Why and How to Define Your Niche Market
So you want to grow your business online, or gain a bigger presence online. Defining your niche market is one of the first things you need to do.
There are some really good reasons to define your niche market:
- You will have a crystal clear vision of what your company does, where you want to be headed, and how you will get there.
- You will spend less time, energy and money trying to figure out the right marketing approach.
- Your customers will enjoy purchasing from you, and you will enjoy serving them.
- Your profits will flourish if you’re sending the right message to the right group of people.
You can’t sell everything to everyone. The reality is that if you cast too wide a net, you won’t catch many fish at all. But if you narrow your niche focus to a specific product or service, and you target a specific audience, you will have much more success.
Your message will only resonate with the right group of people.
So, how do you go about defining your niche market? How do you know what your business focus should be, or what kinds of products or services you should be offering? What will your message be? Who will your target audience be?
Here are some questions to ask yourself that will help you define your niche market:
- What am I good at and what do I enjoy doing? Where your strengths meet your interests is where you will find your niche. This is what your company should be focused on and this is what your message should be centered around.
- Are there people who will listen to my message? You need to do some research to discover if there is a demand for what you want to offer, and what your competition looks like. Can you make a profit – is there enough potential volume to support your business goals?
- What does my ideal customer look like?
- Are they female or male? Young or old? School- or life-taught?
- What are their interests and hobbies?
- What kinds of topics do they get involved with?
- Who do I enjoy working with now? Take a look at your current customers and take a look at why you like working with them. What attributes do they possess that you’d like all of your customers to possess? Try to replicate that business by only targeting people or businesses who you will enjoy serving.
With a defined niche market, you will understand more clearly the purpose of your business.
Have you defined your niche market yet? If so, have you noticed any significant changes after you narrowed your focus?
If you enjoyed this post, get email updates for ease and simplicity.