HOW TO IDENTIFY A NICHE MARKET WITHIN THE BROADER AUDIENCE

Posted on by Jose K. Taing

Most industries are always oversaturated and have competitors all around, which can make the possibility of your business standing out like an almost impossible venture. However, competition is a critical factor that can motivate you to do more for your customers to beat the competitors. That means differentiating your business from the broad market, which is known as niche marketing. For instance, if you sell shoes, you may decide to specify with kids’ shoes.

The primary question is, how do you identify a niche market within the broader audience?

Examine your interests in the current market

First and foremost, determine what interests you in the current market and your strengths in serving your customers. With niche marketing, the key thing is focusing on what your business or brand is good at and working on that specifically. Examine your business’ unique qualities, strengths, and offerings because niche marketing focuses on the brand’s exception and specialty.

In addition to that, identify the specific people you enjoy serving and one you would be happy to stick with. Niche marketing allows you to focus on the area you enjoy working on and working for people you feel most connected to.

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So that you can figure out a comprehensive answer, ask yourself questions like:

  • what specific solutions do you offer your clients?
  • What do you do best?
  • What do you like working on?
  • With whom do you enjoy working?
  • What do you do better than your competitors?
  • In what specific area can you excel?

Do in-depth and comprehensive research on the market.

After you identify the areas and audience you would be eager to work with, its time to research the market. It will help you find out if your idea is feasible.

Through research here and there, you will identify any brands out there doing what you want to do and how they are doing it. If they are there, it allows you to find out what they are doing wrongly and how you will focus on improving or differentiating your services. For instance, you can browse through large retailers like Amazon to find out some product offerings you may have never thought of.

Additionally, through research, you will know if you have a potential audience and if it is enough to keep you going. Remember that, even if you have a niche market, your business will be unsustainable if the customers are limited.

Understand your target customers

Knowing your customer is the way to offering them the best service. For example, you can search through customer reviews for specific products or services and find out what customers want.

One motivation of a niche market is the customer. Understanding your ideal client will help you in tailoring your business to suit them.

Set up, test and review

When it comes to setting up a niche market, you have to do extensive marketing to reach your target audience. You can use a niche marketing expert such as Ariel Pfeffer, to utilize the best niche marketing strategies to expose your brand.

Review the marketing campaign to know if it worked. It may not get you the desired results the first time, but you will eventually get there through repeated processes and adjusting accordingly.

The final words

Identifying your niche market allows your brand to be unique, beat the competition, and resonate more with a specific customer set.

 

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