How to discover your niche market


January 5, 2015 Facebook Twitter LinkedIn Google+ Business,Marketing




“To be or not to be”: Niche market thoughts

You have a brilliant business idea is never enough if you have not found what your niche market. You can decide to launch the business with the idea, but sooner or later have to face the reality of the market, and then it may be harder to do sooner or rotation in the original plan. A business idea has a future if identified the niche market to which the product or service is going. Only then we can hone in on the product scope or more suited for the type of client targeting the niche market service chosen.

idea- painting lamp- niche market

Plan: if I open a business, then I propose some guidelines to keep in mind to find your niche. Do not forget that, after all, the most important of your business are and will be the customers, so that the key issue for the success of your business plan.

Let us see: what are the points to consider to identify your niche market

1. Segment the public: Do not try to go to the entire world. Specialization is the key and although at first it may seem that you’re reducing your market, what you get with it is to stand out and launch a sexy message to your potential customers. You cannot solve all the problems of all audiences. However, yes you can focus on the type of client you can better serve your product or service.

audience linked hands

2. Find application: Conduct a market can be a good idea before launching any business. You must keep in mind that it is essential that the number of people who you are going to be enough to make your business really profitable. Lack of demand is no easy solution, so it is worth assessing whether put up a business that has very little demand or demand tends to decrease in the medium to long term.

profit arrow

3. Develop a business plan: As the business plan do you realize if your idea is not based in reality and have or no chance of success. The business plan will help you to “put your feet on the ground” and glimpse the aspects that you would otherwise have escaped.

to do list business plan

4. Analyse competition: To investigate whether there are other companies that already offer the same is another very important aspect. Ask yourself these questions: Does it make sense to launch a business to fill a need that is already covered by another company? Is there enough market for more business? What can make differentiating factor for customers to come to you? Which may mean that there is no competition? Can it be that the lack of competition is because there is not enough market for your business idea?

competitors-analysis niche market

5. Be alert: Watch what others need and what at one time might expect to pay is key to identifying a niche market. In social networks and forums discussed many things and sometimes not covered and dissatisfactions of those needs are identified. A business that is able to offer a product or service for a dissatisfied public can succeed as long as the business plan is also economically viable.

success key niche market

Once detected the niche market, examines whether it is the right. That is, make sure the niche you’ve selected have high demand and it is unattended, because this way your proposal will direct and effective way to the right people.

To get an idea, consider these aspects to assess whether you have identified a good niche market:

1. Fits what you can bring to your interests and values. It takes you where you want to go there. In other words, it fits your long-term vision.

2. Is applied: that is, there are potential customers.

3. It is carefully planned.

4. The only such business in your city, so you do not have competition in that segment.

5. Allows you to develop different skills to get more benefits if you want to cover more business activities in the future, which guarantees the long-term success.

Check out my other article: Tips-for-using-twitter-for-your-business

Comments
  1. Emily said on September 8, 2015 5:36 pm:

    This is a great article for anyone who is unfamiliar with target markets and identifying a need in the marketplace! Most people have a tendency to want to include everyone because they don’t want to lose out on opportunity for profit. However, this usually backfires!

    1. spider said on November 28, 2015 9:28 pm:

      Thanks for comment

  2. Jessie said on September 8, 2015 9:39 pm:

    That’s truly a great post!

    1. spider said on November 28, 2015 9:27 pm:

      cheers