Obviously, this is a niche marketing website. In our blog, we’ve covered topics such as defining your niche, social media for niche marketing, and misconceptions about niche marketing. But let’s rewind, all the way to the very first step on any niche marketer’s path to commercial success: how does one go about finding a niche market in the first place? Finding the answer to this question is arguably the most important part of the entire niche marketing process, because it’s going to determine just about every single thing that you do when it comes to your business. With that in mind, here are some tips on how to find a niche market in the first place.
1. Pick a market that you like
If you’re considering opening up a business, it’s highly likely you’re about to embark on one of the most in-depth, time-consuming, and energy-intensive endeavors of your life. Your business is going to be your baby, and to make it thrive and grow, you’ll be dedicating hours upon hours of paperwork, research, and networking, to name just a few elements. (That doesn’t even take into account interviews you may be conducting, conferences you may be attending, and ideas you may be brainstorming.) The bottom line is, your business is going to become a big part of your life. It should be something that you like, something that captures your interest and resonates with you personally. If it doesn’t, your lack of passion is going to drag you down from enthusiasm, to boredom, to resentment.
2. Do your research
While there’s no fail-safe, hard-line method to determining which niche markets are going to excel, there are a variety of things you can do to help maximize your chances of selecting a market which is going to yield good results. The key here is to research, research, research. Google offers a smorgasbord of tools, such as Google Analytics and Google Trends, which can help to determine what real people are actually searching for on the internet. You may come to find that a difference of one or two words within a phrase alters or narrows your niche, and that out of two business ideas which may seem similar, one is significantly more popular among actual consumers.
3. Tap into your strengths
As professionals, everyone on the planet is going to have a different set of strengths and weaknesses. It could be that you’re an excellent salesperson, but your technical skills could use a little brushing up. Think about what you’re naturally good at when it comes to selecting a niche. What did you get your degree in? What were you doing at work before you embarked on your niche marketing journey? The more information and skill you already have pertaining to X or Y topic, the less of an uphill battle it’s going to be. That doesn’t mean you can’t pursue a topic you’re unfamiliar with — it just means an unfamiliar industry is going to confront you with a lot more legwork.
If you would like to find out more about ways to improve your advertising and marketing, I invite you to contact me. I have been helping professional service providers such as CPAs, attorneys, and financial services providers focus their business development efforts on profitable micro-niches for over 10 years. Email me at firstname.lastname@example.org.