5 Keys for Defining Your Niche Market and Secrets for Finding the Right Niche
Defining and Secrets for Finding the Right Niche
Too many small business owners start out thinking that they need to be all things to all people. They believe by not doing this; they are leaving business on the table. However, this attitude can increase your risk of burnout, confusion, exhaustion, and ultimately failure. By taking the time to define a specific niche, you and your customers can know exactly what to expect. Here are five keys to help you when defining your niche.
Key #1 – Define Your Ideal Customer
Rather than picking a broad category of customers, narrow it down, considering things like gender, hobbies, geographic location, employer, occupation, etc. When you take the time to define your ideal customer you are also clearly defining the language you use and pinpointing the platforms you’ll use to engage with your customer.
Key #2 – Pick an Industry to Serve
You have to have a passion for what you do, or you won't be able to continue your forward movement when you face challenges and setbacks. Ask yourself the following questions to help you narrow your choice down.
• What industries do you know?
• What industries do you have influence in?
• What industries do you love?
• Is there an industry that is the answer to all three of the questions?
As an entrepreneur, you get to choose where you'll work, so it is essential to take your time and choose wisely.
Key #3 – Specialize in a Specific Product or Service
Too many small businesses make the mistake of trying to offer every kind of service or product that is available for their market. The entire purpose of defining a niche is for your business to be known as a specialty. When you clearly state your specialty, people can catalog it and refer your business much easier.
Key #4 – Look for an Ignored Audience
There will always be groups of people who have specific needs or conditions that make it difficult for them to find service providers. If you market well and provide them a platform to share their story of your business specialty, they can help you build your business with referrals.
Key #5 – Be in the Know
There are numerous ways to find out the trends in your niche. You can set up an RSS Feed to keep up with top industry blogs, work the hashtag searches and listen to social media, or just Google the information.
Work through these five keys to help you gain clarity and set your business up for success. Get your target niche’s attention and set your business on the right path.
When trying to find a profitable niche, you may receive the standard advice, "do what you love." While this isn't wrong, doing what you love isn't enough. Just because you love something doesn't mean you'll be able to make any money from it. Here are five secrets to finding the right niche that will be profitable.
Secret #1 – Brainstorm All Possible Ideas
When it comes to finding a profitable niche, you want to take the time to brainstorm all the possible niche ideas that you can. You can start by asking yourself, “what subject have you read five books about?” If you’ve taken the time to study the subject, you've shown an interest in it. The point of brainstorming ideas is not only to find what you enjoy but what you're good at.
Secret #2 – Find a market That’s Easy to Target
Conduct some research online. Are you able to quickly target the market? For example, if you look at ads on Facebook, are you able to target specific audiences that fit the customers in the niche market? If you aren't able to cost-effectively reach the target audience, you're setting yourself up for failure.
Secret #3 – See What People are Already Buying
If you find a market that doesn’t have any competition, it is a huge warning sign. This usually means that there aren’t enough buyers to sustain the market. Instead, you want to investigate the competition and find out what products and services they are already selling.
Secret #4 – Analyze the Core Problem in the Market
During your research, try to determine the number one problem that customers in the market are having or their biggest desire. If you know where to look, this information is easy to find. Finding this information will allow you to understand what people are buying and exactly what motivates them to make a purchase.
Secret #5 – Offer a More Enticing Solution
This could come in the form of a cheaper solution or a more complete solution. There are a lot of ways to provide customers with a more enticing solution. You have to find a hungry group of buyers if you want to be successful.
When you find the right niche market and provide the right offer to customers, you can gain more traffic to your website and convert those visitors into sales. Learning these secrets to finding the right niche will help you become successful in your online business.