Let’s say you’ve brainstormed a promising idea for a business, but you’re not quite ready to make the final jump. Before diving in, your first step should be determining your target market.
When it comes to your business niche, you have two fundamental markets — consumer and business. In certain cases, you could also be selling to businesses and individuals alike.
There’s no such business, especially not a small one, that can offer everything for everyone. That’s why you need to figure out the exact market you’re targeting for optimal results. This process is called developing a niche, and it’s a step you need to take to be successful.
Even the largest companies follow this process. Promising niches do not just come to you; they must be thought out.
Today we’ll list 7 steps to follow in order to define your business niche.
1. Create a wish list.
Who do you wish to be in business with? You want to be as specific as possible. Try identifying the geography and kinds of businesses or clientele you would prefer your business to target.
If you haven’t decided who you’re looking to do business with, you can’t reach your niche. It’s impossible to do business with everybody. You must realize this to avoid spreading yourself thin and confusing your prospects.
Your best bet during these times is to come up with a smaller niche.
2. Be clear and concise.
Make it clear what you’re looking to sell. Your niche is not the same as the field you work in.
Try applying these tactics to help you focus on what you want:
You should be able to identify your niche through your passions and experience.
3. Align with the customer’s perspective.
When you view the world from the viewpoint of your potential customers, you can establish their needs or desires. You can accomplish this by having conversations with clients and ascertaining their primary concerns.
4. Plan.
By the time you get to this step, your niche should be coming together as your concepts and the customers’ requests fuse to form something fresh. A great niche includes five basic elements:
5. Assess.
At this point, you should assess the product or service of your proposal based on the aforementioned five qualities. If for whatever reason it does not meet one of the principles—it may not take you where you envisioned. If that happens, let it go and start brainstorming a new idea.
6. Test-market.
By the time your niche and product align, test it out in the market. Put your product or service out there for the people to see, whether it’s through free samples or a presentation. The test shouldn’t hurt your wallet. There’s no need to spend a lot for the first market test.
7. Dive right in.
It’s time to let the magic happen. Many entrepreneurs find this to be the toughest step. But don’t sweat it, if done wisely, jumping into the market will simply be a calculated risk rather than a gamble.
The ActionCOACH RGV Founder's U program has many purposes; one being providing what your company needs to shift its focus so you're in the right market, getting the right attention, and revenue.
Some of Founder's U’s Fundamentals include vision and mission, marketing campaigns, customer service, coaching and homework, SMART goals, and organizational design.
If you are still struggling to narrow down your niche, Founder’s U can be your stepping stone to defining the ideal one for you. Our official new coaching program is designed for entrepreneurs like you looking to make 2021 a productive, financially prosperous year for your business in groundbreaking time.
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