Thanks to the marvel that is the modern internet, businesses of every kind can find the customers they need to thrive. All that’s required is that a specific sort of demand be identified and catered for. But finding your niche is often easier said than done – and picking the wrong one can often be disastrous. Let’s take a look at how to go about finding a niche for yourself.
Choose a niche where you can add value
There’s little point in choosing an area of specialisation that’s already been well and truly catered for. You’re not going to squeeze any more juice out of a fruit that’s already been pulverised. Do your research and make sure that what you’re offering isn’t already out there.
Think about what hobbies you have
Your interests should inform your area of specialisation. This is so for several reasons. For one thing, you’ll have the enthusiasm you need to drag you through the tedious administrative parts of the job. Second, you’ll know your market and what’s likely to go down well. Finally, you’ll have the knowledge you need to address the questions of your customer-base, and the expertise to put into traffic-generating blogs. Your niche customers will be asking their search engine niche questions – and if you can answer them convincingly, you’ll have brought traffic into the top of your sales funnel.
Choose a niche with the right sale prices
Certain kinds of price-range are less viable than others. Your margins need to be generous enough for you to make a healthy profit, while not deterring would-be customers. Generally speaking, customer spending in excess of £500 will be looking for a certain standard of service. They’ll have what you might call a ‘VIP’ attitude, and expect you to go above and beyond the call of duty. Moreover, the higher the price, the slimmer your profits tend to be, and the higher the fees that services like eBay will demand.
We should also consider the effect of word-of-mouth. Every customer you successfully sell to is a potential ambassador for your brand. Satisfy 100 customers while making a £1 profit on each sale and the long-term effect will be drastically different than if you’d satisfied a single customer for a £100 payday.
Choose a niche with longevity
If you’re going to invest time and energy into creating a lasting brand, then it’s worth being sure that it’s not about to collapse into obsolescence in the near future. Providing real value to your customers is something that takes time – so make sure that you give yourself plenty of it.
Once you’ve chosen your niche, you’ll be able to start worrying about how you’re going to arrange your logistics, and how you’ll get your message out there. Managing your spending in these areas is critical to your business’s long-term viability, so make sure that you get it right.