The third piece of a correct business plan is the identification of your market.
You will have to imagine WHO will use your Product.
Establish which people or companies should be reached and how to get to them.
The market can be very large or very small: in both cases, it must generate a turnover that allows you to support your business.
Currently, the market is not only large: it is an endless expanse of service offers or products.
It is necessary to find one’s market niche to which to turn and in whose heart to make a breach.
What is a market niche?
It is a small market space with people with specific needs.
It is very convenient to satisfy the needs of a market segment.
ew competitors = low competition and high earning potential.
How to identify your niche?
Finding a niche market is a mix of art and science, intuition, and data.
Below you will find practical tips, you can apply them to everyone and in every sector.
Focus on specific people with specific challenges
The secret to finding a niche market is to complete this sentence:
My Product or service helps (what kind of person) when (specific situation).
Here are some examples, your products or services help:
New moms when they are trying to lose weight after having a baby.
Couples of workers who do not have time to prepare nutritious meals at home.
Now sit down and make seven of these points for your product or service.
The result will be a series of demographic data, emotional desires, or challenges. Your goal is to choose the best.
Be a marketer
The first thing you need to do is stop looking at your product or service as a consumer and start looking at it as a marketer.
Consumers are captured and absorbed by the message and cannot see beyond the purchase.
Marketers are focused on understanding customers’ deepest needs and desires.
Focus on your ideal client and explore how your product or service will help you achieve those desires.
If your Product is technical or industrial, remember that even B2B customers are people.
Try to think: what does your project mean, help them get a promotion, be a hero, invent or develop something new?
Think bigger and beyond the tangible.
Look for “crowded” niches
The easiest and fastest way to find a “crowded” niche is to visit Amazon.com and search for the best sellers in your subject area.
If there are thousands of books on that topic, you are at a good point.
Search your item on Google. If you don’t see pages of blogs, and forums, this is not the right niche.
One of the errors is to seek at all costs “virgin” niches, forgetting that the first selection criterion must always be the need, the request of our service by people.
Ask yourself: “What is missing?”
One of the most effective tricks and to ask, “What is missing?”
Many times we rely on an obvious need in a market that already has a thousand offers to satisfy it.
The best successful products? You have to analyze small market niches and capture potential needs, not yet satisfied.
A trend is born suddenly and has a short duration.
Yet in this small situation, it can make more of all the segments you have always followed.
The trick is to be impactful immediately.
Do you want to find out your niche with me? This is my path My Platinum Business, have a look at it 🙂 Hope to work together!