It is pertinent to know your specific niche when setting up and running a business.
Your niche is simply your target audience – a group of people who are bound to use your products or services due to their specific interests, values or way of life.
Understanding your target audience should never be underestimated because it helps to implement your marketing strategy.
These are some of the questions that you should ask yourself to determine the niche your business should fall under and the type of audience in that specific category.
1. What are my skills?
Choosing a niche and being successful in it, is dependent on how passionate and skillful you are in that area. Settle for something that you enjoy doing.
It’s important to think about the areas you have special skills or experience in. This way, you will be able to build a strong foundation for your business, doing what you love.
2. What are the needs of my target audience?
Once you have identified what you love and the niche it falls under, you can then proceed to figuring out the needs of your target audience. A successful business is one that identifies a problem and proffers solution to it.
To know the challenges your target market is facing, do your research on Google, and on social media to discover the frequently asked questions of potential customers.
3. Is anyone already solving the problems of my target audience?
Whatever level your business might be, you’d always need to check your competition.
A simple Google search, with some of the keywords associated with your niche, will provide you with the brands with offerings similar to yours. And if you don’t find anything tangible, it could be that you’re about to become a pioneer or it could mean that the niche has no market or it’s simply non-profitable.
4. Will my target audience accept my products/services?
To solidify your research, you’d have to test your idea. You can also create a landing page and start collecting leads through paid ads just to see whether the niche that you choose has any demand.
This is an important step in finding and deciding your niche because you don’t want to waste money on time in registering a business, and investing in a product or service that has no demand.
However, if you have people showing interests and leads flowing in, then, you might have discovered your business niche and target audience!