How do I Find My Niche Markets
No, business nowadays is the only one of its kind – and if so it is very rare that competitors haven’t made any moves in the same direction. Being creative and innovative when it comes to business is becoming harder by the day, and as a result we are beginning to find many similar businesses offering the same services to the same target audiences ultimately creating massive business competition.
When coming up with a business idea, it is very important for you as a prospective business owner to identify who your target audience is going to be. In business there are mainly two audiences you can either sell to. These are either – other businesses or consumers. By identifying what their main needs and wants are you can then tailor your business to those niche selling points.
Because businesses cannot be everything to everyone, discovering a niche need in the market and capitalizing on that a business has more of an opportunity to succeed in an environment with little or no competition.
Five steps to identifying your niche markets
- Identify your audience
Making a conscious decision to target a niche is as easier said than done. A lot of research goes into defining who a target audience is, and it is not just simply a matter of deciding that it is going to be men or women over 30. Today more defining details and measurements go into defining a niche audience. These need to be quite specific in terms of age, income, race and gender. At the end one should be able to determine that their audience is male, African America – between 30 -35 years of age earning $35,000.00 per year.
- What are you selling
Remember in a niche market you are selling products or services based on the fact that you are niche suppliers. This means you are not operating in a large field, offering all things to all people. You need clarify what your “smaller” big picture is and stick to it.
Evaluate your idea once you have matched it to your target audience’s needs. Often we find that what we though was originally a great idea – isn’t always best. As a result, should this be the situation you find yourself in. then maybe it is time to go back to the drawing board and rethink your product or service offering for this niche market. Maybe all you need is a little tweaking to make your idea work for your clients.
- Testing time
Once you have developed that business idea down to a tee. Then one should test against your niche market and determine their reaction. This is quite simply done depending on the offering. But offering a sample of what is to come to prospect customers allows you to gain valuable feedback from them in order to determine whether or not this is going to be successful. The test phase also can save you a lot of money – by determining the response in ROI before spending huge amounts of money to bring it to market.
- DO it!
This is around the time where you would preferably want to bring your business idea to light. For many business owners this stage is often met with a lot of fear. Because of the unknowing. However, as a result of you doing your homework and conducting the right research you now have the opportunity to make a calculated risk and possibly make a success of it.
For more information on business design and research. Why not CONTACT W5 PARTNERS TODAY, and lets us help you and your business achieve brand excellence.
CONTACT W5 Partners today.
011 325 5855 (JHB)
021 418 1854 (CT)
Lisa Alton & Mzama Xala