How to Find your Perfect Niche Market

What do you do when you are confused regarding which niche market should you use?

Rule number one when starting a business is to know who your customer is. The foundation for any successful venture is the fact that you need to know your customer.

The following are the five steps which any business owner can use to find the ideal niche:

  1. 1. DO SOME SOUL-SEARCHING
    Firstly, you need to have the passion for the work that you are doing. Your goals, interests, and values should be reflected through your niche. You need to find those activities which you enjoy and at what you are good at.

  2. 2. SURVEY YOUR TARGET MARKET
    In order to uncover the pain points you need to survey your target market. By looking at sites likes Facebook, Twitter, Redditt and Quora you can get an idea as to what dialogue people are having, what questions are they asking, and what are the problems which they experience. With the help of surveys, you can better understand your niche.

  3. 3. RESEARCH THE COMPETITION
    The another important thing is that you need to research on your competitors. You need to look at your competitors content and see the value that it has. By doing this research you might be able to uncover an opportunity to deliver a superior product.

  4. 4. ASSESS POTENTIAL PROFITABILITY
    The next step is to understand how you can benefit from your niche. Try and explore Google AdWords Keyword Planner. Another useful tool is Google Dig which can help you to get information on trending topics.

  5. 5. TEST YOUR IDEA
    The last step involves testing the idea which you have planned. Firstly, you can try to reach out to your network of friends and acquaintances who might be interested in your new product or service. One of the ways to contact them is through Facebook and email.
Read more at forbes.com
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