Highlighting a niche market and positioning yourself as an audience-oriented brand will not only strengthen your credibility among competitors, but will also lead to a more focused business. There are many lucrative niches that you can explore, with the opportunity to occupy an even narrower niche. The key is to identify a niche market that you can develop and that has a viable customer audience. Let’s consider what a niche market is, how to identify it and how to find popular products to fill it.
What is a niche market?
A niche market is a segment of a larger market that can be determined by its own unique needs, preferences, or identity that distinguishes it from the market as a whole.
When starting a business, the number one rule is to know who your customer is. Knowing your customer is the foundation of any successful business, because it will affect your content, marketing, product development – in fact, all aspects of the company. However, choosing a niche is not always easy.
Choosing to focus on niches is a strategic business decision aimed at serving a particular customer base better than competitors targeting a larger market. Here are the five steps you can take to begin the process with.
- Conduct introspection
If you don’t care about the work you do, you will definitely not succeed. The entrepreneur has many ups and downs, and the only way to survive these periods is to have a passion for the work itself. Your niche should naturally arise from your goals, interests and values. The best ideas for a niche market are based on your own experience.
Ask yourself the following questions:
- What special skills have I developed?
- What would I want to do, even if I was not paid for it?
- What do I like to do so much that I lose track of time doing it?
- Is there a problem I am facing that I would like to address for myself and others?
The key to finding the perfect niche is to identify activities at the intersection of what you like and what you are good at.
- Study your target market
As soon as you have a preliminary idea for a niche, research this target market to identify their pain points. Take a look at sites like Facebook, Twitter, and more to find out what people are saying. What questions do they ask and what problems do they face? Facebook is especially useful because you can join groups where your target market is present and participate in their discussions. Invite people to help with their problems and start testing your product or service this way. Surveys are another way to better understand your niche.
- Study the competition
No matter what niche you occupy in the market, you definitely need to study your potential competitors. Is there a market for your niche at all? Start typing keywords into Google that your target audience will use, and see what appears. Do you have the opportunity to stand out from the crowd? How do you plan to stand out? If you find a keyword that has significant traffic but little competition and paid advertising, this may be a great chance for you to enter this market. Also, you may have the opportunity to create a great product.
- Assess your potential profitability
It’s time to determine if you can make a profit from your niche. After searching for keywords, the next step is to learn the Google AdWords Keyword Planner. Find the same keywords and see if they search for terms at least 10,000 times a month. If you find keywords with a significant search volume, this is usually a good indicator of a potentially lucrative niche. Google Trends is also a useful tool for exploring current topics. Conducting research there will give you some idea of whether there is a potentially lucrative niche market.
- Test your idea
The last step is to test your idea. You can first contact your friends and acquaintances to find out if they will be interested in your new product or service. You can contact them via email and Facebook to ask if they want to make a purchase. If you have a lot of sales, this is a great confirmation of your niche in the market.
If you want to go further, you don’t have to create a full-fledged website. Tools like Leadpages make it easy to create a simple landing page that promotes your idea, and you can use paid advertising to drive traffic to that page. Even if you don’t seem to be gaining momentum, it can still be a viable niche. You may need to improve your messaging or find a better deal. You can also configure multiple A / B tests to determine if using a different landing page template is performing better.
Examples of niche markets and food ideas for 2021
- Health and well-being
In 2020, the global health and well-being market reached $ 3.31 trillion. As the coronavirus pandemic raises health concerns, people are beginning to take matters into their own hands. Health and well-being are taking care of your mind, body and soul. Some of the niches in this market are personal care products, nutrition, preventive medicine and alternative medicines. If you bought a gluten-free product in a grocery store, then you have contributed to the market of health and well-being.
Niche Health and Wellness Ideas:
- Melatonin Marmalades.
- Oil diffusers.
- Oat milk.
Consumers’ approach to travel is changing. In fact, travelers are becoming more environmentally conscious. More than half are looking for environmentally friendly options, but can not find them. This gap is a huge opportunity for brands to reach a new level and support environmental initiatives with environmentally friendly products.
A luggage brand focused on travelers, especially digital nomads who prefer functionality. You can see that this audience is represented in the whole business, from product to copywriting. More niche product ideas for avid travelers:
- Smartphone accessories for travel creators.
- Practical and comfortable sports recreation for frequent flyers.
- Scratch cards for people who like to collect impressions from travel.