We’ve all seen companies that have the most amazing business ideas because they’ve found a niche that they dominated and grew in.
But finding the right niche to work in is often more difficult than you’d think.
Luckily, we’ve got 5 easy techniques to help you find your brand niche so that you can start up your business, and how to make the most of that growth.
Finding Your Brand Niche
Niche marketing is a byproduct of specialising.
By focusing on specialised products (as opposed to a wide variety), companies can save on money, while upping costs for bespoke goods.
Why Is Niche Marketing Important?
Niche marketing often arises from a specific, and often limited, problem people may face.
For example, people own hairless cats.
Some people love knitting.
Hairless cats get cold easily
Cat sweaters are born.
And that’s a good way to lead to the first point when trying to figure out how to find a niche.
Look At Your Own Interests
Business, especially niche business, requires you to dedicate time, money and effort to grow.
That means that you need to have a genuine passion or interest in whatever you’re doing.
If you have a specific hobby that you’re talented in, you should look at how you can leverage that into a business.
After all, if you love what you do, you never work a day in your life.
Identify Problems You Can Solve
Cat sweaters were a breakthrough, as was the pool noodle.
These are great examples of niche businesses because they’ve solved a very specific problem, and made the most of the momentum they got from it.
Have a look at your potential customers, their buying behaviours, and how you can communicate with them.
Check Out The Competition
Before diving headfirst into your ground-breaking business idea, have a look at your competitors.
We’ve got a list of 6 great (free) keyword research tools to help you get started on finding your competitors to see what you’re up against.
Determine The Profitability
Dedicating time and resources to growing a business isn’t something you want to do if your idea isn’t going to go anywhere. Finding your niche is important, but if it’s not profitable, you’ll struggle to get off the ground, and there’s no guarantee it’ll work.
Looking at things like customer demographics, location, price and product quality is vital if you want to determine the viability and profitability of your niche.
Test Your Idea
So, let’s say you manage to find your niche. Now what?
The first step is getting yourself out there.
A simple landing page or website isn’t difficult to set up and will give customers a way to see you.
Offer free samples or trial periods to see how they’d react.
Have a look at crowdfunding to see if people are willing to donate to your cause.
It’s also a great way to get some capital.
If the test isn’t as successful as you’d like, it may be time to look at a new way to work in that niche – or look for a new niche altogether.
If you try to market to everybody, you’ll ultimately market to nobody.
With businesses popping up left and right, it’s important to find a specialisation that caters to a niche market by doing the necessary research and determining if your idea is viable.
And, above all, remember to trust in your abilities.
It might seem daunting to leap head-first into a new market, but if you believe you’ve found your niche (and you can back up the viability with information), then the only thing that stands in your way is your own self doubt