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How to Find Your Niche Market

How to Find Your Niche Market

Positioning yourself as the go-to brand for a niche audience establishes credibility, it results in a more focused business, and it makes it easier for the right customers that are interested in buying your product to find you. So if you're scouring the internet, trying to think of your first product idea, choosing a niche is the perfect place to start.

In this article, we're going to discuss what a niche market is and I'll give you examples to get ideas going. So make sure that you're sticking around until the end of this article, where I'll teach you how to find your own niche.


5 Examples Inspire You to Find Your Niche Market 


What exactly is a niche market?

You might've already heard of the term before, but ''a niche is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large'', this specialized segment of the market is where you want your business to occupy. Selling shoes is a large market.

So instead, perhaps you decide to sell vegan shoes for men or shoes for plus-sized women, or how about shoes for transgender people? So you see how the market is now quite focused. To make it a business, you'll need to carve out a niche. So imagine that you had a shoe store, you add as many types of shoes as possible to that store.

Then you add t-shirts hats, jackets, bags, and then you throw in some sunglasses for good measure. If a customer is looking for durable work boots, are they going to come to you? If they're looking for performance-enhancing running shoes, are you going to be their first choice? Probably not because your message gets diluted. This is a common pitfall of new business owners.

Now let's reverse the scenario. Say you still have that lovely shoe store, but instead of expanding your product offering, you actually narrow in. You decide that you're going to sell shoes for nurses. You sell non-slip shoes that provide all-day support and you spend your marketing budget on Instagram ads and influencer posts that appeal directly to nurses.

The result of niching in is that you are now the go-to spot for nurses. You've established credibility and you've dominated that corner of the market. So hopefully now you can see why it's important to find your niche.

Every market can be further refined by consumer's needs and preferences.


Some of the most common ways to define a niche


1. Price
So you can sell luxury, moderate, or discount goods.

2. Level of quality
so you can sell handmade or premium goods. Geographics
so you can sell to people that are within your city or just within your neighborhood.

3. Demographics
including age, gender, income level, education level.

4. Psychographic
which includes attitudes, beliefs, and values of a specific population.

So to distill all of that down, you can break it down into one sentence. So here I'm going to write, ''I want to sell and I'm going to put in my price''. So here I'll put in discount.

Then the quality. So I'm going to write vegan shoes where the product is. They appeal to, now I'm going to put the geographic. So Canadian female nurses. And that's the demographics. And then I'll put in the psychographics. So these people might value, comfort and fashionable accessories. So super easy.

Right away, we can see that we've distilled all those characteristics, including the price, quality, type of product we're going to sell, the geographics, demographics, and the psychographic.

How to Find Your Niche Market

And now I have a clearer idea of who it is I'm selling to, who my audience is, and the type of product that I'm selling.


5 Niche Market Examples (and Niche Products you Can Sell)


1. Conscious consumers

Sustainability has become an important topic and for good reason, so think of any mass-produced product, and there will be a niche of conscious consumers looking to embrace a greener alternative. In the past, companies might have donated proceeds to a cause, but now consumers care about how products are made as well.

This means that within the culture of green living, there's a subculture of people who care about ethical supply chains. So keep that in mind, if you're playing within this niche, some product examples are BS, rap that replaced saran wrap. You can also do cruelty-free cosmetics or vegan clothing, or even try menstrual cups, but avoid greenwashing.

Make sure that your environmental claims are supported rather than just marketing. It's of course impossible to be perfect in this category. That's not how business works. That's not how commerce works. But do keep in mind that greenwashing will always backfire in the end.

2. Gamers

There are more than 2.3 billion active gamers across the globe, including mobile gamers, PC gamers, tabletop gamers, and the list just goes on. But nearly half of these people spend money on their hobby, so there's definitely space for your emerging business. Take Shazim Muhammad for example. He launched his online store called Glorious PC Gaming Race and it's now become a seven-figure business that basically just runs on autopilot.

A few little tips here
Mobile gaming in particular is taking over, which makes up 91% of the market. Plus more females are entering the market than ever before. More niche, product ideas for gamers include ergonomic products for long gaming sessions, like controllers, chairs, and blue light blocking glasses.


3. Pet owners

Pet business in the US estimated $75 billion in sales in 2019, so there are lots of opportunities here. So for example, Pup Socks sells personalized socks that you can plaster your beloved pet picture on. And they have hundreds of thousands of website visitors monthly. Some product examples can be GPS pet trackers or organic pet food.


4. Homeowners

The definition of being a homeowner is changing. We're now seeing homes as investment properties or shared spaces. This paved the way for products like August to launch its keyless entry tools and home security products. Here are some more niche product ideas for homeowners. So you're going to want to check out accessories for Airbnb guests like couch covers and renter solutions like no drill blinds.

5. Locals

Even the world's biggest brands are adopting local marketing approaches through targeted campaigns. This is because they're competing with the consumer-driven movement to support local businesses. But if you're only selling online, it can be difficult to establish a local presence. Luckily, there are ways for e-commerce sellers to appeal to locals. Peace Collective, for example, was founded around Toronto pride with the slogan Toronto versus everybody. Now, if you want to sell locally, you could do t-shirts with subculture slogans like this, and you can also do subway station swag like this Etsy artist here.



How to find your own niche market

So there's no single way to choose a niche. There are actually many methods you can use so find one that feels intuitive to you.

You can start with Google searches

The best place to start brainstorming is to understand what other online retailers are doing. Let's take vegan shoes as a starting point. type on google and hit enter and scroll to the bottom of the search results page to see the related search results. From there, we're able to find a gold mine of potential angles like vegan crocodile heals and faux fur slippers. Keep digging until you find an underserved problem that you feel you can provide a solution to. But keep in mind that even if you have competition, you can still compete by getting even more specific with your audience.


Pay attention to your surroundings

Start looking outward to catch any common pain points. Your own experiences, as well as the experiences of others, can spark some ideas. If you're selling shoes, for example, you might notice both youth and elderly people have trouble tying laces. Maybe you yourself are after a certain style of shoe but no one ships to your country. So take note of any problems like these and be that business to serve a niche population with your unique solution.

Use Google suggestions

Ever noticed how, when you start typing something into a Google search, it shows you suggestions before you finish. These are Google's most searched-for-related queries. Use it to your advantage to find a niche for your product category.  for example type 'best shoes for' which gave you some ideas.

How to Find Your Niche Market




Look for passionate communities online

The internet is pretty good at organizing itself into communities based on shared interests, passions, and hobbies. In other words, into niches. So dig through the most active subreddits and listen in on their conversations. Subscribe to hashtags on Instagram and Twitter, like #sneakerhead and you'll find opportunities to niche down.


Instagram is a really great tool to get people talking about your brand but if you have a product or a service to sell, you'll need a platform where customers can actually go ahead and make those purchases.

Shopify

Shopify is a really great place to start. Selling online with your own e-commerce website has never been easier, faster, or more scalable. Setting up your store can actually be done in a matter of days and you can do it all by yourself. You don't need a fancy coder. You can get started with a free 14-day trial. There is no commitment at all. You don't even need to give your credit card information and you actually have two full weeks to build a fully beautiful, branded, personalized, e-commerce store.


How to validate your niche market ideas?

So now that you know what to sell online, you need to make sure that there's an audience for it at the start. Your niche market and products are just ideas or a hypothesis of what you think will resonate with your target audience. Having a niche makes it easier to find potential customers and convince them to buy from you.

But you need to be sure that there are enough buyers in that niche to make it viable. So let's say you're targeting dog-loving nurses in Toronto, and you determined that your niche is too small. Consider pivoting. You could expand to dog-loving professionals in North America. But you won't really know what will resonate until you try.

Here are some ways to evaluate your niche market idea


Build your audience first

Kickstarter campaigns generate awareness about products before they're even developed. You can introduce your idea and gain followers before the idea has even come to fruition. This way, you'll have an engaged group of potential customers ready and waiting for when you launch.

Test before you invest

This applies to both time and money. Start with a small batch of products and run a campaign for your target audience and influencers. Ask them for feedback. It's important to get feedback early on, especially if you're developing a new product, so you can perfect it before it goes out into the real world.

Dig deeper into your niche

As you're doing your online research, analyze blogs, ads, product reviews, and other key areas in your niche to gain insights. Can you solve a problem that is repeatedly coming up?

Research consumer trends in your market

It's important to be up to date with what's happening in your chosen niche. Resources like Facebook IQ, Think with Google and Nielsen Consumer Research will help you understand consumer pain points, desires, and breakout trends.

Set up Google alerts for related keywords and regularly monitor social media conversations to stay on top of what's trending. Even if you do achieve success early on, niches change, so expect to evolve with your audience over time. You might even introduce new products to your line as new opportunities present themselves.

Understanding the unique needs of each niche makes it possible to speak directly to them in your marketing. You'll have a greater chance of attracting a buyer's attention and winning their business by making it clear that your product is specifically for them. 

Last words

how to find product ideas, how to validate them, and how to sell the product once you have an idea that you want to pursue. So now that you know how to choose a niche market and generate product ideas your target audience will buy, it's time to turn it into a reality.

But if you found this article helpful or If this article sparked any ideas, be sure to drop your new niche idea in the comment section. I want to see who's managed to pick out a deep subculture with potential.

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