When you are starting a business online one of the major decisions you need to make is choosing your niche i.e. what type of product or service are you going to offer, who are you going to target and what is going to be your unique selling point. In this article I'm going to talk about what you need to avoid during this selection process so that you don't end up with a poor performing niche business.
I'm going to state the obvious first of all you don't want to pick a niche that is only of interest to a select few such as worm charming (first thing that came into my head, no offence to worm charmers). Now this said you may not need a large potential market of millions; if your customers are likely to pay a high price for your products or services you may only need thousands.
Conversely it is not good to target too wide of an audience with say a subject like fitness. The problems with this approach is that your products, services and marketing will not be tailored to the many specific groups within such a niche e.g. in this example, the over-60's or yoga enthusiasts. Your potential customers need to feel that what you are offering is exactly right for them not just a general one size fits all product. Indeed the more targeted and specialised the better as it will allow you to charge higher prices. It will also make it easier to write and create your marketing messages because you can really get to know the likes and dislikes, the aspirations and challenges of your particular market. Another benefit is that you won't have to worry about competition as much because of the uniqueness of your products and services.
Another type of niche to avoid is those that mainly attract freebie seekers i.e. those people who are unwilling to pay for the information and help they need. However don't discount a niche because there is already a lot of free information to be found online because if you target a group that are time-poor and money-rich then they will be willing to pay for your services as they don't have the time to go searching the internet and want to get all the information they want in one place and delivered to them in a manner that makes it quick and easy to implement.
I'm going to state the obvious first of all you don't want to pick a niche that is only of interest to a select few such as worm charming (first thing that came into my head, no offence to worm charmers). Now this said you may not need a large potential market of millions; if your customers are likely to pay a high price for your products or services you may only need thousands.
Conversely it is not good to target too wide of an audience with say a subject like fitness. The problems with this approach is that your products, services and marketing will not be tailored to the many specific groups within such a niche e.g. in this example, the over-60's or yoga enthusiasts. Your potential customers need to feel that what you are offering is exactly right for them not just a general one size fits all product. Indeed the more targeted and specialised the better as it will allow you to charge higher prices. It will also make it easier to write and create your marketing messages because you can really get to know the likes and dislikes, the aspirations and challenges of your particular market. Another benefit is that you won't have to worry about competition as much because of the uniqueness of your products and services.
Another type of niche to avoid is those that mainly attract freebie seekers i.e. those people who are unwilling to pay for the information and help they need. However don't discount a niche because there is already a lot of free information to be found online because if you target a group that are time-poor and money-rich then they will be willing to pay for your services as they don't have the time to go searching the internet and want to get all the information they want in one place and delivered to them in a manner that makes it quick and easy to implement.
By the way do you want to learn more about finding your ideal niche?
If so, sign up for my email series for more tips on finding your niche and download my new ebook, "7 Questions to Help You Find Your Niche" http://www.howtofindmyniche.co.uk
If so, sign up for my email series for more tips on finding your niche and download my new ebook, "7 Questions to Help You Find Your Niche" http://www.howtofindmyniche.co.uk
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