In business, finding a niche that can supply enough revenue is important. More entrepreneurs than ever are realising the importance of finding a narrow set of customers and catering their product or service to them. This allows you to focus your efforts on being great at a few things, rather than mediocre at many. But how do you find your ideal target market? This article will get you started by telling you how to find a good niche.
This stage is probably the most important and most overlooked part of finding a good niche. Many entrepreneurs try to take a shortcut by spending very little time on this part of the process. Some don’t do any research at all. Don’t make the same mistake. Instead, use the amazing (and free) tools available to conduct market research. For example, Google’s Keyword Planner allows you to enter a set of keywords and see the search volume for those terms. By analysing traffic and then searching the web for competitors, you can see if a given keyword is worth pursuing. Instead of wandering around in the dark, save yourself countless hours by conducting great research upfront.
Once you’ve found a niche that looks attractive and created a website and brand for your product or service, you will hopefully get your first customers. It’s important to be prepared for visitors and customers by installing tracking software on your website. Luckily, Google has a free service for this as well called Google Analytics. It only takes a few clicks to set up, and it allows you to see where visitors are from, how much time they spent on your site, and at what point they left your site. With this newfound information, you can tweak your product or service to align with the behavior of your visitors. This way, you can adapt to new sub-niches that may be more profitable than your original idea.
Evolve Your Idea
Now that you’ve done research upfront, created a site for your product, and analysed the behavior of the visitors, you’re ready to pivot. You can now evolve your original niche into a better niche based on what your customers click on, read, and buy. Using the above-mentioned tools, you can craft a customised experience for an even more specific set of customers. This is where the real success is. Improving on your first idea allows you to use its strengths without any of the weaknesses. With your new product serving your newfound niche, you’ll be ready to turn on the thrusters and watch the sales come flooding in.
Gone are the days of trying to appeal to everybody. By focusing on these principles and taking action, you can find the perfect niche and create all the income you need to be successful in your online business.