How to pinpoint your niche?Let's say you have a great idea for a business. But before you go any further, you need to determine your niche and target audience. No business, especially a small one, can sell everything for everyone. The narrower the niche you have chosen, the more specifically you can formulate who your target audience is, the better for your business.
Here are a few tips on how to define your own business niche.
The main concepts of successful entrepreneurship when choosing a narrow niche are:
Offering a unique product or service to the market. The best option is to become the only supplier of such a service and find a way out to your buyer. An example is the tailoring of Medieval outfits. The target audience is theatres, historical museums, participants of ethnic festivals.
Product demand-before betting on uniqueness, it is necessary to conduct marketing research on its demand. Otherwise, you can create a unique, but the unnecessary product, which will lead to the bankruptcy of the business.
Availability of a niche involves studying competitors, their size, and volume in combination with availability. High demand and the absence of competitors is the most successful option for entering the market.
The development of a marketing strategy is a set of measures aimed at establishing communications between the company and its target audience. Niche businesses often face the problem of low awareness of potential buyers about the specifics of the product that meets their needs.
Define with whom and for whom do you want to do the business. Be as specific as possible in determining your target audience. For example, determine the geography and types of businesses or customers that all your efforts will be directed at. If you don't know who you want to do business for, you can't build effective communication. The narrower your business niche is and the more specific the target audience is, the better.
Clearly define what you want to sell. Please note that the niche does not coincide with the area that you have chosen for doing business. For example, the retail sale of clothing is not a niche, but a field of activity. But the sale of clothing for pregnant businesswomen is already more like a niche.
To make a decision faster, here are some simple tips:
1. Make a list of the things that you do best and the skills that are required to perform each of them.
2. List your achievements.
3. Identify the most important lessons that you have learned in life.
4. Analyze how you approach solving problems when they arise.
A niche should naturally come out of your interests and experience.
Look at the world from the perspective of your potential customers, in this way you can determine their desires and needs. The best way to do this is to talk to potential customers and identify their main pain points.
Summarize. At this stage, your niche should begin to take shape. Your business ideas and customer needs should be combined into a single whole. Five qualities define a good business niche:
1. It takes you where you want to go. In other words, it corresponds to your long-term vision of yourself.
2. Someone else wants what you want to create, those are your potential customers.
3. Everything is carefully planned.
4. It is the only one of its kind.
5. It allows you to have different profit channels.
Test the strength of everything that you have come up with for yourself. Arrange a test drive for your product or service, test it on your target audience. So, give people the opportunity to buy/try your product or service, and look at the reaction. It is not necessary to launch a full-fledged business and spend a lot of money at the same time. For example, take them to a free mini-seminar or provide them with samples of your product.
It's time to implement your idea. For many entrepreneurs, this is the most difficult stage. But do not be afraid, if you have thought everything through and followed our advice, then entering the market will be as comfortable as possible for you and predictable in a good way.