HOW TO CHOOSE A NICHE MARKET
When I first came across Niche marketing strategies, I was completely lost.
Luckily, the post was well detailed enough to teach me and my colleague enough information that allowed us to turn around our blog which was not properly targeted.
So if you are new to Niche marketing, it is a content creation strategy that focuses on a uniquely targeted market, with the goal of delivering massive value to your audience.
How Does Niche Marketing Works?
So Instead of creating your Content marketing funnel for everyone, you specifically dive deep to narrow your catchment who could benefit from a product or service.
I can tell you that this strategy Lazor-focuses exclusively on one group—a niche market—or demographic of potential customers who would most benefit from the offerings.
HOW NICHE TARGETING WORKS
As the goal for niche market targeting is to allow a brand to set itself apart from a clouded pool of products or services, there are strategic niche targeting elements that are carefully used to stand apart from the competition, and these toolsets can be:
- Geographical Area Of Customers
- Audience Lifestyle
- Profession/ Earning Potential
- Cultural Background or Beliefs
- Activity or habits
- Demographics (male/female / gender orientation)
Choosing A Niche Market For Your Business.
Choosing your niche market in which you intend to start and grow your blog is a huge and definitive purpose in life. And this is because a niche market allows you to separate your business offering over your competition.
Think of a niche market as your unique selling point where if you neglected choosing who you should be creating content for, risks your business becoming everything to everyone which is impossible to make money or add value to your audience.
Get this wrong and you will either struggle to make money with your online presence or entirely have a whole lot of issues to deal with down the road …
In a nutshell, niche market selection is what many would consider the starting point of a successful long term business that leads into personal greatness as it is the basis on which your focus, life goals and long term choices will have to be based on.
For years now, I’m consistently asked by many folks who cross our paths about the process of choosing a niche market that can guarantee success or a fulfilling career as a business owner. And today’s goal is to address this question that people ask me all the time.
And the question it’s simply this…
How do I choose the right Niche for me?
For a start, there is no surprise that many people find choosing a niche market to start and grow their business daunting. This is a big challenge that everybody has and they have it throughout their lives.
Like the majority of working people, admittedly my cubicle 9-5 job felt routine and boring, And I think this is simply because the paper pushing job without having to think outside the box did not feel fully challenging. And I can tell you that many cubicle dwellers feel pretty much the same about their current jobs.
This trend in itself is sad and unfulfilling as getting into or staying at a job for which you are not ideally suited is one of the greatest wastes of time in life.
I know this too well because I have come across it once or twice with consulting clients who looked accomplished yet in retirement they felt like they got rob of their most productive years. (At least that’s what my old man said to me!)
After working in government on different senior capacities including overseas postings, he retired home to his mediocre life back in the Village.
The only thing left of his accomplishments is his Master’s degrees and Ph.D. Qualifications pitched on the walls inside an old picture frame littered with cobwebs and stains.
Frankly speaking, I have never seen him so vulnerable as he is now! Instead of enjoying his retirement, he is taken on a part-time teaching position at one of the private universities in our community.
Uhh! I can’t help but wonder how his life stories go inside his lectures…
So if you find yourself in that position, where you are wondering, which niche market to go into, it’s a good thing for you to consider a niche market that fits in with the tips shared here.
I know having to choose your niche market can be scary but hopefully, with some guidance, that decision will become more within your reach.
Before making any choices about which niche market you should consider, let us take a look at you and think about the things you enjoy doing, aspirations and also take a look at your immediate skillsets that you have in hand.
This is about taking stock of your goals for the next 12 months to 60 months versus things that you are good at doing.
Once we have that nailed down, then it’s time to ask yourself a set of key questions that most people do not tend to critically ask themselves. And the questions you want to ask yourself is Where do I want to be in 1-5 years from today in these key areas:
- #1: Personal Finance Goals
- #2: Personal Development
- #3: Family Goals And Needs
What do I really enjoy doing and what kind of Skills do I have that can allow me to do what I enjoy doing while making money?
What do I need to learn over the next 12-36 months that will allow me to do what I enjoy doing?
With all that out of your way, the next step in this process is what is called informational gathering through, online platforms and interviews.
The best way to do this as you mule over which niche market to go into is by setting up informal meetings or coffee meetups (where possible)with prospective competitors and people in the industry you’ve chosen to look up to as your indirect mentors.
What this process allows you to do is find out as many pros and cons and as much info as you can from them about the Niche market, the business you intend to go into, their specific brand positioning and company ethos.
You need to know all this so you can strengthen or weaken the position you have in mind and other aspects of that industry.
A good example of this is anyone wanting to start and grow a business in the weight loss niche market has numerous ways of launching their business, the options are endless!
- #1: You can start a weight loss blog
- #2: Start A weightloss Youtube channel
- #3: Start a Weightloss Meal planning membership program
- #4: Start a weight loss monthly newsletter (email marketing )
- #5: Start a weight loss equipment manufacturing
- #6: Start a weight loss nutrition business
- #7: Start a weight loss wardrobe re-organization business
- #8: Start a weight loss personal training program
- #9: Start a work out fashion line
- #10: Write a weight loss ebook
- #11: Create a weight loss calorie calculator app
- #12: Create a weight loss podcast and many more business ideas…
The pros and cons when picking up which niche market to go for here are based on:
- #1: Monetization
- #2: Goals and Lifestyle
- #3: Capitalization ( upfront startup costs)
- #4: Customer Lifecycle
- #5: ROI ( Return On Investment)
When you are armed with this kind of information, it will supply you with a lot of minimum viable options to make the niche market choice decision process easier.
On the other hand, when you make an effort to connect with industry titans in social circles as your contacts in the industry you will be tapping into the worth of opportunities for networking which is essential for your business growth.
This will vary from niche to niche, and for those of you who are into SEO, Consulting or Email marketing, sites like LinkedIn are a great way to reach people in a specific industry that you might want to solicit for business opportunities or information.
I can tell you that from the time you make initial contact to a point where you get a face to face meeting to go through the informational interviewing process it’s not going to be easy.
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What we do better as business consultants is help you get unstuck, and get your ideas unpacked so you can repackage them into products or services that others pay for in exchange for your value! We do not do miracles or fads! We just help willing millenials with strategies they need to help others solve their problems & in return, you get paid!
And if you think you know which niche market you should go into, it’s now time to weight the options that have been presented for you to start and grow your business that will serve potential clients once you land them. It’s crucial to carefully look at the pros and cons here long before you dedicate your focus wholeheartedly to doing your job really really well so you can bag yourself repeat and referring clients.
The thing with choosing a niche market right is that when you commit to doing your job to the best of your ability, one of two things will happen.
For a start, you will find that this is the right niche for you if you can fund the startup upfront expenses, how you will be able to monetize it and what the return on investment will look like versus the lifestyle your business will offer.
This may sound like an impossible ask or will become rare in the beginning but will become more clear as you progress in or you will find this not the right niche market for you and that you need to continue searching for possible alternatives.
Whichever way it works, by putting your whole heart into doing a really good job in the early stages of researching your niche market, you will find the answer to these questions much quicker then you can come out the other side and decide the type of business is ideal for your skill sets, capitalization, lifestyle as well as profitability.
By answering these questions first, you will have the answers to see if this is something that you can see yourself doing for the foreseeable future or not.
If it’s not your kind of a niche market you want to go into the long term, then you simply repeat the process.
Finding a niche market that you like first and matching it up to your skill, cost of starting your business is key to finding the right career that suits you there’s a lot of trial and error involved out there and it just takes way too long before you actually see any money coming in.
As a new business owner, one of your primary responsibilities to yourself is to select the kind of niche that you enjoy and if you are that lucky to find something that best suited to your natural talents and abilities at a higher level your productivity goes off the roof.
While earning a living is always at the centre of everything we do for work, it still is a duty owed to yourself is to work at something that gives you joy and satisfaction you must find.
When I started my blog, my goal was to start and grow a business that allows me the freedom to work from anywhere in the world, as long as I had an internet connection and a laptop or mobile phone. I wanted to start a business with little or no money upfront, at the same time, it must be one which can have multiple revenue streams, starting slowly and grow into a wildly successful business over time 24 months from when I started my blog.
Starting small scale businesses is something I personally find refreshing, watching an idea develop from its infancy into something that employes virtual assistants, then ships off its first products and finally becomes a movement that people buy into.
And the same could be said for you too! Just think about this, if you hard to start and grow a business, what would that look like? Would it be something that brings out the very best in you and that inspires you to want to become excellent at what you’re doing?
So, before we wrap up with this post, I’d like to challenge you with a thought, and if you can share with your friends and followers, that will be cool!
We have shared everything here that you need to know about choosing a niche market for your business, we have covered tips from selecting your niche, which is a huge and defining purpose in life. We also said this is the starting point of your wildly profitable business that can lead into personal greatness, armed with all of those plus my strategies for starting and growing a business, what is keeping you from launching your blog?
What would it take for you to start a youtube channel or a social media marketing business so you can finally break free from your 9-5 job?
Choosing a career is a long term commitment which you must not take lightly, especially now that you are in your most productive years and at a time where starting and growing a wildly profitable business is available to anyone. Only if you are willing to put in the work and start something…
haven’t seen my other videos about building your career and increasing your position in life take a look now I’d love to hear from you so my question today is
Once again, if you had all the resources you needed to start and grow your own business, build that wildly successful company of your dreams which kind of a business would you want to build and what would be holding you back to start your journey to building that company?
I would really like to hear from you and if you think you know what that business would look like, then do leave a comment below and I’ll be sure to follow up with you if need be
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