Image via WikipediaWHAT’S IN YOUR NICHE?
The one-million-worth question in niche marketing business is “what’s your niche?” This is the fundamental requirements before starting your business. Here are some advices from expert marketers.
1. Your interest or hobby
- Doing the things you like to do or the things you really enjoy will greatly reduce the effort you needed to exert.
- When the niche business that you choose is in-line with your interest, you can treat it as a hobby, not work and of course you can generate a lot of ideas. Also, you may already have an access to the market, because basically, you actually belong to that niche.
2. Hot Niches
- Choosing a hot niche or a niche market that is fast growing can be your gateway to success. How many of us will have the idea that social networking will be a big boom in the internet? Facebook did realized early, and look at it now, a billion dollar worth company.
Yes, choosing a niche market that align with your interest and is also fast growing can spell your success in this type business.
ARE THERE BUYERS ON YOUR NICHE?
Another crucial requirement in choosing a niche is its profitability. Although it is a big advantage in choosing a niche market that aligns with your interest, it is not yet the end of the story. If there are only few members in your preferred niche, you might as well ask yourself a question, “Am I going to profit with this niche?” Always remember, it is not just a hobby, it is business.
Gathering enough data from your targeted niche should be done on the front end. Just a simple market study will suffice and give you a degree of confidence that you are actually making the right choice. Look at the critical market criteria like market value and sustainability.
The thought is just simple, know whether it is good decision to proceed or not in a particular niche. Turning back is not always cowardly; it can be a sign of wisdom. Learn the lesson from others who started a niche business without concrete foundation of a reliable market data.
COMING UP WITH NICHE IDEAS IS EASY
Newbie in niche marketing business are likely sceptical. They are not confident about their capability to generate niche marketing ideas. Well, the good news is, it is not difficult. Just be positive and follow these simple tips.
1. Be sensitive to others needs
- Be aware of the needs of the people around you. Always keep an eye to their problems and frustrations. Problem, in fact is a manifestation of an unmet need. And do you know someone who had no problems? There’s none isn’t it? So there are still needs that needs to be met. All you need is to be keen in observing.
2. Be updated with the news
- ‘The needs of human are never ending’. This fundamental truth tells us that the opportunities of building a business are never ending. Every day, new needs are formed.
- Who knows that cellular phones will rise up as a basic need? Yes it did. And those who figured it first were now successful businessmen.
- The secret is to be the first to know and be the first to move. And how can you be the first? Listen, read and always be updated with what’s happening around you. Read news about the latest trend and the latest need.