How To Identify And Get Vast Business Potentials In A Niche Market
If you are a budding business man with a great idea to do business in the competitive marketplace, you may think you areready to roll. But actually not! Before going any further, there is a major step ahead; determining what comprises your market.
There are two market types: B2C and b2B. If you are designing and selling women’s clothing in your own boutique, then it is a business to Customer market. If you are designing and selling to another retail store, then it is a Business to Business market. Some businesses can operate both B2C and B2B. But none of them can make everything for everyone.
To be successful in your business, you need to carve your niche in the marketplace. Niche market is a small segment market which is nothing but narrowing down your focus towards one major product or service and defining your target market. Creating a niche is the key to success and has been serving as an unbeatable business technique even for bigger enterprises.
How to discover your niche?
The toughest part for any business entrepreneur is to identify his niche. There is never an unknown niche. It is just that they are unknown to you. Here comes 4 steps to discover your niche market.
1. Identify your values
Try to answer these questions.
- Why do you want to run a creative business?
- Where do you see yourself in a decade?
- What is the legacy you want to leave behind?
- What is it that is really important to you?
- What are the 5 specific values which describe you the best?
All the above questions are important and require a more specific and precise answer. If you are able to derive and identify them out, then you have come up with something which cannot be replicated.
2. Identify your passion
Believe it or not, a touch of your passion has the power to make wonders to your business. How to bring your passion-factor into your niche market? By finding an answer for the below questions.
- What is the change you wish to see in the world?
- What is that which is pricking you and trying to get out of your head?
- What are you obsessed about?
You are definitely the one who knows what you want. But under certain circumstances, it is not wrong to contact 5 people from your circle of trust to get an answer for the above questions from your behalf.
3. Identify your strength
Again the buddy-technique can be implemented here as well, to understand better about your strengths. Otherwise, try answering the below questions.
- What is that you see in yourself which you don’t see in others?
- What is the one good thing which you did recently?
- What do you want to be known for?
4. Identify your customers
Answering the below questions is the most important of all, in identifying your niche market.
- Who will buy from you?
- What do you know about your potential clients?
- What kind of retailers will buy from you?
Also perform an analysis about your customers, what are their interests and hobbies, what is lacking in them, what is their major necessity, what is their specific requirement in their locality and so on.
When you combine the above four areas and perform an intersection, the overlapping area of intersection is the ‘sweet spot’ which is your niche.
How to succeed in a niche market?
Now that you have identified your niche market, what are the factors which determine your success in it? Let us see them in detail.
1. Satisfy your customers’ needs
‘Customer is the king’. When you fail to abide by this slogan, even the finest marketing technique serves no purpose. Pay attention to their needs, worries, complaints and feedback. It is quite difficult to understand customer psychology. But you need not break your head for that. Just offer the necessary communication channels through which customers can communicate and get benefits from your service.
2. Focus on content
‘Content is where much of the real money will be made on the internet.’
-Bill gates, 1996
As rightfully predicted by the windows makes about a decade ago, ‘content’ is the mantra of the digital marketing domain. A research says that content marketing can grab 3 times more leads than traditional outbound marketing techniques, at the same time reduces your marketing cost by 62%. Craft a unique content which impresses the industry, spreads your philosophy, serves the purpose for your clients and attracts eyeballs.
3. Go the SEO way
As far as SEO is concerned, the mistake which many niche marketers make is to skyrocket the process, which is totally wrong. SEO is a long term, slow and steady procedure which offers realistic results. Performing a research on your niche market keywords based on the regular usage by audience helps you to understand their deepest desires.
4. Analyse the competition
Knowing the level of competition in your niche market can help you to understand whether the domain is profitable or not. When you start performing well in your niche market and more the profits you earn, the rivalry also increases. Keep a close watch on your competitors and keep track of their activities. Do not perform unethical methods, which can lead to your degradation as well. Make sure that by finding what your competitors do, you also tend to stand more unique in the market.
The challenges in the journey of niche marketing can be tough, but the ultimate glory to success is not at the farthest reach, when you stay focused and motivated with everlasting passion. So good luck folks on your niche marketing venture!