As an entrepreneur, you need to become a good starter. If you believe you've found a business idea you can invest yourself into, take the plunge. The learning and growth that comes from doing will be far greater than the rewards of just planning.
Sunny Lenarduzzi. Steve Tan. Peter Daisyme. Eric Hanson. Skip to content Profile Avatar. Subscribe to Entrepreneur. Magazine Subscriptions. By Thomas Smale March 23, Opinions expressed by Entrepreneur contributors are their own. Related: Find Your Niche in 60 Minutes or Less With These 4 Questions Yet putting that kind of pressure on yourself to choose the exact right niche may cause paralysis. He has been interviewed on podcasts, blogs and also spoken at a number of industry events on online businesses, exit strategy and selling businesses.
More About Niche. Sunny Lenarduzzi Sep 17, Steve Tan Feb 3, Peter Daisyme Oct 3, Latest on Entrepreneur.
Entrepreneurship Calls. Eric Hanson Nov 11, Facebook Twitter LinkedIn. AdWords and UberSuggest also show you how competitive each keyword is. If there is a lot of competition, your market might not be as niche as you thought. Also keep in mind the popularity of keywords over time, as this can show you if interest is rising, falling, or seasonal. Boucher says that if a keyword has under searches per month, you are facing an uphill battle in terms of demand.
Checking social media websites like Facebook, Pinterest and Reddit can also provide a window into the interest in a particular niche topic. Check to see if there are a significant number of people posting about your niche, and if there are online groups where people discuss topics related to your niche.
These people make ideal targets if your business decides to launch a social media marketing campaign. Another approach you can take is asking people who you think would be prospective customers what their impressions are of your business. This can help you refine your idea and make it more market-friendly. Finally, if there is any competition in your niche market, research them. How do they rank in search results?
Is their marketing effective? What can you do better than what they are doing? Answering these questions can help solidify your business idea. Online this can be done by checking Amazon bestseller lists, affiliate marketplace product lists like ClickBank and ShareASale, and dropshipping marketplace bestseller lists.
Each of these platforms informs you of the popularity of specific products, as well as what they sell for, which can be valuable in determining your own price points. Another approach you can take to determine your price point is through digital marketing. Boucher recommends launching a targeted social media marketing campaign featuring posts with different price points and comparing the engagement on each post.
Finally, you need to market your product, collect feedback based on your marketing, and re-tool accordingly. Boucher recommends marketing initially on social media as it allows for greater targeting and the ability to test multiple iterations of the same ad. As with any marketing campaign, it takes multiple impressions for a consumer to have brand recall. However, with niche marketing, it is common for a larger segment of the market to convert once they have brand recall. In short, the idea states that to be successful in any line of work, all you need is 1, loyal customers who will buy anything you produce.
When put into the context of niche marketing, this means identifying a profitable market and working to reach peak brand saturation within that market. If you can do this, 1, true fans is within reach, and possibly many, many more. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. What is a niche market? Niche marketing examples. Why you should find your niche market. Fewer resources. Less competition. Brand loyalty. Highly targeted marketing.
Word-of-mouth growth. Focus your efforts. Establish a foothold. Connect your favorite apps to HubSpot.
See all integrations. We're committed to your privacy. HubSpot uses the information you provide to us to contact you about our relevant content, products, and services. You may unsubscribe from these communications at any time. For more information, check out our privacy policy. Written by Meredith Hart meredithlhart. For example, you might combine your passion for knitting with your love of cats and start your own cat sweater business. More broadly, your customers are pet owners but they have a specialized interest or need — cat sweaters.
A niche market is a focused set of people or businesses who are in the market to purchase a product or service you sell. This group of individuals has a specific set of needs that can be met by a targeted product or service that addresses those needs. Niche marketing is a byproduct of specialization. When a company offers a specific set of products and services rather than selling a wide variety of offerings, they benefit by saving money, becoming more productive, and providing a comparative advantage that can be marketed to a niche set of customers.
Companies benefit from putting a stake in the ground and one way to see that benefit in action is through sales and marketing. Selling to a niche market is a way to stand out from competitors, and it helps your brand establish positive recognition within the market. Your business can become an authority in your industry for that niche audience — ultimately attracting more customers to your product or service.
By focusing on a small audience, your business will be able to stretch its resources further and bring in customers who are closely aligned with your offerings. Those are the people who need your product most and are therefore most likely to convert and remain loyal customers. A niche market approach would entail identifying and reaching out to your business' target accounts — through market research, these are the people you've determined would benefit most from your product and therefore, would be most likely to convert.
To further improve chances of conversion and customer loyalty, you may get even more granular and specifically reach out to the departments within those target businesses who would benefit most from your printers and scanners, such as marketing or admin.
These are the people who understand the benefits of your product and the challenges it resolves. Starting small is how you establish yourself in your market. Then, as your business scales, it's natural for your niche market to grow.
In fact, Harvard Business Review says large markets can evolve from niche ones. By aligning your products or services perfectly with a small group of current and potential customers, you encourage word of mouth and positive reviews which can carry your business into a larger, potentially more profitable market. Now that we have a better idea of what a niche market is and the benefits of having one, let's take a look at the steps to finding one.
Is there a hobby or skill you're particularly passionate about or good at? Take some time to reflect on those areas of interest as potential niche market ideas. Below are a few questions to spark your brainstorming:. Write down your answers to these questions and begin a list of ideas to consider for your business's niche market.
Now that you have some business ideas, think of the problems faced by your target market and how your passion or interest can become a product or service that meets their needs. What's their motive to buy? Research your potential customers to determine their buying behaviors and the challenges they face.
There are a variety of tools including free ones you can use as you explore your customer persona.
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