Companies in niche software needs face unique challenges when selecting software from the few vendors that serve their markets. Use this simple six-step selection strategy to choose the right vendor for implementing business-critical processes.

Niche Market, but Big Selection Issues

Companies that operate in niche markets use widely available productivity suites, such as MS Office for standard enterprise operations. When it comes to their specific needs, however, they must use niche software to help them drive their business. Examples of niche software products are:

• A maintenance scheduler for tomato processing equipment.
• Computer lab management software.
• Lease management software.

Software vendors that focus on niche software can charge significant premiums on their product because there is:

• Very little competition. Fewer vendors want to, or are able to, service niche needs. This increases the opportunity for vendors to stake out a monopoly position in the market.
• High levels of customization. Customer requirements in niche markets differ significantly from the larger market. As a result, companies require customized solutions, or additional features specific...