Published on 13th May, 2008 in Marketing
Finding True Love…and the Right Niche!
By: Shama Hyder
There are two great feats in life. If you successfully manage to accomplish both, you are practically guaranteed a sublime life.
1) Find True Love
2) Find the Right Niche (in business)
Now, this ain’t no love blog, so we will not delve into the details of #1. However, we will focus on the top 5 ways to find your perfect niche.
1) Passion and Knowledge Matter- Don’t let anyone tell you otherwise. I have heard "top gurus" in the field say ignore your passion and just find a lucrative niche. That’s not an formula for long term success. Leverage what you love to do. If you know nothing about fishing, don’t go into the lures business.
2) Is there Demand?- While passion and knowledge are key, you also have to research demand. This is fairly easy to do with today’s technology. Start with a basic Google search, email your potential target market to get feedback, or even setup a free survey using Survey Monkey. Don’t be afraid to drop an idea if you don’t see the demand for it. Too many business owners fail because they passionately go after an idea that never showed demand in the first place.
3) Differentiate-Once you find a need that’s not being fulfilled adequately, find a way to fulfill it. Don’t be afraid to introduce a new element or twist. For example, Cirque De Soliel is essentially a circus, but they have positioned themselves as the circus of the elites. No popcorn or peanut gallery here. They are a classy circus that caters to those who have a penchant for opera, classical music, and museums.
4) Niche by Industry OR Topic- When most people think of a niche they think of a particular topic, but that’s just one way to do it. You can always choose a niche and cater it to a different crowd. For example, my internet marketing niche is a crowded one. But, internet marketing for professionals who are not into hard selling or pushy marketing is perfect.
5) Keep at it– Don’t jump niches at the drop of a hat. Most businesses take some time to get going. Do your research, edit as you go along, and keep fueling your passion.