KNOWING YOUR NICHE
If you’ve been doing some research on business ideas or business planning you must have come across the phrase “find your niche” somewhere. Well, we are here to tell you no different from that. Niches are so important when creating a strong business plan. Keep reading to find out what a niche is and why everyone keeps referring to it when talking about efficient business.
WHAT IS A NICHE AND WHY IS IT IMPORTANT?
A niche is a segment of the market you are in that is very specific and specializes in a particular kind of product or service. Niches are much easier to spot than you would think. An example of a niche would be a vintage shop that only specializes in clothes from the 70s. This niche is specialized and very specific to a time and place that people recognize and can search for when it is needed. So here’s why that is important.
Niches help you stand out. Again going back to our example of the vintage shop, it is much more unique to find someone who does one segment of vintage collecting than one who does it all. This 70’s vintage shop would then be easier to spot out and look for when someone is looking for trendy pants from the time. This makes sure that you aren’t forgotten and always at the top of their minds when looking for your type of offering.
This then leads you to find your ideal clients. As someone who specializes in finding pieces from the 70s, you would want the right consumer to find you. This creates a loyal customer base that knows you will give them consistency in finding gems that they are here for. When you are trying to market to everyone you really end up marketing to no one because there’s no focused attention on what you are specialized in.
Lastly, people find it easier to choose between businesses when you are seen as the expert at what you do. You will find that there are many similar businesses or competitors to yours, but if you have a specialized area you will attract people coming in with your focus. This ties back to bringing in the ideal client. When your business is in a niche you can capitalize on your unique skills, credibility, knowledge, and overall brand.
Now you might be asking how is it that I can move forward in finding my niche. Try thinking about the following topics:
1. Do you have a target audience?
- Look into your general market. Is that skincare, fashion, fitness, etc.?
-Now look into subtopics within that market. If it’s fashion are you looking to be trendy,
sustainable, or made organic?
2. Is there a need missing that your target market is looking for?
- Analyze your target market and find missing gaps
- Look into a sector of the market that has anticipated growth
3. What are your consumers’ habits?
- Research your target audience’s needs, goals, frustrations, expectations, etc.
- Continue to check in with them and adjust your products/services as needed. Your consumers
are growing with you and as you change they will too.
4. What does this all say about your business plan?
- Define what you will provide for your target audience
- Describe your ideal consumer
- Create a pricing model that fits with your target audience
- Always be ready to adjust as you find out more about your audience
- Market to your audience
- Where can you find them and tell them about your business? Are these podcasts, Instagram
etc.?
Now go find your tribe, as they say, find the niche that you best relate to! If you still find yourself confused or need a little extra help contact us for a competitive analysis.