Finding your specific niche market can be crucial in giving your new business its identity. But how do you find a niche and what even is a niche market? Do not worry - we have compiled a short guide to niche markets and how to find yours.
Niche markets - explained
Within a broader market, for example, pet supplies, it is difficult for a business to stand out or even attract its target audience amongst all pet owners.
If you, on the other hand, look at a more specific market within pet supplies, for example, plastic-free toys for puppies, there is an opportunity for new and small businesses to work their way to the top with the right niche marketing strategy.
How to find your niche market
For finding your niche market, it is key to identify your niche audience.
There might be a potential niche market out there that others have tried to work but have not succeeded - so, ask yourself: what makes my offer stand out and what does this specific market and potential customers want? If you then find the middle ground between those two, you are one step closer to being a niche business. Of course, other factors can make a market niche - eg the location of your business or the price and quality. It is also advisable to aim for a key characteristic of your business that stands out and attracts your target market - eg marketing a business's sustainability can be a great example of niche marketing strategies.
What are the benefits of having a niche market compared to a larger market?
- Having niche services or products means that you are exposed to less competition. Particularly in an overcrowded online market, this might be one of the most important advantages of niche businesses.
- Being able to streamline all your focus into one niche area will most likely improve your performance and customer relationships as it allows you to put all your hard work towards specific services.
- Having a niche offer automatically improves your SEO as the keywords associated with your business are likely to be as niche as your offer.
How to get started
The starting point will be thorough research. Get a good picture of other adjacent niche markets, the specific market you have chosen, and any key competitors. You can learn a lot by reviewing other businesses' marketing efforts. Looking at niche market examples of other companies might even help refine your niche. In the next step, before you launch your product or service, make sure you have done market testing to ensure your niche offer suits its market. Then, once your product or service is launched, try to reach your specific audience through a marketing campaign. You can easily use social media or an e-mail campaign to do this. We also advise gathering feedback from your customers to improve products beyond the initial launch phase.