How To Enter a New Niche Market: A Beginner’s Guide 46

How To Enter a New Niche Market: A Beginner's Guide

The following article is a guest post.

Jonathan Lister of LinkedIn says, “Speak to your audience in their language about what’s in their heart.

But how do you know who is your audience, what is your niche market?

A niche market is a segment of the market that focuses on a specific type of products. Niche marketing defines your particular niche and is associated with marketing your product or services to this niche.

Having a good niche can give your business more profits and stability, especially if it has a demand to it.

So you must be wondering how to get there. Well, there are a few steps for you to follow:

Step One: Know Your Audience.

If you are an entrepreneur and fresher to the concept, begin with focusing on your audience, rather than focusing on the product you want to sell.

When you choose and take the time to understand your niche audience, instantly you promote yourself from struggling to find new ideas to know exactly what kind of products you must promote.

For example, if your target audience is interested in wood carving or something related to that, you can promote best woodworking books instead of something else.

Step Two: Research as a Marketing Tool.

You can look for keywords used for researching topics about a new niche market. More specifically you can look for searches related to their problems and needs. This will not only tell what your audience care about but also what is profit potential of your product.

If there is traffic, it means that there is a demand for that product.

Doing something you are interested in or following your passion could be the key to success here. But do mind the potential to earn money to. Make a list of passions and then compare them with the research you have conducted to determine the best possible road to move forward.

Step Three: Assess The Competition.

8 Tips to Help You Become Extremely Successful in Business

The level and quality of a new niche market is a great indicator of whether it’s worth going for or not.

The most common keyword niches are characterized by:

  • High Average Cost per Click (CPC);
  • Multiple pages of ads;
  • Advertisers in top three premium positions;
  • Ads that are highly targeted through search keyword.

But you need to remember that regardless of the level of competition, if you are passionate about it, you will succeed.

Step Four: See What’s Trending.

Looking for what’s trending on popular websites such as Amazon.in or eBay kicks off your list of profitable niches ideas. Places like Google Trends or eBay Popular are the best way of determining what’s trendy.

For Example, if wood carving tools are trendy, then you can promote a set of woodworking power tools, and you might hit it off.

Pay per Click (PPC) can be an important tool for promoting your product. Here when someone clicks on the respected link of the product and buys it, you get a commission. Again you would want to make sure that there is a potential and profitability for that.

Step Five: Decide – Yes or No.

Now after going through all this, you have to decide whether or not the new niche market is worth getting into.

Once you get a niche, build a brand. You would need to make sure that it is not trademarked and get a domain and a ‘.com.’ for it.

Remember that you are working for your audience, so you must look after their needs and always have feedback to work on it.

Step Six: Welcome Opportunities.

Always be open to new opportunities as it will help you grow even bigger. Plus, constantly have an idea about the market. Always think long term, i.e. think beyond the product. You want to build a business and a brand in the niche.

Follow these steps to attain a perfect position in a new niche market that you are trying to enter.

Get The Lifestyle Designer's Digest
Directly into your inbox every Monday.
Previous ArticleNext Article

The Five Elements of Flawless Customer Experience 6

The Five Elements of Flawless Customer Experience

Providing a flawless customer experience is the ultimate goal for any business.

There’s a lot that goes into creating a customer experience that keeps your clients coming back for more. In fact, there’s so much involved that it can almost seem overwhelming.

However, providing a flawless customer experience becomes much easier when you approach the task through these five distinct elements:

Time
Understanding
Ownership of Emotions
The Unexpected
Follow-Through

Time

When it comes to your customers’ satisfaction, time is essential. Think of how a great experience at a new restaurant quickly sours if you’re left waiting for your food to arrive. Think of how your excitement over a great department store sale turns into frustration as you stand in line for what seems like hours.

Time is your most valuable resource and it is up to you to make sure you’re using your customers’ time wisely.

This is why restaurants have comfortable waiting areas with drinks and appetizers, or why airports have lounges with restaurants, shops, and even bars.

If your customers are being forced to wait for a service, make them feel as if their time spent is not wasted. The more positive drivers you offer customers, the less likely they are to grow dissatisfied with their experience.

Think of how you can implement this in your own business. Are there places where you can help fill customers’ time? Are there places where technology can be used to cut down on the time it takes to complete a task? Remember, it’s the customers’ time that should be valued, not your own.

Understanding

How to Use Content Marketing to Boost Your Business 6 Marketing Influencers You Must Follow

You must understand what your customers want, when they want it, and how.

While this may seem daunting, getting a better understanding of your customers doesn’t take millions of dollars, complex data analytics, and a degree in psychology. Instead, all it takes is a simple look. Watch their process, engage with them, ask them questions, and listen to them.  

How are customers interacting with your product? What’s the first thing they do when they enter your store? What’s the last thing they do before they leave? How long are they spending in each department? Do you notice anything that hampers their experience?

Take a look at your competitors. How are your potential customers interacting with them? What does this business offer that you don’t or vice versa? What is your, as Harvard Business School professor Clayton M. Christensen says, “job to be done?” What are your customers hiring your product or service to accomplish? Understand why your users are turning to your products.

Ownership of Emotions

Many companies have already taken hold of their customers’ emotions, though cynically. Subliminal advertising is a key example. However, the ownership of emotions does not have to be cynical. When used correctly, it can be the “holy grail” for companies.

Owning emotions begins with the aforementioned ability to understand. When you truly understand a customer’s choices and then act to make the experience better, you’re building a relationship of trust. That trust is the foundation of emotional ownership.

One way to build this trust is to reduce the “emotional” noise that surrounds your customers. Let them know that, even on their worst day, your business or product is there for them and that it will be a constant in their lives.

Think of restaurants and the long wait times you have to endure when they’re busy. Think of how angry—or “hangry”—you feel as you stand around, waiting for your table, and listening to your stomach growl. However, think of how some restaurants are able to reduce that emotional noise by serving you finger foods and drinks as you wait.

Also, seek to understand what emotionally motivates your customers.

Why should they be motivated to visit your store or use your product? To feel confident? Free? Unique? Secure? Successful? Research shows that all human beings are motivated by one of those factors.

The Unexpected

Experiences become stronger and more memorable when they’re accompanied by an element of surprise. Surprise can be addictive, which will only keep your customers coming back for more.

Think about mailing your customers or clients small packages with gifts and swag. Everyone loves to get mail and everyone loves free stuff, especially when it’s least expected.

A surprise doesn’t have to be a huge flash mob (though it could be!). Hand out snacks at your store. Is it a cold day? Give your customers hot chocolate or warm punch. Is it a client’s birthday? Send a card! Even a small note of thanks for a customer’s business is a nice little surprise.

The most important thing to remember: simply be sincere and don’t become predictable. Chocolates on hotel pillows were once a great surprise for guests. However, now that their wow-factor has faded, hotels are continuously trying to get back to the “unexpected.”

Follow-Through

You’ve made promises and established goals. The only thing that’s left is to follow through on them. This starts with creating your mission statement, one that you, your employees, and your customers can commit to it. This will define your customer experience.

Your mission statement must promise to impact yourself/your business, the community, or the world. It may commit to impacting one, or all three. However, whatever it promises, you must follow through on. Your customers’ trust, and thus their experience, depends on it.

More about these five elements can be discovered in Unforgettable: Designing Customer Experiences that Stick, to be published in 2018.

***
Kyle H. David has made a career in technology and entrepreneurship for nearly 20 years. In 2001, he formed The Kyle David Group, now KDG. Over the past 16 years, KDG has grown at a rapid pace, attracting clients ranging from the United States Senate to major financial institutions, international nonprofits, and Division I universities.