Identifying a niche market is less about finding one and more about recognizing your target customer. The process begins with defining your target market and cutting the clutter. The narrower your target market is, the more defined your niche will be.
While established businesses understand the important of targeting a niche, entrepreneurs often assume they can do more with limited resources. This results in them falling, and not attracting enough customers, simply because they lack a sound strategy.
Of course, it is harder to market your products and services to different groups of people. This is why niche marketing has become the chosen strategy.
Here, we provide you with a few tips to identify a niche.
If you want to market to people of a particular ethnic background, note it down. Furthermore, identify the geographical area, age, gender and narrow down your market as much as possible.
For instance, you want to market your products to people from Arab background. Locate your customers and see if you want to work with Arab Americans or Arab nationals in countries like Saudi Arabia, UAE and Qatar. Keep in mind that both these markets are multicultural and differ significantly.
Understanding what you want to offer to your target market is very important. You should list down your strengths, skills and resources available. Also, keep in mind any achievements you had in past; these will provide you a good idea of what you or your team excel at.
If you want to succeed, you will need to provide an answer or fill a gap.
This is the only way to attract enough customers. If you want to sell clothes, then you have to give your customers something that is not offered by your competitors.
For example, several Arab Americans as well as Arab nationals seek modest yet fashionable clothes. You can introduce something that aligns with their culture, while incorporating latest fashion trends.
Instead of going full swing, test the waters first. One way to do this is to advertise your business idea and see the responses it gets from your market.
You can reach Arab and Arab American youth by advertising on Al-Jazeera. The number of views of video ads on Al-Jazeera websites can give you a good idea about the number of young people interested in your brand.
There is calculated risk involved in every business. You can never be 100% sure that your idea will take off. But if you have worked at identifying and understanding your niche, then you can enter the market with confidence.
This is another benefit of niche marketing. Since the products and services are modified according to the needs of identified set of people, the chances of business failure are minimal.
Wondering how to reach Al-Jazeera users? Wonder no longer! Contact us today to reach your niche and start marketing!