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.
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.