5 Easy Techniques to Find your Brand Niche
5 Easy Techniques to Find your Brand Niche
A niche market is a specific segment of the market that has specific characteristics in terms of price, demographics, product type, and quality. Companies can save money by concentrating on specialised products (as opposed to a large variety), but custom goods will cost more. Finding your “pocket” has the benefit of reducing competition. Higher possibilities of selling products to the right target market result from less competition.
Identify Your Passions and Interests
You might have already carried out this. Make a list of your passions and specialized interests if you haven’t previously. Business isn’t easy, and it’ll eventually put your skills to the test. Particularly if you’re a first-time successful businessman, your odds of quitting are substantially higher if you’re operating in a field you don’t like.
This does not imply that you have to find the perfect match. You will stick with a company if there is one aspect of it that worries you. If you don’t care about the topic, you might not be able to find the drive to continue.
Here are some questions to assist you to figure out your hobbies and passions:
- What do you like to do in your spare time?
- When you’re not doing it, what do you look forward to doing?
- What books do you read on a regular basis?
- What are your favorite subjects to study?
- What organizations or clubs do you belong to?
List Problems that you can Fix
Have you heard of there’s always a market for everybody. Once you have identified your passions and interests, listing out the problems you can fix would be next! You can narrow down the list by sorting it based on demographics, location, age, race and many more.
There’s a few methods for you to identify the problems you can fix:
- Engage in a one-to-one meeting or brainstorming sessions to discuss their pain points in their business
- Search Quora or similar forums to better understand what are the industry people discussing; what are people concerns and their issues
- Keyword research investigates several keyword combinations using Google Trends and AdWords’ keyword planner. This might assist you in identifying common search phrases connected to pain points
Study the Current Market
Knowing the market you are entering is essential. Know who your rivals are, the price points they offer, the quality they provide for the price they charge, and the collections, colors, materials, marketing, stories, and pitches they use. What exists and what does not? You should investigate both what is and is not available on the market. Later, analyze that.
Why does a gap exist? This is your chance to close any gaps you may notice. Can it be assumed that there is no opportunity if the gap is obvious? To acquire more information on this, ask store employees and, if feasible, customers. Identify their weaknesses so you can either do it better or differently from them.
You need to stand out in today’s world, and being different is preferable to being better. There are too many brands out there, so you need to stand out and leave a lasting impression on consumers’ minds.
Figure How Profitable your Niche is
It would be ideal if you already have a clear idea of the market niche you want to target. Even if you didn’t restrict your choices to a specific subject, you have probably found a few concepts you enjoy. You ought to be aware of how much money your field of expertise can earn at this point. An ideal place to start your search is ClickBank.
Examine the top goods in your category. If you can’t find any deals, that’s not a good sign. It’s possible that no one was able to make the niche profitable.
You’re in luck if your search turns up a respectable number of products, but not an abundance. Make a note of price points so you can competitively price your own products.
Try Out your Concept
The only thing left to do is put your idea to the test now that you have all the information you need to choose a niche. A simple way to do this is to set up a landing page for pre-sales of a product you’re producing. After that, you can utilize sponsored promotion to draw people to this page.
Even if you don’t have pre-sales, it doesn’t necessarily mean that your niche isn’t lucrative. It’s possible that your messaging needs some work or that you haven’t yet found the ideal offer. You can increase conversions and learn what is deterring your target market from taking action by conducting A/B split testing.
If you try to market to everybody, you’ll end up marketing to nobody. With companies springing up everywhere, it’s crucial to locate a specialty that serves a certain niche market by conducting the necessary research and figuring out whether your idea is workable. Above all, keep in mind to have faith in your own ability.
Jumping into a new market could sound intimidating, but if you think you’ve identified your niche (and you can support the viability with data), then the only thing stopping you is your own self-doubt.