You have an idea that you’re ready to turn into a business. You’re trying to get all the details together so that you can make your business successful. Everything seems to be coming into place, but there is one component that you’re still unsure of; determining your niche.
How to find your niche is a very important question because it heavily influences the success and profitability of your business. You need your business to stand out, to reach your target market, and to show your audience who you are and that you’re worth buying from.
Yet, finding your niche can also be incredibly difficult. It’s hard to tell if you’ve made the right choice until you start receiving feedback plus measuring its success.
When you’re launching your business and getting started with your marketing endeavours, it’s actually more important to get your brand out there with your niche as your selling point, than it is to get your product out there.
How to Find Your Niche
As difficult as it may be, the sooner you get your niche figured out the better. You can try something out and see how it goes, with the ability to make changes if necessary.
Instead of worrying about choosing the right niche and complaining that you’ll never figure it out, follow a few tried and true methods for discovering your niche by doing the following.
Take a Look at Your Passions
Your passions are going to be the driving source of your business. If you don’t love what you’re putting out there and the brand that you’re building, then you’re not going to love your business, it won’t be authentic, and consumers will see right through it. Either that, or you’ll just outright quit over time.
Consider the things that interest you, how you like to spend your time, what you like to focus on, learn about, and what you can talk about for hours. Make a list of the answers to these questions. These are your passions and choosing a niche based on your passions is sure to win.
Do Keyword Research
Look at the data around the various passions that you have added to your list. Use a keyword research tool to look up the words you wrote on your passion list. Doing keyword research can give you a lot of useful data to help determine if your keyword has a fair amount of volume. This data is a great starting point for narrowing down your passions until you find the perfect niche.
Think About What Problem You Can Solve
Based on your passions, see if there are problems that you can help solve specifically for your potential customers.
Research your target market so that you know what matters to them, what problems they have, and what they are looking for in terms of resolving those problems. Remember this quote by Elon Musk: “You get paid in direct proportion to the difficulty of problems you solve”.
Look at Your Competition
Your competition is going to have the same niche and will likely be serving the same target market & purpose. You need to know your competition in order to differentiate yourself from them but you can also study them to see what’s working and what they are doing well. Look at the other businesses within the same niche and decide whether you will be able to make your brand stand out.
Some areas to look at are their content, their visibility, their advertising and product line. If your competition is putting out low-quality content or isn’t putting out paid ads, there is likely room for you to step out in that niche.
Test the Idea Out
Once you’ve narrowed your passions down and decided what will most likely be your niche, you’ll want to try it out. A great way to do that is by crafting a simple landing page and making a little funnel to see if you can get traffic to visit it.
Try A/B testing to see if there are a few things you can tweak to get traffic and gain customers. If you test, measure and adjust repeatedly without much success, you may want to go back to your passion list. However, if you’re starting to gain conversions and things are taking off, it looks like you’ve found your niche!