So you started a business and you ran into some trouble finding your niche. Several simple strategies to identify and expand a profitable audience.
Now that you have gotten the ball rolling, it’s time to define your business. A lot of time and effort will go into marketing your product or service to potential customers. Not every customer is a potential one, therefore, a lot of time, effort and money might end up wasted if they get targeted by your marketing strategy. The solution to this is to find your niche market.
More and more niches are coming up and it is up to you to explore them. They range from age groups to religious folk, from gender sensitive products to political affiliations. Knowing exactly who you will deal with is very important for the growth of your company. Developing your product, marketing, and even pricing depends on how well you know your customer.
Contrary to popular belief, a niche is not easy to find. A number of business people believe that nobody else has tried their niche before or even knows about it which is wrong. There are a couple of things to consider when looking for your niche. Here are some of them.
Conduct a Survey
This will help you to determine the profitability of your niche. A simple survey will show you what your customers want or need, the problems they experience. It will also help you to find out why other companies have not ventured into a particular area.
Come Up with a Potential Solution to an Existing Problem
Business is generally a solution to a problem with a profit. If you can find a solution to a problem that the customers you target have experienced before, you have your niche.
Look at the Competition
Sometimes, your competition can act as a platform for you to learn from. Their mistakes, shortcomings, and abilities (or lack of) are an opportunity for you to take advantage of. Some of the chances to take might be a chance to provide better quality, a provision for better pricing for the customer, better business practices and better relationships with the buyers.
Investigate your competition to know what they are all about.
Determine How Profitable Your Niche Is
Profitability is one of the reasons for a lack of competition in the market. There might exist an opportunity to serve the buyers in the market, but it may not be viable. Chasing a loss-making venture is one of the reasons that 9 of 10 businesses fail in their early stages.
Put the Target Market to the Test
Sampling your product in the market is a bit risky and costly but, very worth it in the end. It is the only way to know whether your business will succeed or fail. Once you try, you will be able to find your exact position in the market.
Testing the market also enables you to make changes to your product to enable you to penetrate even further into your niche.
Kickstart Your Business Now That You Have a Few Tips on Finding Your Niche Market
Targeting your niche market and getting it right will be vital for your company’s success. It saves on costs, time, effort and indeed manpower. Marketing your product to a specific sector of the whole market also helps the customers to know you and your product better.
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