You have the ambition to launch a brand but are still determining which market segment to target. You can make a list of all of your interests and activities, but you still need to figure out what your calling is.
How do you go about finding your niche? How will you know if your chosen location is appropriate for your needs? A skill that will distinguish you from others?
We'll help you find it. Here are the basics:
1. Reflect on your passions and interests
Understanding what motivates you is essential. When you're not working, what do you do? In what areas do you take the most interest in expanding your knowledge? It's time for a career change if you've been toiling away in a field that fails to excite you. It can be challenging to adapt to a new role and keep it, but if you enjoy what you do, you won't mind the effort as much.
Here are some brainstorming questions:
- What's your area of expertise?
- How do you unwind?
- Do family, friends, and coworkers seek your advice?
- Problem-solving strategy
- What interests you?
Even if they seem apparent, writing them down can help you find a specialty. Writing helps reveal hidden skills and interests.
2. Determine the issues and requirements of the clientele
Now is the moment to put your specialized ideas to the test and determine if they're viable. First, decide whether you can solve problems in your niche for your target audience. Profitable businesses blend passion and practicality to provide clients with solutions.
Understanding your audience's pain points will help you solve their difficulties. It's easy to do:
Check out several internet forums: Read questions, comments, conversations on Quora, similar websites, review sections, or support groups. Note any typical issues or problems I can tackle.
Communicate with others: Face-to-face with a member of your target audience, inquire about their pain points, what would make their life easier, what's missing from the market, etc.
Look at Competitors: Determine which problems your potential niche's leading players are solving. Have you filled any gaps? Check their social media to see what customers say and think of a unique, valuable offer.
3. Research the Competition
Before launching a new brand, research your competition. How many businesses will be competing with your product idea?
Start by doing a quick Google search and noting all the competitor sites you find. Analyze websites, social media, products, and branding. Creating a well-informed niche plan requires knowing what your competitors are doing and how you may distinguish them.
Next, check how many ads appear at the top of Google's results page, the ones that look like this:
These are sponsored ads, and having too many for your niche means you'll be up against a lot of paid competition. You will have more success if you target less competitive search phrases with fewer paid results on the first page of results.
4. Do Keyword Research
Keyword research is about understanding what people are searching for; you want to identify high-volume terms. You may find a wide variety of keyword research tools on the web. Here are two of the best and free tools:
- Google Adwords/Keyword Planner:
This free tool helps find keywords. It gets data directly from Google and shows you suggested terms, average search volume, competition, and more. It's free, easy to use, and great for beginners.
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Using this free tool, you can see which keywords are trending up in popularity and which are trending down, as well as the overall trend for all phrases.
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To begin keyword research, ask questions. How popular is this term? Who's looking? Why? Until you know what people in your niche are looking for and why. Keywords having a high search volume are very competitive. Don't strive for the most essential, popular keywords; instead, try to mix popular keywords with low competition.
5. Define your Niche
It would be best if you understood your niche and how it could work. Before diving into your niche, make sure it's a good idea. You've chosen a niche you're passionate about and done competitor and keyword research, and now it's time to ensure it's the right one.
If you're starting a blog, you may not care if your niche is beneficial, but if you're starting a branding agency or any online store, it is.
You can test your niche's profitability in several ways:
- Amazon, Google, and eBay have trending products.
- Find competitor best-sellers
Before launching your niche, know your audience. Your target audience affects fonts, language, and online brand promotion. Consider your target audience's age, gender, lifestyle, pain points, budget, hobbies, and culture to build your niche.
6. Identify Your USP
There is something special about every brand and every product/service that makes them stand out from the competition. This may refer to anything from the layout of an app to the components of a cookie. It's time to let your imagination run wild. Contemplate what sets your offering apart from the competition.
Whether you're starting or seeking to grow your business, it might be tricky to establish your niche. Focus on your strengths to find your expertise.
Need help identifying your brand niche? Get in touch with our expert.