Widen your chances of success by narrowing your online business down to a niche
It’s no secret that having a niche for your online business can deliver memorable, fine-tuned results for your audience. Uncovering that small market in need of a must-have solution rather than jumping in where everyone else is (and trying to keep your head above water in the process), can build your online business immensely. By finding a niche for your online business, you’ll have less competition, spend less money to start up and more importantly, have the attention of an audience that wants what you have.
Brad Sugars, entrepreneur, author and founder/chairman of ActionCOACH says in an Entrepreneur magazine article, “Start to expand your focus by doing a more narrow analysis of your market and what people are buying, or would buy, if given the option. Don’t worry about the sales you might be missing by not offering everything to everybody. Your narrow focus could deliver more business than you can handle, producing higher-margin cash flow to enrich your bottom line.”
While you’ve undoubtedly heard about the importance of finding your niche, the hard part is often uncovering just what that niche is. The process of whittling down your audience’s unique needs, in conjunction with sifting through your interests and talents can be daunting.
However, if you spend the time now to discover what your niche is, you’ll be well on your way to success. Randall Magwood, a well-respected online marketing expert and author of Internet Marketing Secrets Revealed says, “I’m big on niche marketing because it’s a fundamental element of making money in ANY business.”
Here are 7 Tips on How to Discover your Niche and Put it to Work for your Online Business
1. Seek and Ye Shall Find:
Keep an eye and ear out for what people want. Social media like Facebook and Twitter offer a plethora of opportunities for you to discover what others are looking for. Think of it as personally being handed the innermost thoughts, diaries and birthday gift wish lists where you can assess what groups want, then dissect comments and requests so they are used to the advantage of your online business. If people are making their desires known with several “if only they made” or “I wish a place existed for me to buy . . .” statements, then you may be looking a gift horse in the mouth. Listen to what others are saying, observe their needs, then capitalize on their desires by delivering what they want.
2. Make it Personal . . . to You:
Go ahead, make the foundation of what you sell based on your interests. When you do, what you’re selling will shine through, making it more appealing (and genuine) to your audience. Say you’re so passionate about music you can name a tune within the first two seconds and have traveled hundreds of miles out of your way to see your favorite band (for the eighth time this year alone). Couple that with the fact that you’re a health buff. Armed with the knowledge behind the power of mood-and-confidence boosting music and mood boosting exercise, you may have a niche.
If you live and breathe music and health, so why would you try to sell eBooks about butterfly catching techniques? Working with your true self will resonate with your audience, establishing credibility behind what you’re selling.
3. Make a List & Discover Yourself:
Get out a pen and paper and divvy it up into columns representing hobbies, bills, skills and jobs. Spend 10 minutes writing down as many words as you can think that relate to you. Hobbies like playing tennis and painting, skills such as having outstanding mathematical abilities, and yes, even the bills you pay, are all ways to help you better assess where you devote most of your time and money. Review your list and chances are, you’ll find it to be an honest assessment of who you truly are. You may find cross-column commonalities that could uncover an ideal niche for your online marketing business.
4. Think Small:
“It’s easier to reach a smaller group of people interested in a specific idea as opposed to a large group of people interested in a broader range of ideas,” says Kavit Haria of Insider Internet Success. In other words, reel yourself back from the tendency to think you must appeal to the entire population in general and instead, hone in on what a select group of target individuals are seeking, and then make that your niche.
5. Check out magazines.com or visit your local Barnes & Noble:
Tons of magazines beyond the mainstream ones at supermarket checkout counters exist, and browsing through the selections may assist you in your search to find a niche for your online business. Look at the titles of magazines, browse the articles, and even observe what others around are scanning. Do you have an idea that could align with one of the topics that can be extended to your business?
6. Listen to your Friends:
Good friends are often the ones that tell it like it is, jokingly (or not) telling you about your unique personality traits, abilities and habits. What are they saying? Are you always the first one people come to when it comes to music-related questions? Are more people commenting about your grasp of photography on Facebook than they are those jokes you make? Hone in on what others say about you . . . be it through social media interactions or in-person conversations. How can you turn your expertise and talent to shape and fine-tune your online business?
7. Watch the Trends:
Trend Hunter, Amazon top sellers, eBay Pulse, and the likes of Forbes magazine’s Top X lists are invaluable resources to keep you on the pulse of what’s happening. Scouring those rise-to-the-top interviews in magazines like Entrepreneur for example, may tip you off on a way for you to put your ideas in action. Just one tip from one source or observation in a trend can trigger that perfect niche idea to cultivate a successful online marketing business.
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