What is your business niche? A simple question has a multidimensional aspect. It describes your product/service and your working method.
Experts and business growth professionals focus on finding your niche. A term used to describe your business model that is common in the market; however, what does it mean and, how do you find your niche?
What is Niche:
Niche is a rich source of marketing within a target audience. Your product and services are targeted towards this ideal group. Online Businesses make a majority of their profit from their niche audience. In the broad market, a niche is the subcategory of your business. It differentiates you from your competitors. In the initial phase discovering your niche provides direction for your online business.
Concentrating on a small group at first might appear to be counterproductive. Groups with a specific interest are the key to growth and expansion in niche marketing. As this particular niche is celebrated by this targeted audience, it is easy to grab their attention.
They are our customers at first, but as time goes on, they start to communicate. Hence, niche targeting is the early stage for any business.
Benefits of Niche:
Let’s say you are starting an online business in women’s shoes. The first step would be to know who you want to reach. Let’s say that your audience is female and interested in buying shoes, but what kind of shoes? Are your shoes more about style or comfort? Do you cater to people of all ages, or have you focused on younger people?
Deciding your niche helps you answer all these questions. It is beneficial to establish an online business niche for objectives and direction.
Steps to finding your Niche
Step 1: Know Your Passion
Finding your passion and interest is the first step in starting your own eCommerce business. Because this is a long-term objective, you need to select a product or service for which you have a strong passion. A niche could be anything that piques your interest. At some point, it will test your commitment. Therefore, make sure it’s something you can always track and learn about.
Step 2: Identify Customer Needs
Once you have established the general direction in which you want to go, it is time to identify the requirements of the market. By offering a solution, you must identify your target audience in this step. Your online business niche will only stand out if you are providing an out-of-the-box solution. While profit is paramount, customer satisfaction is the fuel for your business.
Step 3: Conduct A Competitor Analysis
Healthy competition is the key. Conducting a competitor analysis tells you what is already available in the market. It helps you determine how to price your product compared to your rivals.
While conducting this analysis enables you to set benchmarks, it is great to find a potential threat in the existing economy. You will be able to create profitable marketing opportunities if your company fills the void left by your rivals’ marketing strategies.
Step 4: Conduct Keyword Research
Basic keyword research is an additional method for determining the market. You might have a dynamic business idea, but it can only reach the correct audience with the right keywords.
Your business will only appear when the customer types a keyword into a search engine. Keywords your potential customers to find your product by using terms that are already in their vocabulary.
Some of the keywords searching tools are:
- Google Trends
- Google keyword planner
- Quora
- ClickBank
- Amazon
- Semrush
These tools will help you curate a list of a large number of keywords and data. You can pick the words of your choice and start working with them.
Step 5: Test Your Idea
Once you have your steps in place, it is time to execute. There is no such thing as a flawless start. The connection between customer requirements and your niche becomes simpler through trial and error.
Conclusion
In conclusion, to find your niche is to give voice to your venture. It offers your e-commerce business a platform through niche business marketing.
