Finding the Best Niche for Your Business
If you drive a Mercedes and it breaks down, you'd probably want it fixed by a specialist Mercedes mechanic.
When we're ill, most of us want advice from someone who is an expert in the problem we're suffering from.
So why is it that, when most people set up a business, they think they can satisfy everybody's needs?
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
- Lack of a clear reputation in any field means people have no reason to be loyal so you are more vulnerable to competition.
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: If you want to build a successful business, you have to make sure that you can readily identify and reach your 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: Knowing the people is one thing but the market needs to be big enough to sustain a business.
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 niche should be a good fit with your strengths and passions: 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.
Discovering that could be the key that takes you to greater levels of success.
Questions and Answers
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