By now, you probably already know what a niche market is. You know that it is important to find your own particular niche. But how do you find and develop your niche market? Let’s look at how to find your niche market and some steps you can follow to develop it:
Step One: Brainstorm Ideas
Like any project you take on, you want your niche market to be something you’re interested in. No one wants to spend their whole life working on something boring. Make a list of your hobbies and skills. If that doesn’t give you an idea, simply go outside and observe your surroundings. Look at the world through your “marketing glasses.” Identify a need and develop your niche based off that need. You can also find a niche based off of current market trends.
Step Two: Research Your Market
Once you have an idea for the niche market you’d like to get into, it’s time to do some research. Don’t worry, it isn’t as difficult as it seems. Google is going to be your best friend through this process. Using Google Adword’s External Keyword Search, start typing in a keyword for your niche market. This tool shows you how often that keyword is searched on a local and global scale. Ideally, you want to see a minimum of 1000 searches per month for your keyword. This shows that people are interested in what you want to sell.
Step Three: Research your Competition
Next, you’ll want to check your competition. Simply type that same keyword into Google and see what results come up. Competition is okay. Really! Competition means that there is a need and a niche for your product. However, if you find there is a lot of competition within that niche, it might be time to reevaluate your decision. Pay special attention to the pay per click ads at the top of the search list. If your competition is paying to advertise their product, that’s a good sign that your niche may be profitable.
Step Four: Choose a Specific Target Audience
This can be a little tricky. Niche markets aren’t meant to be huge. They’re meant to be a small part of an existing market. This means that your target audience shouldn’t include everyone. No one can successfully market to everyone. Narrow your focus on a specific target audience. To do this, you can begin with a broad audience. Start sorting that audience into other groups based on demographics, behaviors, psychographics, and needs. Repeat the process with each group as often as you need to until you have your ideal target audience.
Step Five: Pick a Unique Domain Name
Once you have your niche market, it’s time to put yourself out there. An easy way to do this is to create a website. Picking the right domain name will help drive traffic to your website and ultimately make your business grow. Your domain name should be similar to the keywords you searched in Step One. This will help your website show up at the top of search lists. You can register your domain name through domain registrars like GoDaddy.com, Bluehost.com, or eHost.com.
We hope this has been a helpful resource on how to find your niche market. If you’re interested in learning how to build a network as an entrepreneur, check out our article here.