7 Keys to Finding the Right Niche for Your Business
If your BMW breaks down, you'd call a BMW expert to fix it.
When we're ill, most of us want advice from someone who is an expert in the problem we're suffering from.
Yet when people set up in business why do they usually aim to satisfy everyone?
At first glance, it may seem like offering a product or service that appeals to a wide range of people will generate more sales than one geared towards a smaller group.
But the fact is this concept rarely ever pans out. Aiming to keep everyone happy just doesn't work:
- Uncertainty over business strategy makes decisions difficult.
- Inability to stand out from the competition means it is harder to attract customers
- When you don't stand out from the rest people have no reason to keep coming back.
The truth is you stand a better chance of becoming an acknowledged leader in a more targeted niche than in a larger, broad field.
However it's important to choose the right niche. Here are seven keys to choosing the best niche market for your business.
1. The market should be identifiable: The key to success in business is being able to identify the right market niche. If you want to sell them something, you need to be able to find them so that you can get your message to them.
2. It should be proven: Generally the markets with the best potential already have some competition. Trying to break new ground can end up being very expensive!
3. It needs to be large enough: While it's important to know your market, the market must also be large enough.
4. They have to be willing to spend: Even if the niche is huge, the people must have already shown that they are able and willing to spend money on the type of product or service you are offering.
5. There should be an identifiable gap: Once you've found the niche, you need to be able to identify a part of it which you are going to dominate profitably.
6. The market you choose should be in line with your personal strengths and interests: It will be easier to dominate this niche if it is in line with your own personal or business strengths. And, to keep you motivated, it should be consistent with your personal passions too.
7. There should be a recognized want: People are more likely to spend money on things they "want" rather than things they know they "need".
This may shock you. But it's true. Something about your business is special. It doesn't matter if you're a dentist, a graphic designer, hairdresser, publisher, consultant or whatever.
Somewhere in your market, there is a niche just for you; a clear category people who have a 'want' which you can meet more effectively than anyone; a niche that you can come to dominate and profit from significantly.
No matter how ordinary you think your business may be, somewhere under the surface is something special just waiting to be noticed.
Finding that could lead you to new heights of success.
About the Author
Robert Greenshields is a copywriter and marketing coach who helps consultants, coaches and other independent professionals attract more clients and make more profit. Download his free Productize Your Expertise report at http://www.mindpowermarketing.com
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