Finding your niche in the market
Everyone comes across the same obstacles when starting a business and finding your gap in the market is one of the main ones and can prove very tricky. You can sit and think of all your interests, hobbies and passions and still not come up with any ideas. Many trial and errors will come with this process but its more proactive and effective to start the ball rolling than to just wait around. This way you can test ideas out and do some much needed research so you enter a market early and reap the benefits in the future. And if these initial ideas don’t work you can always take it as a lesson for your next venture in a different market with a new idea. The leading Web Design Coventry Company have five steps to follow to help find your niche in the market.
1 Your Interests
Start by making a list of your top ten passions, interests and hobbies, this is a good starting point to get the ideas flowing. If you’re lucky enough to find a market or business that you’re interested in as an individual its give you the upper hand when marketing, because you are essentially marketing to yourself or people like you with similar interests. You will also find it easier when business gets tough and you feel like quitting, if its something you are passionate about your more likely have the determination to carry on.
This doesn’t necessarily mean you need to find something that’s perfect for your interests and passions, if you are interested in a certain sector that offers a broad range of services or offers try and narrow it down, your interests and hobbies are just a good starting point.
2 Gap in the Market
With your initial ideas at the ready, now is the time to start filtering down your options. To find the gap in the market you need to find the biggest or most notable problem or issue that your target audience is experiencing, then ask yourself the all important question, can I solve it?
Its best to reach out to current customers that experience these issues because more often than not they have already come up with great ideas that will improve their own customer experience. You can do this by actually going out to find these people where the products are sold or services provided, or search forums online within the market and see customers first hand complaints, search keywords within google as a potential customer looking to solve the issue themselves.
This is a very important step when preparing to take on your own business, you would have found a lot of information in the previous step when looking for issues within the market, come across a range of competitors no doubt. Looking at your competitors is a great way to do your market research, see where they are going wrong, what forms of marketing are they using and on what platforms, but the main question you need to ask is can I do better? Can I stand out form these already existing businesses?
4 profitable Market
At this point you should have a pretty good idea of what market you want to get in to and a strong idea of how you are going to target that niche. Now the main aim is making this a profitable business venture, and really look into how much money you can make from said niche therefore making it worth your while.
Research your products or services and find every detail about pricing, such as profit margin, how much profit can you make? how much profit does your computer make? Can you out price said competitor? That might be your plan to fully make your mark within your niche.
5 Testing your niche
After carrying out these steps you are now loaded up with all the information and research you need to go about targeting your niche, and now the final step is to put your new found plan to the test. The best way to carry this out is to start up a landing page for potential sales of your products or services, once this is put in place you can drive traffic towards your page, whether it be using paid ads or organic SEO. If after this test you don’t have any takers isn’t doesn’t necessarily mean its failed or that its not a viable niche, it might mean you need to rethink your content or how you go about marketing, you might not be in the right place for your niche to find you. This will take time to and many trial and errors to get it perfect, but once you have the hard work is over and you can really start to see the benefits of having your own online store.
If you have found this blog useful and wish to enquire about marketing your online store or services please contact Faber Web Design.