How to find a profitable niche for your business

Niche
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As a business owner you want to be known for the value you deliver. And the way to really master how you deliver value is by finding a specific niche for your business.

Instead of catering to a broad set of customers, narrowing your services to a specific segment allows you to focus your efforts. Instead of diluting your success across a wide offering, you can focus on being great at just a few things.

And by mastering this niche, the easier it is to grow your business. These are the broad steps you can take to find the best niche for your business.

Do your research

Doing the research upfront to find where your customers are, and where you want to target, will help you plan for success in your niche.

Start by conducting keyword research. There are some fantastic tools out there to help you find what your customers are searching for. Google’s Keyword Planner, for example, lets you type in a set of keywords and then see the search volume for those terms. You can analyse the traffic, search for competitors in this niche, and see if pursuing that keyword is worth it.

By doing your research upfront, you’ll be able to discover what your customers are searching for. Then, you can find and target a profitable niche for your business, and steer it in the right direction from the start.

From here you can set up a website and brand for your business, create content with the right keywords—and watch your business come to life.

Track customer behaviour

Once you’ve landed on your niche and set up your website, it’s important to be prepared for the tracking and data gathering that will help you further steer your business. So you need to make use of tracking software for your website. Google already has a free service you can use, Google Analytics, that can be set up in just a few clicks.

This platform lets you track your website’s traffic, noting where your customers are from, how long they spend on-site, and at what point they leave. With this data you can determine where your website is losing their interest, which products or service needs to be tweaked, and track each change you make to see if it’s working.

You can also use this information to identify sub-niches that you otherwise hadn’t thought of.

Evolve your idea as your business grows

Never be afraid to evolve as your business grows. By gathering all the data available to you, you’ll be able to steer your business into a more profitable niche, based on what your customers are clicking, what they’re reading, and what they’re buying.

You can use all the tools you now have at your disposal to customise experiences for specific customer segments, and really drill down to target specific sub-niches. You’re still targeting the same niche—but you’re also broadening your reach within that niche.

Gone are the days of trying to appeal to everyone. Focusing your business into a niche allows you to maximise your success with that customer segment, and focus all your efforts on being the business for your specific product or service.

So stop being a jack of all trades—be the master of one. If you need helping finding your niche, contact us here.