Proven Steps To Identifying Your Niche Market
Do you want to try niche marketing but do not know how to choose the perfect niche for you? Here are some steps to help you specify your niche:
- Brainstorm: list down your hobbies, interests, and expertise
- Break down broad categories into narrow subcategories
- Choose the subcategory that fits your passion and expertise, and develop a marketing strategy based on that.
That’s just a short summary of the process you must undergo to choose a niche that’s right for you. Other tasks include market research, where you evaluate your prospective niches and test if there is money to be made in that particular category.
Discovering what your competitors are selling is also a good way to gain an idea of a good niche product to sell. For example, you found out that your competitor is single-handedly dominating the “bad breath cure” niche. Your next step is to capitalize on that niche and challenge the leading seller in order to get your fair market share. Aside from this, you also need to find out if there is a possibility of repeat business in the niche you choose. Products based on trends and fads don’t last long. Don’t rely on these types of products. Instead, build your marketing strategy upon products with long lasting influence.
When developing a marketing strategy for for you niche, it is also important to do lots of keyword research for popular search terms that your people are searching for online. You can use paid keyword research software or free tools. The most well known keyword research tools online are Wordtracker and Google’s Keyword Search Tool.
Your research doesn’t stop when you identify your perfect niche. After you identify your target market, you still need to perform regular keyword searches to find out how many people are searching for your keyword phrases. You also need to find out the approximate number of competitors you have in that specific niche. If there are millions of competitors for a small niche, my advice is to choose another niche. On the other hand, if a certain niche generates little interest from the crowd, don’t get into it.
Always keep in mind that successful business owners don’t waste time on niches that have very few people willing to buy. If the amount of people in your target market is small, you may not gain enough business profits in the long haul. A better approach is to search for underserved niches and markets with lots of potential buyers and lesser competitors. If you do your homework well, you’ll eventually find one of these niches.