Niche Work! Identifying That Important Gap In The Market

Image

It’s something we hear constantly in business, that we have to identify a niche. But is this easier said than done? Ultimately, when we are working at getting our product out there, we need to establish this niche in the first place. When there’s a gap in the market, this will make us stand the test of time, and give us a better chance of keeping afloat in an oversaturated market place. But what are the key components to identifying a business niche, as well as acquiring relevant knowledge?

What Are Your Needs?

It’s important to establish this first. It’s better for you to work towards your interests and passions, especially during that all-important planning stage because if you work in an industry that you don’t care about, you will inevitably lose heart and give up. Yes, businesses will test your abilities in other ways, but ultimately, you need that underlying passion to keep you going. It is a simple thing, and while you don’t necessarily need to find something that’s a perfect fit for you, if you have the passion this will provide emotional stability during times of trouble.

Researching The Niche

Sometimes we have to undertake more research than necessary. But if we end up going towards our passions, this will naturally spur us on to find an appropriate entryway. It is important that we research the niche, but also research the competition, not just by using the right tools, but delving deeper in. If you are working towards developing something new in a specific market, something that hasn’t been done before, you might be quite surprised to see that everything has been done before. But what you can do is have a new and exciting twist on an already popular product while ensuring that the competition out there is sticking to their own niche. A topic as leftfield as growing microgreens may seem like it’s not been covered before, but websites like https://microgreensfarmer.com/ have shown that it can be a profitable area. Research the niche, research around it, but also check if it’s a viable approach.

Is It Profitable?

Testing the viability of the project can be done in numerous ways, from market research, to A/B testing. You can have a look on https://blog.hubspot.com/ to really dig deep into this aspect, but be sure that when you choose a niche that there is a chance of it being profitable. You could set up a landing page for pre-sales of product that you are developing, and this can give you a good idea as to the viability. But don’t take this as gospel. Sometimes the marketing needs slight tweaks to ensure that it’s getting to its audience appropriately.

In a basic sense, we’ve all got to find our own niche. But acquiring relevant knowledge is easier said than done. This is why it is important for you to go with your gut instinct. You can test the viability of a product further down the line, but if you’re not able to deduce your own thoughts and feelings towards a specific product, it’s not just the money you will lose, but it could be your enthusiasm for running a business in general.

0 Responses to “Niche Work! Identifying That Important Gap In The Market”


  • No Comments

Leave a Reply