How to analyze your Niche Market?
To build your businesses and change your life and others lives trough the products or services you are providing, you need to be able to connect with your customers and let them know how you can help them.
When you are an entrepreneur, is almost impossible to get in touch and fulfill other’s needs if you can’t communicate with them. Let’s say you are trying to talk to someone who doesn’t understand your language. That could be the same picture if you start to sell your products or services to the wrong person, to the wrong market. Consequently, it is all up to learning about growth.
A Niche Market means, where your product or services belongs in the industry related and where your customers are -demographics that is intended to impact-. But more than that, by defining your niche market you will also know, the product features aimed at satisfying specific market needs, as well as the price range and production quality. It will tell you the specific market segment that you can conquer.
Every single product can be defined by its market niche. The niche market is extremely specialized and aiming to survive among the competition from numerous super companies. Even the established ones create products for different niches, for example, a software company has accounting or tax solution targeted for the individual taxpayer or families niche while at the same time having separate solutions with one of these functions for small or big businesses.
In order to growth markets even before you start, define the final product quality (low or high) not depending on the price elasticity of demand, but the specific needs that the product is aimed to satisfy and, in some cases, aspects of brand recognition (e.g. prestige, practicability, money saving, expensiveness, environmental conscience, or social status).
With that being said, you will realize that your competition already has been working with your niche market and they are a good place to look for answers and numbers, also nowadays social media channels have tons of tools that offer to their business account holders the best way to analyze their “buyer persona” with a fully detail demographic picture of them.
Top Hacks to identify your Niche Market:
Build a list of your Top 10 Competitors and make sure that you have all their social media profiles. Use for searching them: Google, Facebook groups, Forums, Quora, Blogs or even for more details there are Marketing Firms or Research and Business Intelligence Software.
Use a tool to see their metrics and obtain more data about their sites. Having your competitor’s websites, you can find more info like: global rank, category they are registered on the internet classification, monthly visits, traffic sources, top organic keywords, top paid keywords, social network sources, audience interests, similar websites, and related mobile apps.
Audit them. General audit, content audit, social media audit, e-mail marketing audit. Take your time and put apart each of these formats to have a deep meaning of their strategy and how they connect and build a relationship with their customers. You can do this with your competitor in a general term or just with the product you are interested. While you are more focused you will have a better insight.
Problem Solved: remember a business is at the end, a solution for a problem who someone has. Whether if you are selling a product or giving a service, someone needs and wants that. For each competitor and for yourself, identify which problem you are solving and how are you explaining this solution to the person who needs it.
Social Media conversation: once you started listening the social media conversation related to your industry and your product you will be able to identify:
Demographics: Find people based on traits like age, gender, relationship status, education, workplace, job titles and more.
Location: Reach people in areas where you want to do business. You can even create a radius around a store to help create more walk-ins.
Interests: Find people based on what they’re into, like hobbies, favorite entertainment and more. Behaviors: Reach people based on their purchase behaviors, device usage and other activities.
Trending Niche Products that are hacking the world
Trends, trends and more trends.
Finally, you will like to have an eye open in the products that are top selling across your industry and your niche market, now that you know it. And again, for that, a little bit of researching will give you a strong and reliable foundation to make your business growth and take it to the next level.
One of the biggest hack is building a community around people’s shared interest in an unordinary product. It’s better if you, as a seller, are passionate about the specific product or have expert knowledge of it. This would make it easier for you to create a following.
Market trends tend to be heavily influenced by consumer habits and behaviors. By carrying out the following types of industry trend analysis you’ll be able to determine the moves that could have a direct impact on your overall business performance:
Keep track of industry influencers and publications
Know the up-to-date industry research and trends reports.
Make the most of digital tools and analytics about your market behavior.
Monitoring the prices and tariffs.
Listen to your customers.
Don’t forget that even if you do this starting your business, as the demand of products are changing daily and monthly depending on your target market, you will keep going back to this process from time to time.