In Part 3 we will consider:-
- Who are your potential customers?
- What motivates them to buy?
- Check the competition
Who are your potential customers?
Are they male or female? What income level do they have? What level of education do they have? Where do they live? These are all useful questions to determine how lucrative your market will be and will help you pitch your product correctly.
What motivates them to buy?
You may have already discovered this from your research but telephone or online surveys and blogs might reveal some useful information. Do customers react quickly to a sale or drop in price? Is price all-important or are there other considerations?
By now you should have a good idea of the market and whether or not you’ve discovered your niche market. Keep looking to find the answers. Any research is worthwhile and will help you towards finding a successful product. Don’t be discouraged, it could take time but the efforts will payoff in a big way! Look for that gap in the market otherwise you will have a difficult time. Once you’ve found your niche you’re well on the road to success!
Check the competition
Once you’ve found a niche market you need to make sure that nobody else is offering products or services to this particular market. If there are a lot of sites that seem to address the problem and offer solutions, the market is probably already saturated. However if there are only a small number of sites, there may be some space for you. This could be crucial to your success. Check your competitors’ sites and study the sort of products or services they offer and the way they present them to the market. How well do they address the problem? Is there room for improvement? If so, you could provide a better product or service than your competitors.
Once you think you’ve found your niche, double check using keywords and the search engines to explore the market. Use Google Keyword Tool to research keywords related to your niche market and get as much information as you can. Build a list of related keywords — this will be very useful later.
Are you struggling with who your niche market is? If you answered “yes,” spend some time asking yourself the following questions:
• What is it that my current clients have in common?
• How do I set myself apart from the competition?
• What is different about the services or products that I offer?
• What are the “extras” that I bring to the market?
The best way to answer these questions is without analyzing them too much. Just write down whatever first comes to mind. Once you’ve completed them, analyze the answer and it will be easy to define your niche market.
Source of reference – David Anderson for which many thanks.
In Part 4 we will consider:-
Seeking solutions to find your niche market
Will it sell?
- Identifying a niche market
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