Have you been planning to develop a niche for your business this 2020? If you are, then you are the right page. In this post, we will give you helpful advice on how to find your niche for your business.
We understand the difficulty and the stress of doing business on the one hand and managing your online platforms on the other. As tedious and mind-boggling as it can be, everything can be sorted and managed.
Before we go down to the nitty-gritty of developing a niche, you must first understand the spatial context that you would be operating in. By context, we are referring to the competition on the internet and how niches play an indispensable role in business success.
A niche in a sea of niches
A niche is an area where you specialize in. You have to be fully aware of how things work in this area. Think of it as your focus or the industry that your business is grounded on.
The purpose of choosing a niche is to streamline your initiatives and decision-making online. From the topics you talk about, prospect partnerships you accept and will endorse, and even the target audience you will be talking to. Your chosen niche dictates all of these.
Many businesses adopt a broad niche to cater to a general consumer base. While this is effective, you would have to be well-versed with everything. For beginners, you might opt to sit this one out.
Given this, how to find your niche in business?
Tip 1: Finding Relevance
As there are various ways to skin a cat, narrowing, and developing your own niche can also be formulated in various ways. In fact, you can experiment on it if you would like. Still, we do not recommend you doing that, especially if you are dead set to making this your bread and butter.
You see, netizens are after relevant digital content. They would like to read, browse, and watch content that is relatable, which means to say, something that is close to their experience and daily sufferings or realizations. The more relatable a content is, the wider the audience and support that it would garner. Align your choice of niche on this.
At the onset, you should know that the best rule of thumb is to be as authentic as you can be. Many writers and online influencers have made it a point to share their personal experiences and appreciation on various matters. Some are legitimate; others just echo what others have said.
You have to choose a niche where you feel confident carving your OWN MARK.
Authenticity is the currency of developing your own niche. Choose a niche where you think you can be yourself and share what you have in mind without being less of you. As the saying goes, do what you think is purposeful.
Millennials have an insatiable appetite on a lot of topics and niche, ranging from love, career, coaching, business, and so on
The point is to find a purpose that you think you can imbibe and perform well.
Tip 2: Do what interests you
Related to looking for relevance, it might help to take a breather and introspect about yourself and the interests and hobbies that you have. More often than not, the things we are good at are the subject areas we have a huge interest in. With this interest, we have invested a considerable amount of time, money, and resources in learning that skill or field. Despite being naïve of the nitty-gritty, we try to understand the mechanisms and basic principles of that field to have a better handle of things.
This can be a good start for you. One, you would not need to study and invest a lot of timing getting yourself acquainted with something new, you can also share your first-hand experiences about it. While it may not count as being an expert, it would add credence to the narrative you are about to share.
An excellent way to understand your interest would be:
Identifying your past time activities,
The magazines or print materials you subscribe in,
Shows that you watch,
Your profession can be a good one too.
Tip 3: Identifying the pains
In marketing, we are taught to know the industry well by knowing the lapses and best practices of their competitors. By understanding the intricate dynamics of the industry they wish their business to enter, they have a better handle to position their startup business.
The same goes for developing your niche: you have to know your market well. Always conduct your due diligence!
Here is a simplified step-by-step procedure for you:
Visit online forums – you have Reddit, Quora, Facebook groups, and other online communities where you can mine data. Not that you are infringing any privacy concerns, you are just skimming through what you see.
Participate in their discussions – the best way to do it is by getting closer to your target market. Observe what they follow and how they respond to new developments. Also, knowing how receptive and active they are on the topics at hand will help you curate a plan for your niche.
Position yourself in the minds of your target market – List down possible questions or concerns that they can ask. These questions can be out of whim, senseless, or technical. Whatever it is, list them down and think about how to respond to them.
Conduct interviews – You can pretend to be a student doing a school paper then create a Google Survey form. If this does not work, you might opt to just cold email people on different media platforms.
Create a narrative – this is quite similar to creating a branding of your own. The whole point of doing this is to earn money, and you can only do this by becoming popular. Weaving a narrative where all your products and services are related will be a good way of addressing the gaps and pains of your target niche.
Tip 4: Be pragmatic! Go with what sells
Now that you have a solid content plan to work with, you have to know if the niche you chose will help you earn money. While it is true that you are just doing what you like, these hobbies or interests are not shared by everyone else.
You have to be realistic! If the number of followers of a specific niche is just a thousand people or below that, consider changing. Google, YouTube, Facebook, and other platforms pay their influencers and content creators by the number of clicks, views, reviews, share, and support that they get from their audience. The less engagement a content receives, the minuscule the pay is as well. In a nutshell, your paycheck is commensurate to how popular your brand is.
It is in your best interest to make sure that the niche you chose to work on has a lot of followings and can generate a huge wildfire of support.
While you can adjust your focus to become more generic and all-encompassing, having a solid niche to back you up will ensure that you get paid well. Also, it will build more credibility on your part as you have the support of the community.
To help you with this, try exploring keyword research. Google AdWords would be an exceptional tool that you can rely on for these things. There are three metrics that you can use: volume of search, level of competition, and bids.
Search volume – your minimum threshold would be 1,000 to 10,000. This will ensure that you have consistent followings and that you can rank up the search list through organic means.
Competition – the higher the number of searched a keyword has means the popular it is. AdWords provide a comprehensive list of the most searched keywords in Google. These keywords can serve as an excellent benchmark to determine if a niche is worth pushing for.
Bid – higher bids entail higher interests from the public. The more willing they are to pay for this, the higher the demand for this niche is.
Tip 5: Do the math
AdWords and the market research you did already sum up 80% of what needs to be done to ensure you have chosen the right niche. The other 20% boils down to doing the actual thing. Learn the metrics and the software that measures how well you are doing online.
Normally, traffic is the most basic parameter that you can use. Having huge traffic means that many in your chosen niche are interested to learn about your take and insights. This is how you find your business niche.
This guide is not as parsimonious as you think it would be. As mentioned, there are various ways in how to successfully find your niche in business. You can go ahead and explore your own method of success. But whatever means you have deemed to be appropriate, do not forget to remain authentic about what you share and attach to your business.