How to identify the best niche for your business
There are an almost endless number of products and services available on the market today for interested people to resell. How do you know which ones will turn a profit, and which ones will end up languishing in the recycle bin?Almost all markets are full of products that became an overnight success due to the correct niche marketing.In turn every market is full of even more products and services that never made it due to poor planning to attract the right niche market. The successful business owner will research where and how his product or service should be placed on the market thus ensuring the best possible profit margin.
Here are some guidelines to help find the best possible presentation for your product:
1. The product or service should appeal to a niche market specialized enough to continually want or need the product or service.
People vary a great deal from one to the next; it's not realistic to assume that what one person wants or needs is the same as what the next person wants or needs. Look to see if your product specifically appeals to a certain group, whether that is elementary school teachers, pet owners, or vegetarians. Such groups are known as "niche markets." This specialty market can be made up of any demographic including age, gender or even hobby. The successful business owner looking to place a product will not overlook any possible demographic. The business owner will then place the product or service with targeted information.Targeted information is almost always of greater value than vague, generic information that is designed to appeal to the masses. The more helpful your product is, the easier it is to sell. And then your customers will be even more eager to purchase from you again!
2. The Product Should Be Customizable
Many products or services can be resold or offered but in order to be valuable to you the product must be able to contain your information.It's too important to be able to list your name and website address on any product you sell--your customers may not remember off the top of their head where they purchased it from, so you want to make it very easy to find should they want to recommend you to a friend (or make additional purchases from you themselves).The product or service should serve as a constant advertising tool in expanding your business and increasing profit!
3. The Product Should Be Useful
It's easy to be tempted to prematurely place a product at the first available market niche.The successful business owner will resist this temptation and continue researching until the right market has been found.Take the time to thoroughly research a product or service before placing it in a market position. If you were looking for this kind of information, would the product answer your need? Are instructions well-written and easy to follow? Does it offer enough value for the price you're charging?
4. The Product Should Be "Themed"
If you have one product that appeals to a certain market (i.e. scrap bookers), it only makes sense to offer multiple products to the same market. This dramatically reduces the amount of time and money you have to put into making future sales and may even lower marketing cost. Look for multiple products that fit into the same category that will give potential customers the incentive to come back and purchase time and time again.
By following these simple guidelines business owners can easily and correctly place their product or service in the right niche market and experience what every business owner's wants-Success!