In order to be able to successful do well in your business you have got to position yourself into a specific industry and market. That’s why finding your niche is very important for you. And it’s really not that hard to find your niche like people think. So maybe let’s define what is a niche? Well, a niche is a specialized market for a particular product or service. But before you can conclude this is your niche you have to go through two-step process.
- Find what the society really so hungry for, or struggling with, and then see if you can fill the need.
As an entrepreneur you are called to solve problems, you are called to invent things, you are called to serve something, because as things continue to evolve, there are going to be needs to be filled, therefore your ideas can help and change something for the betterment of the world. So if you want to do well as an entrepreneur you need to identify those needs so that you can fill them.
The world needs what you can offer; therefore don’t be afraid to put your idea out there because you never know. But first, you have got to define what you are going to be solving and serving. So before you can really find your niche, you have to identify what is it you are going to be solving and serving. If you haven’t already started your business, think about what value you can give and offer that can turn out to business. All you have is to look around your environment, your society, and you will see what people are really hungry for, or struggling with, and see if you can solve or provide the solution for it. And don’t even over think it, because it can be something very simple.
I read on Biography.com about Sara Blakely, a billionaire businesswoman who invented the hugely popular line of shapewear famously known as Spanx. It is said Blakely idea came about when she decided to cut the feet off a pair of pantyhose so that she could be able to wear a pair of her strappy sandals. She had some of her clothes that she wanted to wear that she couldn’t find any undergarment to wear under them. So in a process to finding the solution, she realized her footless take on pantyhose could be a brilliant product. Therefore she went to put to work this business idea. It took her two years to work on her new business venture, to work out the final design and register her patent for her product, and convince a manufacturing firm to produce the product that she named Spanx. But it didn’t end up there. She had a product but she needed to test it in the market. But there was one problem, she had no money to advertise in the beginning, so she had to go out on the road and stood in departments for nine hours a day to advertise her product. Eventually Spanx soon proved to be a hit. Blakely landed her first major department store order with Neiman Marcus and appeared on Oprah Winfrey’s “favorite things” list in her first year. And after that her product took off, and today is a different story for her and Spanx.
To you it could be something different. It may not have to be necessary with what you are going through; perhaps you saw a struggle or problem through someone else or a society or a certain group of people, and you know you can solve it. You can think about your audiences and what are some of the problems they could be facing that you may have the solutions for. Maybe you have the expertise, knowledge, and set of skills of some kind that you can offer them.
So like what we have seen from the example of Sara Blakely and her business venture Spanx, before you can get your business idea to actually launch, you have to find what people are really so hungry for, or struggling with, and then see if you can fill the need.
- You have got to narrow it down and make it specific
When someone tells us she or he is a doctor, usually our question will be what kind of doctor is he or she so we can know exactly what they do and specialize in. Because it might be a dentist, it might be a dermatologist, maybe a gynecologist, or perhaps a pediatrician, or psychiatrist, or microbiologist, and so forth. This will save us time and maybe money, because nobody wants to go to the pediatrician when you know you have got dermatologist issues.
The same thing goes with your business venture, you have got to narrow it down into a specialization. You have got to know exactly what are you doing for your audiences and who are those audiences. You need to be very specific about what you do and who you do it for to conclude that is your niche. There are lot of people could be in the same business industry as you do, but what would be distinctive about you is that particular thing that you do and solve, and the kind of particular group of people you do it for.
This is also where you need to do your research and test your product if it is what the market needs or wants. Do a market research for your product or service to narrow down information about your target market or customers. Like Sara Blakely, you have got to test your business idea, your product or service in the market whether it is actually what the market really wants and to what specific kind of market. Is that what people really need and if so, what kind of people, their age, gender, and so on? Blakely went out on the road and stood in department stores for nine hours a day, lifting up her trouser leg to show customers her tights, and holding up pictures of her own bottom, in her white trousers, with and without her product on. The market or people were able to see the difference before and after she had her Spanx on, and they could give their feedback if that’s something they needed, and could also wear or see themselves wearing.
Maybe you are a dating and relationship couch, and you have this program that you have started that you are selling, you may decide to offer free couching sessions as a way to sampling it whether this program you have come up with is going to be successful, and to whom exactly, or what specific group of people, society, and et cetera. So you can offer free trial services and then if they like it they can decide to purchase your full services. If you are in product based business, offer free product samples ‘freebies’ to know if this is what the market or customers really want so that you could be able to narrow them down to a specific target market. And you can just monitor the response of what your audiences they have to say about your products.
You can also give a few of your products for free in exchange for the customer reviews. I mean, a lot of YouTube influencers are doing that nowadays. They can be your focused group that you can send your products for free and they review them for you and in return you get their honest feedbacks concerning your products and on top of that get to be able to promote your products to their audiences and platforms at the value of the products you sent them. But there are also companies and websites like Digital.com that are specialized in reviewing products and services that you can reach. Not only that you can conduct a survey or a poll and ask specific questions to your customers concerning your products or services. And you can just monitor the response of what your audiences they have to say about your products.
We can learn from scientists; they spend so much time and money on researching than they spend on creating the actual medicine or cure. When you perform a market research it can help you also to know what type of products and services may bring a profit. And for products and services that are already created and available, marketing research can tell whether your products or services are meeting your customers’ needs and expectations.
It’s not that hard to find your niche. Find what the society really so hungry for, or struggling with, and then see if you can fill the need. So identify the problem, think of the possible solutions, and then come up with the best option. After that narrow it down to a particular area, thing, audience, and so on.
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