Frankie Quiroz on Building Brands Using Underserved Niches: A Case Study
As the saying goes, for online businesses the riches are in the niches.
Why? Well, currently, there are an estimated 12-24 million ecommerce stores globally—and that translates to an incredibly competitive field for online retailers.
I’ve experienced this myself with our ecommerce clients. When we work with these clients, one of the first things we do is ask them to identify their niche. If they can’t or if they don’t have one, we nail that down before moving on to anything else.
27 year-old entrepreneur Frankie Quiroz is no stranger to the importance of niches. When he launched two ecommerce apparel brands, he recognized the need to stand out. That differentiation was key in his ability to scale them to seven figures.
For Quiroz, picking a niche was personal and strategic. I took some time to learn more about his journey and how his story can help other entrepreneurs find a niche to capitalize on.
Q: Can you walk us through the process of identifying a niche for your business?
A: The best way to find the perfect niche is by finding the perfect customers. If you can find a major problem or desire that is being underserved, you can then focus on what products or services will fill that gap.
For example, the fitness industry is an ideal combination of size ($100 billion) and consumers that are disciplined and willing to pay for products that help them hit their goals. When products fit a certain lifestyle, they create an emotional attachment. This is where niche items can be extremely profitable.
Q: At what point do you know if a niche brand or product will be a success?
A: You can tell if you have a great product or brand when you are hitting the right price point ($100 to $150 tends to be a sweet spot), have the ability to advertise on all platforms, have an accessible target group of influencers in that niche, and have the right customers that are willing to spend for quality products.
Think of influencers as a quick validation of your niche. If influencers are serving the target audience you are going after, this means there is a market and people are willing to spend money on products within this market.
Q: What if consumer interests change over time? Should that be a concern?
A: The main things you should care about are sales, marketing, fulfillment, and your customer experience. Sales really can cure all problems within a business, so focus your time on learning how to advertise to new customers and provide entertaining content to your current customers.
Our customers are loyal because they support our brand, not just the product. Our marketing reflects their lifestyle and image, which resonates with them.
Q: How different was the process of launching your first brand versus the second one?
A: The process for launching both brands was very similar. We found a hole in the market and moved strategically to execute on the opportunity.
When I launched my first brand, Tuned in Tokyo, all the stars were aligned. I had the passion for clothes and cars so it just made sense to bring the first streetwear brand in the automotive industry.
With my second brand Drip Creationz, it came to us as a unicorn opportunity. I was itching to get into the footwear and accessory industry for so long and found the perfect moment to sync all our creativity.
We’ve built a formula from experience over the years and just funnel our brands through this formula.
Q: Competition is fierce in ecommerce. What are the most important things to keep in mind when brand-building for ecommerce specifically?
Yes, competition is no joke in the fashion industry and in e-commerce brands. The most important thing is that your business is only as big as you are. I rarely spend time looking at our competition but i’m constantly obsessed with learning and getting better. The more you learn, the more you earn.
If you do your research, you will find that companies at this level have laid out the blueprint for success and are continuously inspiring trends for the now and the future. I incorporate some of their flavor and elements in my industries and combine this inspiration with our own look to create something completely new.
Q: If you could do one thing over in your journey, what would it be?
I wouldn’t change anything about my life and I honestly have no regrets. I have accepted my failures, mistakes, and disappointments. If it weren’t for these experiences I wouldn’t be the person I am today, and I love who I am striving to become. For the entrepreneurs reading this, be thankful for the challenges you’ve had. This weaves into your DNA and gives you the life experience to tackle major business challenges.