When starting a business, rule number one is to know who your customer is. Knowing your customer is the foundation for any successful venture because it will influence your content, marketing, product development—basically every aspect of the company. Yet, deciding on a niche isn’t always easy. The initial temptation is to go broad so that you’re not excluding potential customers. The result when you try to sell to everyone is that you sell to no one. A more solid approach is niche marketing which refers to a strategy that focuses on a unique target audience.
Find out what you love
If you don’t really care about the work you’ll be doing you definitely won’t be successful. Being an entrepreneur has a lot of ups and downs and the only way to get through those periods is to have a passion for the work itself. Your niche should arise naturally from your goals, interests, and values. The best ideas for a niche market will come from your own experience.
Survey your target market
Once you have a preliminary idea for a niche, survey that target market to uncover their pain points. Take a look at sites like Facebook, Twitter, Redditt and Quora to see what dialogue people are having. What questions are they asking and what problems are they experiencing? Facebook is especially useful because you can join groups where your target market is present and be a part of their conversations. Offer to help people with their issues and start testing your product or service that way. Create a Meetup group so you can get ideas by personally interacting with your target audience. Surveys are another option to better understand your niche. Tools like SurveyMonkey make it easy to create custom surveys without all the complexity.
Research the competition
No matter what niche market you are pursuing, you should definitely investigate your potential competitors. Is there even a market for your niche? Start entering keywords into Google that your target audience would use and see what appears. Is there an opportunity for you to stand out in the crowd? How will you plan to differentiate yourself? If you find a keyword that has substantial traffic but little competition and paid advertising, that might be an excellent chance for you to insert yourself into that market. Also, take a look at your competitor’s content and see how valuable it is. You might be able to uncover an opportunity to deliver a superior product.
Once you have found your niche, find out more about how to make the perfect business plan and get started on your entrepreneurial journey!