The world of business is unpredictable, unstable, and always changing as some business experts say. The competition is so vast that you need to take risks to survive. However, there are the so-called business strategies that, if studied and used properly, will yield to your satisfaction. One of these is finding your niche.
What is a niche? A niche is often described as the under-served or overlooked, unmet need of a particular group of people with common shared interest, desire or passion. When you choose a niche audience and take the time to know their needs deeply, a whole new world of possibilities open up to you. You switch from struggling to find ideas for products to immediately knowing precisely the types of products you should be endorsing because they are in tune with your niche audience’s needs. New product or service innovations almost always arise out of unmet needs. How to get started finding a niche?
First, you start by recognizing your best customer prospects based on your observations and intuition about your market. Keep in mind that your market includes not only customers, but also your competition and industry. Finding a market niche is the secret for financial success.
Next is to brainstorm an audience. You may choose an audience that represent yourself, for instance, middle-aged professional male or female student, 17-23 years old. Also, you may choose an audience such as people you like hanging around with. Brainstorming will help you decide on things that matter most and what the people truly need.
Lastly, you need to ask if the niche market has an ongoing problem or need to develop. Find a market that has an ongoing problem that your product may help make it endurable. Some of these are pain control or maintenance and weight control. Or find a market that has a continuous need to get better such as home improvement, golf, or fishing.
Finding that niche or making it clears the field of competition and gives your business a path to take-off. Filling exactly the right position in the marketplace may create an amazing advantage that gives your new business a chance to be successful.