Think of a road trip in a car and without GPS or a road map. It may sound like a really great adventure, rich in life lessons, but you would have some serious headaches along the way.
Besides driving around in circles you will waste precious time, money and fuel without even getting close to your destination.
Then, you’ll probably decide that it’s time to give up on this adventure of yours and simply drive back home.
That’s what might happen to you if you decide to go into business without defining your niche. It doesn’t matter what kind of business you get into, whether it’s an online enterprise or a traditional brick-and-mortar business, you will feel like you’re driving in the dark without clarity of your Niche.
In a business, if you waste your time and money without defining your target audience, the outcome may be bankruptcy and debts. This is what essentially happens with almost 80 percent of new start-ups every year.
The price for not knowing your niche is so high that you could spend a lifetime in debt and regret because of that.
In order to thrive in business you need to have intimate knowledge about your customers, know who are they and what can make them give you money for the products or services that you offer.
What Is A Niche?
A niche is a specified sector of the market.
The people in this sector of the market have a specific need, and this need can only be fulfilled by certain products and/or services particularly designed to address that need.
Three characteristics of a niche:
- Niche Is Targeted
Identify that particular sector of the market on which you will focus all your business efforts. You will also need to narrow down your niche as finely as you can.
- Law Firms: that specialize in family law.
- Dog training: for dogs to help people with PTSD.
- Computer Security: Victims of Identity Theft.
- Dating: Dealing with Redheads and their personalities.
- Online Marketing: Video Marketing.
- Weightloss: for mommy makeover and fat reduction recipes.
- Specific Needs
The people in the niche you are targeting have specific needs. It’s your job to discover what these needs are. Only when you know for sure what the needs of your target audience are, you will be able to come up with a product that suits them best.
- Product Must Fit The Needs
– Whatever you’re going to offer your targeted niche must fit their needs.
– Your product should be as perfect a solution to your targeted niche’s concerns as it can be.
– Once people see your product, they can tell it’s for them!
Finding and researching the niche should always be your #1 task before you even start any business activity.
Your goal here is to search for your niche and discover everything you can about it.
Many beginners in business unfortunately take short cuts.
They choose their niche rather than finding it.
They go through product development first before researching their niche, so they really have no idea whether or not their product is a winner.
When you find your niche, you get to know your target audience. You discover what they really need.
Once you have this knowledge, you can offer products and services that will best suit your audience’s needs.
You’ll also be able to create a formula for advertising and promotions.
Niche profile is your business road map – it is your business success formula.
Therefore, if you’ll spend enough time to research the niche, your profitability is almost guaranteed.
Finding Your Specific Niche
There is a psychology behind each niche. Stick to thinking and researching these two questions about the people and their needs within the niche:
- – Who is that person searching for your service or product.
- – What is their biggest problem and why they are searching.
Your own interests in finding your niche will give you two big advantages.
First, you are part of the niche and passionate about what you are doing. Also, you already have some insider knowledge, so you know what triggers your attention when it comes to your passion.
Second, you will be persistent. Persistence is one of those characteristics that some business owners lack the most. Your passion will give you strength to do whatever it takes to make it successful.
Do some brainstorming and list every single thing that comes to your mind that you enjoy. Be as specific as you can.
What sports do you like playing and watching?
Hobbies? Movies? Cooking? Gardening? Music Genre? Computer games? Traveling? Photography? List all of them.
What type of articles do you read first when you go through the morning newspaper or online news?
Make a list of every single thing that comes to your mind and you can start finding your niche from that list. Be as specific as you can even if you think something is silly.
Following Online Trends
Following online trends is another great source for finding your niche. Trends indicate what’s on people’s minds.
Search online trends: Google, Yahoo and Bing, as well as Twitter and Facebook.
Be in the loop as to what they’re talking about, tap into their consciousness to get an idea of what they need as indicated by these trends. Cash in on trends!
One of the best places to search online trends is the Google Zeitgeist. The Zeitgeist is Google’s aggregator service to search trends for any place and for any period of time. It’s a very functional tool for business research.
Let us know what your niche is after your research or if you already have one.
See You on the Side of Success!
Elaine & Helen