This article will help you have a clear idea on how to find a niche and target market if you want to start an online business. Set yourself up for a successful business venture by discovering the most profitable business strategies, so that you can make money from home doing what you love.
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You might be wondering what is the most important aspect of setting up and running a successful business. If you don’t know it yet, the key is to KNOW WHO YOUR CUSTOMERS ARE.
In order to know who your customers are, you need to have a specific niche, because within that specific niche, you will be able to find your target audience.
Your target audience is basically the group of people who share the same interests and similar demographics.
A quick example would be, people who want to start an online business are mostly aged 20 to 35 and they are interested in marketing and they might have common interests such as following GaryVee on social media.
You see, once you know who your target audience is, you will then be able to implement how your marketing is done, including the process of your content and product development.
Therefore, choosing a niche should NEVER be underestimated.
Have you heard of the saying that “If you try to sell to everyone, you will sell to no one”?
For example, if you are someone who is interested in guitars, and you happen to see these 2 ads: one of them says “looking for performers” whereas the other one says “looking for guitar players”.
Which one would you be more likely to respond to?
I’m pretty sure you’ll respond to the ads which says “looking for guitar players” as it is directly addressing who you are because you relate to it.
This is the reason why you can’t create an ad that is so general and hope that someone will relate to it. This is also the reason why we need to choose a subniche within our niche, in order to have successful marketing for our business.
Identify Your Passion and Skills
The best way to choose a niche is to first decide on what you enjoy and what you are good at. This way, you will be able to monetize from your passion and your skill.
With the two key factors combined, you will be able to build a strong foundation for your business.
Doing something that you are passionate about will keep you motivated in the long run, because you are doing something that you love. This will be the main drive that keeps you going whenever you feel like giving up.
If you are doing something that doesn’t really interest you, you have a higher chance of quitting once things get difficult.
When you also choose something that you are good at, it means that you will have the ability to solve problems in that particular market, because you are using a skill-set that you already have.
Identify Your Target Customers’ Problems
In order for your business to be profitable, you need to be able to solve problems for you customers. In order to solve their problems, you will first need to be AWARE of the problems that they are facing.
So how do you know what sort of problems they are facing? With the internet at our fingertips, we can easily search for keywords on Google to find out what are the pains our potential customers are facing.
Quora is also a great platform to discover the questions that people are asking, which is a great place to do your market research. Take a look at the discussions that are taking place and try to notice what questions they are asking, along with what problems they are facing.
Research Your Competition
I mention this a lot in my videos and articles, because you need to know your competition before you even start anything.
Why is this so?
If you don’t know who your competitors are and where you stand, you will not be able to determine whether the niche you pick is profitable or not, and whether the market is too over-saturated.
Imagine joining a singing competition without knowing who you are competing against, and among the competitors you have top celebrities like Adele and Justin Bieber.
Knowing your competitors will give you an idea on how to outrank them by studying their strengths and weaknesses.
Perhaps Justin Bieber is bad at falsettos, and you’re great at it, so you can use it as your strength. When you know that there are sharks in the ocean, you will be more well prepared when you dive in.
Determine Potential Profitability
During your market research, you should have an idea of the profitability of your niche.
Choosing an evergreen industry is one way to ensure that your business will be in a profitable market. Some markets just tend to perform better than others because they are evergreen, which means that there is always demand in those markets.
You can do your research on ClickBank by finding top products that are selling well. You can also do a research using Google Trends to find trending topics and keywords that are highly searched for.
You will need to do this to determine whether the niche you have chosen has a need and whether people are willing to pay for what you have to offer.
Validate Your Idea
Last but not least, the last thing that you want to do before deciding on your niche is to validate your idea by running a test.
You can use crowdfunding websites such as Kickstarter to validate your product idea and raise funds in the process.
You can also create a landing page on MailChimp and start collecting leads just to see how well the promotion goes and whether the niche that you choose has any demand.
One quick way to do that is by running a few paid ads to direct users to your landing page, and see the response that you get.
The worst thing that can happen is choosing a “wrong” niche, registering your company and have your website up and running, only to realise that nobody wants your products or services.
These are mistakes that you can avoid, if you implement all these steps before finalizing the niche that you want to be in and before starting your actual business.
Do you have any other strategies when choosing a profitable niche? Do leave a comment below!
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If you want to find out the most profitable business ideas that can make you rich, do check out this video. And if you want to find out how I quit my job and started my own business doing what I love, do check out this video too.
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