5 Keys for Defining Your Niche Market , 5 Secrets for Finding the Right Niche and 5 Steps for Discovering Your Ideal Customer

5 Keys for Defining Your Niche Market

Too many small business owners start out thinking that they need to be all things to all people.

They believe by not doing this; they are leaving business on the table.

Key # 1 Define Your Ideal Customer

Rather than picking a broad category of customers, narrow it down, considering things like gender, hobbies, geographic location, employer, occupation, etc.

When you take the time to define your ideal customer you are also clearly defining the language you use and pinpointing the platforms youÕll use to engage with your customer.

Key # 2 Pick an Industry to Serve

You have to have a passion for what you do, or you won’t be able to continue your forward movement when you face challenges and setbacks.

Ask yourself the following questions to help you narrow your choice down.

* What industries do you know?
* What industries do you have influence in?
* What industries do you love?
* Is there an industry that is the answer to all three of the questions?

As an entrepreneur, you get to choose where you’ll work, so it is essential to take your time and choose wisely.

Key # 3 Specialize in a Specific Product or Service

Too many small businesses make the mistake of trying to offer every kind of service or product that is available for their market.

The entire purpose of defining a niche is for your business to be known as a specialty.

When you clearly state your specialty, people can catalog it and refer your business much easier.

Key # 4 Look for an Ignored Audience

There will always be groups of people who have specific needs or conditions that make it difficult for them to find service providers.

If you market well and provide them a platform to share their story of your business specialty, they can help you build your business with referrals.

Key # 5  Be in the Know

There are numerous ways to find out the trends in your niche.

You can set up an RSS Feed to keep up with top industry blogs, work the hashtag searches and listen to social media, or just Google the information.

Work through these five keys to help you gain clarity and set your business up for success. Get your target nicheÕs attention and set your business on the right path.

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5 Secrets for Finding the Right Niche

Just because you love something doesn’t mean you’ll be able to make any money from it.

Here are five secrets to finding the right niche that will be profitable.

Secret # 1  Brainstorm All Possible Ideas

When it comes to finding a profitable niche, you want to take the time to brainstorm all the possible niche ideas that you can.

You can start by asking yourself, what subject have you read five books about?

If you’ve taken the time to study the subject, you’ve shown an interest in it.

The point of brainstorming ideas is not only to find what you enjoy but what you’re good at.

Secret #2  Find a market That’s Easy to Target

Are you able to quickly target the market?

If you look at ads on Facebook, are you able to target specific audiences that fit the customers in the niche market?

Secret # 3  See What People are Already Buying

If you find a market that doesn’t have any competition, it is a huge warning sign.

This usually means that there aren’t enough buyers to sustain the market.

Instead, you want to investigate the competition and find out what products and services they are already selling.

Secret # 4  Analyze the Core Problem in the Market

During your research, try to determine the number one problem that customers in the market are having or their biggest desire.

If you know where to look, this information is easy to find.

Finding this information will allow you to understand what people are buying and exactly what motivates them to make a purchase.

Secret # 5  Offer a More Enticing Solution

This could come in the form of a cheaper solution or a more complete solution.

There are a lot of ways to provide customers with a more enticing solution. You have to find a hungry group of buyers if you want to be successful.

When you find the right niche market and provide the right offer to customers, you can gain more traffic to your website and convert those visitors into sales.

Learning these secrets to finding the right niche will help you become successful in your online business.

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5 Steps for Discovering Your Ideal Customer

One of the most essential elements of running a successful online business is developing a detailed profile of the ideal customer.

Finding and serving a perfect customer when you first start your business will save you months of wandering in the dark, looking for a paying market.

The following five steps will put you on the right path for discovering your target customer.

Start with the Smallest Market Possible

You have to locate a group of customers that believe what you have to offer is unique.

Once you start to gain traction in your market, you can expand your reach.

Create an Initial Value Hypothesis

Too many people get caught up in trying to execute their business plan when the market doesn’t care.

The only thing that matters is what you discover and apply outside your office.

Gain Perspective in Discovery Test Sessions

The key to making and affirming your initial assumptions is to set-up discovery test sessions with your prospects.

You can join industry or trade groups or offer free samples to those who are willing to provide you feedback.

It is vital that you start talking to prospects about what they need, what they think, what works and what doesn’t.

This is how you evolve your business.

Create an Ideal Customer Sketch

Some of the information that you need to create your ideal customer sketch will be commonly understood, like demographics, but much of the data will be discovered in your test sessions and additional research.

Now is the time to identify and define everything you can about your ideal target group.

Strategy Model Components

Now you need to apply this new ideal customer sketch to other elements of your business strategy. Consider how it might impact your offerings, your revenue streams, your pricing, and your distribution channels.

You will also need to consider how you can reach this particular market and what resources you’ll need to have an impact on the market.

Understanding your ideal customer will allow you develop the right products and the right price.

Knowing what your customers need and want can help you build a successful business.

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