Many people fail at business because they try an age-old business killer called “trying to sell to everyone”. If you are starting your first business, or any type of small business it makes more sense to identify a niche and to make sales to them. Selling to a niche has the potential to earn you big money. If it’s a well-defined niche hungry for whatever you’re selling. With a niche, you increase the probability you will capture the hearts, minds, and wallets of your target market. Trying to sell to everyone will almost always fail in a new business because the masses tend to spend their money with known companies. Few people want to gamble on a new, unknown company. To increase the possibility you make money, identify a niche and be certain you take the steps to appeal to them. Review the five steps for developing a niche that will be drooling to buy your product:
STEPS FOR FINDING YOUR NICHE
1. First, you must define a market you would like to target. Your goal should be to become a big fish in a little pond rather than a little fish in a big pond, where you are ignored. Understand the needs of the market you have chosen, then capitalize on those needs.
2. You must decide three things. First, whether your product is useful or not. If it is, who would get the greatest utility from its use? Second, if you’re able to answer the first question, you must decide how you will differentiate it from what’s offered by competitors. Third and finally, you must determine how you will most efficiently get the word out to your target market.
3. You want to establish yourself as the go-to company for whatever it is, you’re selling. Many alleged business specialists suggest establishing yourself as an expert. I almost agree. But realistically, becoming an expert in a world full of them is unlikely. Your goal should be to become an expert over time. Thus, you don’t have to try to establish yourself as the leading expert. You don’t have to beat other experts initially, aim to join them.
4. Create a specific message or a group of them, that speak to the niche you plan to target. Business is conducted on an emotional level. Once you identify the niche you plan to target, seek to build a community around the product or service, for which you are trying to capture their interest. Communicate with them often and be certain to appeal to their emotions and the benefits they will derive from use of your offering.
5. Be certain you remember you have three limiters in trying to reach your niche. Your objective, your budget and the most effective means of delivering your message. When you’re a new start-up, typically your budget is small. But, your objective would always remain to make the members of your niche aware you’re available. Both initially and over the long run, you would look for inexpensive or free methods to get the word out. To the extent possible attempt to get your company or your offering listed everywhere you can. Online you should both join and create groups. Offline, be certain to be an ambassador for your company along with anyone else you can get to toot your horn. When you’re starting out use flyers, brochures, and business cards. All of which can be put together for a little money. As you begin to earn profits, you might establish business pages on social networks. No matter what you’re selling, there are probably people looking for it on Facebook. Facebook remains the king of the hill for social network marketing. But don’t overlook Twitter, Google +, LinkedIn, Pinterest and any of the big social networks. When you begin to make money, you can buy paid advertising in the future, to the extent your profits exceed its cost.
Unfortunately, there is no perfect niche, and developing the right one for your offering may require some experimentation. Just keep in mind it is pointless to try to develop a second niche until you are certain about the first.