capture the attention of readers, as it allows for debate/conversation. Throughout the article, she continues to give her readers advice, which shows that she actually cares and is not just spitting out random thoughts. She makes her statement, provides reasoning, and advises us what to do and what not to do. For example, she states, “Many self-help and business gurus advise that you should broaden yourself in order to achieve excellence. This means identifying what you're not so great at and trying to make yourself better at it. My advice on this subject is to focus relentlessly on what you're great at, and then polish this passion and specific skill night and day” (Wurwand), which clearly demonstrates that she has experienced this type of situation and doesn’t want her readers to think that not being an expert at everything is a bad thing.

Know Thy Niche

Annet King focuses her article on the idea that being up to date with the current trends in the spa market and finding ways to keep clients informed and interested is essential to surviving in the niche section of the spa industry. Like the title establishes, knowing what you have a passion for as a long term career is a necessity. However, knowing how you are personally going to execute that passion and turn it into a business to build your reputation is the bigger process. King points out the truth about competition being “tough” in her article. She says, “A ruling principle of business is that it is less costly to retain clients than it is to hunt down and capture new ones” (King). This is true, as so many existing spas have already established themselves in the industry. However, for an entrepreneur that is just starting up, they have no clientele, therefore they have to work their way up, through marketing strategies and finding the market they are directing their products/services to.

Insights for the Spa Industry

In the spa industry, a niche based market would be advantageous because esthetics is a very practical field, which calls for neatness and careful work. Also, you have to love what you do in order to be successful in this industry. There is a broad spectrum in the esthetics field, from cosmetics to a more medical side, which allows people to find their true passion and working on mastering the fine details of that niche. For example, product knowledge is what refrains me from liking skincare but I absolutely love the feeling of smooth skin after a fresh wax. Therefore, I can work on perfecting my waxing skills while I still have the background knowledge of skincare. This is what makes niche markets in the aesthetics industry so beneficial.

Discussion Questions

1. Why is it important to have a target market in mind when starting up a niche business in the spa industry?

2. Name one advantage and one disadvantage of a niche market. Explain.

References

Wurwand, J. (n.d.). Specialize or Generalize? The International Dermal Institute. Retrieved March 26, 2018, from http://www.dermalinstitute.com/us/library/39_article_Specialize_or_Generalize_.html

King, A. (n.d.). Know Thy Niche, The International Dermal Institute. Retrieved March 27, 2018, from http://www.dermalinstitute.com/us/library/40_article_Know_Thy_Niche.html

Sample Student Submission