According to in-depth research, a third of UK's fastest growing companies see design as integral to their business, while only 11 per cent of businesses with a decreasing turnover have this view.

The figures confirm impact of design across sales, profits, quality, share price, market share and competitiveness.

Using design throughout your business ultimately boosts bottom line by helping you create better products and services that compete on value rather than price.

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If you want to find out how you can improve your financial performance through design then contact sales@trulyace.com

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Truly Ace offers creative unique and cost effective logo design, commercial illustration, graphic design, and web design services.

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Use this analysis to decide what degree of specialization your product or service calls for. Will operating in a niche mean alterations to your product or service? Can you offer flexible service solutions?

Identify areas where customers’ needs aren’t already being met and look for competitive edge by adding features or offering a value-added service that isn’t currently available.

Conduct research to see if there is a group of customers that your competitors are failing to reach and consider how your product or service could be updated or adapted to attract them.

Explore how your customers buy from your competitors. Can your product or service be sold in a different way – over Internet or through a mail order catalogue? Once you’ve completed this analysis use information to identify customers that have things in common and things that make them different from others buying in that market. Then create a profile of these customers and use this as basis of market research to ensure niche is viable.

Step 3 Appeal to Your Customers

Now that you have a good idea of what your target group want, it is up to you to make sure that you appeal them. Meet their unique needs. The benefits you promise must have special appeal to your market niche. What can you provide that's new and compelling? Look for ways to tailor your product or service to meet unique needs of your prospective clients.

Say right thing. When approaching a new market niche, it's imperative to speak their language. In other words, you should understand market's "hot buttons" and be prepared to communicate with target group as an understanding member--not an outsider. In addition to launching a unique campaign for new niche, you may need to alter other, more basic elements, such as your company slogan if it translates poorly to another language, for example.

In instances where taking on a new niche market is not impacted by a change in language or customs, it's still vital to understand key issues and how they prefer to communicate with companies like yours.

Step 4 Test and Review

Step four is to test and review. Always test-market. Before moving ahead, assess direct competitors you'll find in new market niche and determine how you will position against them. For an overview, it's best to conduct a competitive analysis by reviewing competitors' ads, brochures and Web sites, looking for their key selling points, along with pricing, delivery and other service characteristics. But what if there is no existing competition? Believe it or not, this isn't always a good sign. True, it may mean that other companies haven't found key to providing a product or service this niche will want to buy. However, it's also possible that many companies have tried and failed to penetrate this group. Always test-market carefully to gauge market's receptiveness to your product or service and message. And move cautiously to keep your risks manageable.

By now you should have a pretty good indication of which niche market you are going to focus on and whether this is right market for you. Remember what you have learned from your clients, be responsive to them and trust your research.