Hit Your Right Target
Most of us have visited Target before. You go, intending to purchase one thing, and then leave with 15 other things. Why does this happen? How does Target get us to buy more than we need? It is because Target, as a brand, knows what its niche market wants.
In marketing, it is vital to know who you are targeting, and build a brand around them. If you don’t know your niche or what they want, how can you expect to provide the growth and effective results they desire? With some effort and proper preparation, you can ensure that you pick a niche that brings opportunities for your start-up to grow and make sufficient money to stay in business.
When you start refining your niche, your goal is to develop as many potential outlets as possible. There are several ways that this list can develop. A great way to start is by simply writing down some of your passions. While it isn’t necessary, who wouldn’t want to be in a market area they love that offers the chance to make money? However, it is important that your emotions get in the way of the practicality of choosing the right opportunity to brand.
Another method involves taking notes of significant events throughout your day in a small notebook or on your phone. While it may seem insignificant, recording these activities may bring to light
Things that draw your attention
Things that evoke different emotions like happiness, sadness, or anger
Things that appeal to you
Products/services you use consistently
By evaluating your personal experiences, you can discover common problems or solutions that others face and use empathy to decide the vitality of this niche.
Two more factors to consider are the demand and competition of a niche. When selecting a niche, you want something in demand, year-round, and not simply during a particular season. Along with being in high-demand year-round, you want a niche that will last for years. These elements will allow the prospect of selling in the future to occur. Competition may seem like something to avoid, but it is a strong indicator that the niche is in demand and worth pursuing financially. Research some of the best companies in a particular area and see how their branding ideas contributed to their success. The concept of a new niche doesn’t exist, and if you can develop one, there is more risk.
There are plenty of resources that can help you discover potential niches and gather a list of many opportunities. Feel free to visit some websites that already have niches and sub-niches to gain some inspiration:
Remember, the first step is to develop a list of potential. When you put effort into understanding and discovering your target niche for a start-up, there is a higher chance to maximize growth and provide effective results, maximizing your marketing business.
Taking the proper steps to develop a business plan and understanding your target market allows you to create a vision of how your brand is perceived and the brand tone you want to deliver. At The Edge Agency, we take the time to get to know your business, goals, wants, and needs to level up your brand into something special. Taking the time for the proper preparation is key, but once you are ready, we are here to build your brand identity and execute it in every marketing move you make.