5 step process for finding your business’s ideal niche market
A niche market is a small subset of a larger market. It is not the “average consumer” and they are usually defined by their values, tastes, or interests.
This is an example of how you can define your niche market:
-Women age 18 to 30 who love fashion
-Moms with kids under the age of five who want low carb food on hand for when they have energy slumps in the afternoon
-Senior citizens from November to May (snowbird) looking for winter rentals that allow pets
How do I find my business’ ideal target audience?
Finding your business’s “ideal” niches requires patience and careful thought before making any decisions about what markets will work best for it long term. That being said
Niche marketing is a by product of specialization. If you bank or company offers a specific product or service, you are going to need a specific market of potential buyers for that. Take the example of Starbucks and how their niche is coffee drinkers who enjoy high-quality beans roasted in store at a low price point.
The first step to finding your business’ ideal target audience is deciding what it wants its core values to be as a company and then honing them down even further by figuring out exactly which markets would best fit with those values! Selling to a niche market is a way to stand out from competitors. It help your brand, and it helps your brand establish positive recognition within the market. Your business can become an authority in your industry for that niche audience — ultimately attracting more customers to your product or service.
What are the benefits of a Niche Market and how this attracts potential customers?
By focusing on a small audience and customer segment, your business will be able to stretch its team further and bring in customers who are closely aligned with your services! Your customers will find more responses and this will increase loyalty. Loyalty is key for your business expansion as you have a higher chance of them recommending your services to other potential customers.
In order for you to establish yourself as an authority in this market, there are steps that need to be taken – and here is how I break it down:
– Find the right niche market according to my business’ needs and goals (Step One) *Check out these resources below*
– Develop a marketing strategy around our new niche audience (Step Two) *See more on Step two under Resources*
– Understand what we want from the relationship with prospective clients/donors/believers by articulating our value proposition(s) that will resonate with their needs and desires(thus maximizing conversion rates)(Step Three) *
An ideal niche market is also a risk as a small business could go in the wrong direction. Worst you could go in a direction where the pain points you think needs to be answered are finishing in an unmet needs! Viable niche can be touch a broader market thanks to online business platforms.
We built with InvestGlass client portal multiple solutions connecting the business to QuoTrading Scren, Datatrans, Strip and creating niche business in few days. Attracting new customers and finding a niche is therefore less risky when you go digial. Sales will bbe automated and you can create unique landing page in minutes with solution like Wix.com.
Our final thoughts on the 5 step process for finding your business’s ideal niche market?
- Reflect on your passions and interests
- Identify customers’ problems and needs with dialogues
- Market research the competition with Prequin, Pitchbook, Crunchbase
- Define your niche businesses and their profitability.
- Test your product with target customers or service fast to fail and adapt fast
Collect the data in a good CRM like InvestGlass to build you case on each niche markets quickly.
Good luck – go and get them all!