Good niches never fall into your lap straight away; you have to craft them carefully
If you are a naive business owner who is looking forward to building your brand, this article is going to help you create your niche! The first thing that you need to understand is there are mainly two markets that you can sell to businesses and consumers. In this classification, you can either sell to the individuals or the businesses. For example, if you have a women garment business, you can sell the items to the women. But if your business sells office supplies, your target market will be businesses and organizations.
Whatever kind of business you have, one rule is pretty apparent… no business, whether small or large, can be all things to all people. Whether you want to scale in the search engine or offline, an SEO company in Los Angeles suggests you stay focused. The more focused your target audience is, the better your business will perform. This is often regarded as the key to success for most companies around the world, and this process is known as creating a niche.
According to an SEO company in Los Angeles, the term ‘finding a niche’ is entirely wrong. You have to get your hands dirty to create a niche. Today most of the people talk about finding a niche as if it was something to find at the end of a rainbow or under a rock. This, however, doesn’t make any sense. Great niches do not just fall into your lap, you have to dig deeper to craft them carefully. Businesses that claim that they can do so many things and are good at all of them learn a tough lesson. In every industry, smaller is bigger because smaller is highly focused and often does a better job, and it is not all over the map. Here are 7 steps you need to know about creating a great niche:
Craft a wish list
There are so many ways to make money today, particularly in this immensely extended digital world. In such a highly competitive market, you need to be as focused and specific as you can. Clearly identify the kinds of customers or businesses you want to work with. If you don’t know who you want to do business with, you can’t even make contact.
As I mentioned earlier, the more specific your niche, the easier it will be for you to scale your business to the next level. Targeting women is not specific enough. You have to target various parameters like age, income, profession, geography, and more. Just aiming to target women is too broad, but aiming at selling your product to women aged between 30 and 35 sounds like a real deal.
Remember the business rule – you can not be all things to all people. Your niche is not the same as your field. For example, a retail business in your field, but casual clothes for women aged between 30 and 35, is your niche – a more specific and smaller chunk of the overall population. Secondly, your niche should naturally arise from your field of experience and interest. If you have worked as a dentist over the past ten years at a recognized hospital, you can start a consulting business as a specialist for some family-owned companies.
Describe customers’ worldview
Put yourself in the customer’s shoes to understand what their requirements are. This will help you understand their wants and needs. Another approach could be to have a face-to-face conversation with your prospective customers so you can better target your business to capture everything your customers want.
Once you have a clear idea about what product you are going to sell to a specific audience, your passion, ideas, and clients need to come together to create something new. In the meantime, you can also start optimizing your website with the help of an SEO Company in Los Angeles. A great niche typically has the following qualities:
- It conforms to your passion and long term vision
- Someone wants to buy what you are selling – attracting customers
- It is the only game in town – unique
- It allows you to grow and develop different profit centers thus ensuring long term success
At this stage, it is better to evaluate your proposed service again using the five criteria mentioned above. If it fulfills all the criteria discussed above, it means that it’s a go, and you should pursue your idea. However, if the initial idea does not fulfill any single criteria above, it is not going to take you where you want to go. So scrap it now and then move to the next idea. Keep going until you got it!
Test your idea
Now that you have the business idea in place, it’s time to find a match between product and niche – for that, you have to test your idea in the market. You can do simple tests like allowing your target customers to buy your service or product. Not just putting it out theoretically, but putting it out to the targeted audience. The test should not cost you money. If you are going to spend a lot of money on testing your idea, that’s probably the wrong way.
Go for it
After you test it out, it’s time to implement your idea. Most of the new entrepreneurs find it difficult but, fear not. If you have done your homework and you are entering the market with a calculated risk, it’s not a gamble at all.