Finding the Gold
People who have the Talent and Passion start a new business but many of them soon close down because they don’t get enough customers. The reason is along with talent and passion you also need to identify a Business Niche to operate.
What is a business niche?
A business niche is a specialized or focused area of a broader market where the entrepreneur excels or has expertise. Having a niche helps you to differentiate your business from the competition and helps you to attract a target audience who can become your customers in the future.
This target audience might be currently unaddressed or neglected and has a large market potential which you can tap to sell your product or service
What are the advantages of finding a business niche?
Finding a niche will help you to establish a loyal audience who would want to buy from you instead of going to the competition.
Creating a business in a niche market gives you a first-mover advantage. It gives you the chance to establish yourself as an expert and thought leader in the field.
How to develop a niche business strategy?
- Find an unmet or neglected need. Identify problems in the marketplace which no one has solved yet. Your products or services should soothe a pain point or solve a problem that your audience is currently experiencing.
- Find the size of the Market Opportunity. Research your customer base and find if it has a large potential market. Choose a sector that also has anticipated growth in the coming 10-20 years. For your business to be profitable, the market size and niche must be large enough that you can make money selling your products and services.
A small section of potential customers means little or no growth potential. There is no point venturing in such market niches as it will be saturated soon and you will not be able to scale it.
How to tap the prospective customers after identifying them?
Just as your product or service is niche, your marketing efforts should be focused as well. After identifying the business niche which matches your talent and passion, You need to market your business to a specific audience using a focused Integrated Digital Marketing strategy.
What is Integrated Digital Marketing?
Many think that having a good website and having a social media presence is Digital marketing. Running paid ads on Google and Face book or Instagram is enough to get customers to buy my products or services. No. Just by having a digital presence and doing paid ads customers will not come to buy your products or services.
Some of the other misconceptions people have about Digital Marketing are that doing SEO (Search engine Optimizing) or Email Marketing is digital marketing.
Integrated Digital Marketing is all of it working comprehensively and in tandem.
Integrated Digital Marketing is about:
- Building a proper interactive & responsive Website
- Analyzing Customer demand (opportunity) with Market Research
- Generating Insights with Keyword Research and identifying Longtail Keywords
- Writing useful content to cater to your audience
- Blog or write content regularly to gain expert status and credibility
- Doing SEO to bring the long tail traffic
- Doing Paid Ads on Social media to connect with your customers/audience and drive them to your site
- Collecting their email ids with a free offer/lead magnet once they visit my website
It’s about using the different components in a planned and strategic manner to get website traffic, conversions, and sales. That’s how your business can grow in this digital age.