Finding Your Niche: Smart Questions Blog
A what? Seriously, all of this business stuff can be complicated, but it doesn't have to get overwhelming. A niche is just a smaller section of the market, created to help you target the right group of people. Download this free guide to find your niche!
What is a niche?
A niche, in this case (and for those of you like me that need a less-nerdy explanation), is a product or service you provide that targets a specific group or section of a larger market. Organic foods, clothing for bulldogs, and film cameras are all examples of niche markets - some larger than others, but that's the point.
Do I really need a niche for my business?
Yes! You need a specialization within any given market. This fuels your why, your differentiator, and your marketing as a whole.
How "niche-y" should I get?
Determine how narrow or how broad you want to be.
How far you dig into your target market will determine your "niche" and a few other fluctuating things:
For example, if you sell clothing only for bulldogs, you would be in a pretty narrow niche market. Your marketability, sustainability and profitability would look different than if you sold to the entire market. Your competition may seem large at first, but if you were able to grab the attention of bulldog-loving percentage of the market, you could be very profitable.
This class is a great blueprint for determining if your niche idea is a marketable, sustainable, and profitable.
How can I identify my niche if I've already started my blog/business/thing?
The same way you would if you hadn't started at all yet: download the free guide to revealing your niche. It's never too late to start creating a marketing plan, and targeting those efforts towards what counts.
What is the difference between a broad niche and a narrow niche?
As in the bulldog example above, a broad niche includes more than one group of a market (such as bulldogs, great danes, and labs), whereas a narrow niche only includes a small group of a market, such as only bulldogs.
How can I test my niche in the market?
The top things are to:
- Do Your Research (You don't want to launch a "test" anything unless you have facts to back it up.)
- Create A Plan (Willy Nilly isn't your name is it?)
Even writing down just 5 steps to complete off will create much more calm than chaos. An organized test with a plan of execution will help you determine your next steps faster and easier than winging it.
Then put your toes in the water, you'll do just fine and learn a lot!
What is the benefit of finding competitors before choosing a niche? How do I do it?
- You get to feel out the market.
- You can decide, based on your research, what area you want to focus.
- You're free to bounce from one area to the next, without any ties to either.
- Choose a broad market
- Conduct research
- Narrow down the market
How can I estimate the size of my niche market, and the viability of my product/service surviving?
To estimate any market size and viability, you have to do your research - which is easier said than done! If you find your niche is very narrow, and has little to no data, try searching the next broadest group. This won't give you the exact research you're looking for, but it's definitely a start. Try search engine results for competitors and target audience keywords.
How do I launch my niche?
Read this post on launching
Once I've chosen a niche, how can I market it to my particular audience?
It's a niche because it's only relevant to a particular group of people. Play off of that, and answer these questions:
- What makes it unique?
- How is it different?
- Why would you buy it over the next product just like it?
- Where does your target audience hang out?
- What are your competitors (or those at least in the same market) doing?
- For more questions like these, plus a great launching (A.K.A. "marketing") checklist, download the free Launch Like A Boss Worksheet
What is a good example of a great brand in a niche market/selling a niche product/service?
Pay attention to their copy (brand voice), look & feel, social media accounts, and the consistency and creativity across all outlets.
Can competition in a niche be a good thing?
Absolutely. Competition not only lets you know you have a great idea, but it gives you hard data for moving forward with your idea. You can conduct research easier, and find holes in the market faster that you may be able to fill.
How do I identify my niche from scratch when I'm interested in everything?
Download the free guide to finding your niche, and get crackin'!