A niche is a focused targetable portion of a market. It can
also be described as the people interested or people that might be interested
in that particular product or service that you intend to provide.
It then follows that if you intend to sell sporting
information on football players, clubs and or football matches, then your niche
market are those that watch or play football. However to be more effective at
identifying your niche market, you need to narrow down the audience to a specific
target. The whole world should not be your niche market. The question then
arises: how do I narrow down the audience to a specific target. The answer to
that question lies in researching your target market, industry, competitors and
environment thoroughly. See some articles which will help you in
researching. Better still, for a more
detailed approach get the course “Basics of Starting a New Business”.
Also avoid markets that nobody knows about. Before you can
sell any product, there has to be enough demand for that product or service
that will sufficiently keep you in business. It is difficult to create demand
on your own and of course I would advise you not to try to do that. As a matter
of fact, you cannot create demand. Ensure that what you are presenting to your
niche is something they want and you can make easily available for them. It is
also a good idea to provide differentiated products or services that make a
bold statement for you in the market place.
Also there should be a level of competition in the market
for you to compete in. Don’t worry about how to deal with the competitor. The
course “overcoming competition in Business” will help you take care of that. Your
market should not be too little or too large. Reducing your niche to specific
targets ensures you increase your chance of reaching your actual potential
clients easily. It’s your ability to be able to reach your actual customers and
satisfy them totally that will determine your level of success in that niche. To
satisfy your customers, you need to know and understand what your customers
feel they will benefit from using the products you create.
Learn to create marketing options. This allows you to
increase actual sales and ultimately your actual customer base. This also means
that different customers may have different uses for your products and so a
formidable niche is not just a fixed number of targeted audiences but a
flexible number of targeted audiences. You will also need to understand
specifics concerning your niche audience and circumstances that may affect your
niche market. For instance, certain products or services can only be offered at
specific time seasons or periods. You need to understand specific periods when
your niche market is hot and when it is cold. This will enable you to make the
most out of your audience when the going is hot.
Have a clear understanding of what is obtainable in several
locations within your niche market .this will ensure that you customize your
products to perfectly suite your target audience.
Valentine Okolo
Get the course "Basic Sales, Marketing and Business Development Skills" and "Overcoming Competition in Business by clicking the Course button on the right or at Braincert https://www.braincert.com/course/Basic-Sales-Marketing-and-Business-Development-Skills
https://www.braincert.com/course/Overcoming-Competition-in-Business
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