We are fascinated when we have ideas about new programmes, tools and techniques used to develop software, applications and artistic works. We are, however, disappointed when these ideas or products never make it to the market and do not sell or when friends, mentors and bankers think twice about their viability. The obstinate ones, however, encounter these realities after opening shop and when they realise there is no viable market for them.
Most ideas are like sand castles, they don’t survive the wave of customer acceptance, imitative competitors and profit margins. With too many frustrated but passionate individuals around, passion alone is never enough.
A niche is a business term used to define a significant segment of a profitable market, competence or idea through which a viable business can be built. You need to be methodical in your approach, especially when you want to sell online.
For your passion to ever make it into significant income and relevance, you need to strike a balance between what will put food on your table, what you enjoy doing and whether the market is big enough to keep you in business for a while. That is where finding a niche comes in.
Niches can be defined in different ways. Most times, it is around a specific identifiable need or the solution you are offering. Need niches are the easiest to find and serve. You can develop a solution to cater for only brides and grooms, people with back pain treatment, bloggers, mechanics, people who use a specific kind of car and others. You can also choose a demographic niche, which is a group of people in the same age bracket, sex, job or income.
Niche can also be psychographic, which speaks specifically along the lines of potential customer’s activities, interests and opinions.
One great way of thinking of improving your interests and passion is to consider it from its niche angle. Whether it is blogging, decoration or selling accessories online, it has the same principle. Today, I will simply share basic strategies on turning your interests into a niche.
What problem does the passion solve?
Your passion has a greater chance, if it solves a problem. Once you have identified a niche or your area of interest, you need to identify the problems it will solve. People are more likely to buy, if it is tied to a passion or pain. You either make the idea a desire people want to have or turn it into a problem people want to remove from themselves.
Cheaper, faster and better
In this part of the world, price is a key differentiator. If you can find a way to deliver your product in a cheaper, faster or better quality, you have a market. If the product presently has a lot of buyers and you can deliver it in those ways – you have also found a niche. Is it harder to find in your local market and you can easily gain access to it? It is time to use this to your advantage.
Use keyword research
Using the Internet keyword research tools will reveal a lot of interesting statistics that might pique your interest. Keywords are the phrases that people use to search for what they want to buy, learn and share online.
By using keyword tools, you can determine how many searches are conducted by potential buyers every month, the words people use in searching for your product category and the competitiveness of the keywords by other people who try to advertise online like you.
For example, using keyword research, you discover that over 3,000 people are searching for sunglasses within your locality every month with high competitiveness.
You can also find out that over 1,500 people are searching for branded prescription sunglasses but with low competitiveness. You already found a good niche to sell a specific product to.
The key here is to focus on keywords that have a high volume of people searching, but there is less competition for the keywords on the supply chain of things.
Is the niche providing significant value? An idea providing significant value is contributing substantively to the life of a defined target audience. Your product/service is valuable if a lot of people become sad that it does not exist or curse you if you withdraw your service?
Your idea has no value if nobody cares whether it exists or not. I met a young man who developed a mobile app that could help aged women in the village select household items they need and send it to their middle-aged children in the city.
The app may be a killer idea based on technology; it may get wonderful reviews and recommendations, but there are simpler alternatives that make the application not strong enough to deliver significant value.
Your business idea must not only exist, it must also solve a problem. And technology entrepreneurs need to understand this. A very simple test for this is to be able to define the problem you are trying to solve and the people your business idea will benefit in a single paragraph.
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