How to Find the Right Niche for Your Online Business
In a sea of online businesses just like yours, how can you stand apart from the crowd? Rather than just jumping headfirst into a market, you need to study the market in question and find a where it is you can shine. You need to find your niche.
A business niche is your speciality, what makes you different from the other companies. This can either be a particular service or product you sell or the way you brand yourself. Whatever it is that makes your company unique is your niche. Without that distinct specialty, your audience will too often pass over your business in favor of another.
Finding that niche, though, feels extremely difficult. With every passing year, markets expand, sometimes to an extent that there’s no room for newcomers. You come up with a brilliant business idea, only to realize that “it’s already been done,” and by ten other companies. But there is a niche for you if you look hard enough.
Find Your Differences (And Own Them)
Have you encountered a lot of competition in your market? That’s good! The more competition the better. Although too much competition can make it difficult for your voice to be heard, where there is competition there is a market. And with so many competitors, you can be sure that it’s a market worth fighting for. Now all you have to do is find what makes you different from them.
Ask yourself, “What does my business have/offer that customers can’t find anywhere else?” This will require you to do some research on the market. Look for places where there is a gap or unexplored territory.
Take Netflix for example: Netflix was entering the home movie market, in competition with the popular Blockbuster of the day. But Netflix offered something that Blockbuster didn’t―they offered convenience to their customers. Instead of driving to the movie store, customers could walk out to their mailbox for a movie rental, or eventually just stream it. Netflix thrived while Blockbuster died because Netflix found their niche, and they owned it.
Give the People What They Want
When it’s hard to pinpoint what differences you have from your competitors, then create a niche. A good place to start is by asking your audience what they wish your market had. Write out a list of their frustrations with the current market. Are they looking for cheaper prices, better service or more information on a certain subject that is lacking? Your business can be the one that betters the market. Any of these frustrations can be an opportunity for your business to voyage into an unchartered niche.
Collaborate to Create that Niche
Sometimes you find a gap you can fill but have no idea where to begin. You don’t have to fill that gap alone. Look for resources and people around you with the skill set and expertise to help you dominate your niche of the market.
Collaborate with experts to reach out to your target audience in a new way. For example, maybe your market isn’t doing well too well on social media. You notice that this may be because your industry hasn’t been using video for advertising and marketing purposes. Find and work with a video expert who can help you bridge that gap! Who said you had to find your niche alone?
Be One of a Kind
In all the world, there is only one you. Make your business as unique as you are. You’ll know you’ve found the right niche when it excites you and your audience. Remember how excited and passionate you get about your business. When you find your niche, you’ll feel the same way.