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Five Easy Steps To Finding A Niche Market For Your Business
Niche markets are specific areas of any industry that can be worked to find specific customers and clients helping you avoid competing with the large corporations within your industry. Niche marketing expands upon that idea to bring you a marketing plan and opportunities to utilize the concept above. The hardest and most important part of any niche business or niche marketing plan is to finding the niche market your business fits into.
When considering the niche market your business fits into, it’s important to look at some particulars of your business. The industry, target audience or clients, products or services and price points all play a huge role in finding your niche market. For this article, the example business will be a business supplying high end knits and knitting accessories in an online only business and store.
Step One: Understand your industry.
This may seem extremely basic, but it is so important to understand the larger industry you are a part of and how that industry breaks down. Without this knowledge, the idea of finding your niche market can be overwhelming. Using our example business, the larger industry is textiles, from there we get fashion, manufacturing, design, consumer based, materials, on and on. A knitting supply business is a consumer-based business offering materials, so you need to focus down to that, then move to step two.
Step Two: Find your niche.
One you know the category or section of your industry, it’s a little easier to see where your business fits into the scene of things. Think about your target audience to narrow your niche area down even more. If you only offer high end knitting supplies, then your customer base and focus shrinks to high end knitters and fashion houses/designers.
Step Three: Narrow your business down.
What this means is simply make sure you really are catering to a niche area. A niche is much more than a fabric store, it needs to be very specific and target only a small sector of the industry you are in. In our example, that is solved by offering only high end products for knitters, instead of sewers of all types.
Step Four: Find niche marketing opportunities in your niche area.
Research knitting resources and find out all the marketing information about those resources. This could and should include publishing, media, online presence and web page. If you have an online store and other special features (talked about later), even better.
Step Five: Find out what competitors are offering and offer more.
What this means is check out other businesses offering high end knitting supplies and see what their business and site consists of. You will both likely have an online store, support and customer service, but if they don’t offer online tutorials and knitting videos, you should! This is an opportunity to narrow your niche a little more and find an even more specialized customer without losing broader customers.
By: Wright, Jude
Article Directory: http://www.articledashboard.com
Jude Wright is the owner of the Recipe Script found at recipescript.com . Recipe website niches are among the most popular and profitable niches on the Internet. Pick up her new free ebook, "30 Day Success Plan."
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