Before you begin to determine what your niche market may be, you must first discover your Ideal Client Avatar (or ICA). “The ideal client will be your biggest fan, loyal to your company, frequently uses or buys your products and is likely to recommend you to all of their aunts, uncles and friends from way back when,” according to ME client, Cannabiscope, a software company that helps people easily start an online CBD store.
Jan, Business Mindset Coach and ME client, describes how entrepreneurs can find their ICA: “Imagine this…you go on a first date…What would you do if they said, let’s get married? …run for your life for one. The same thing happens with your ICA… you have to date them first.” Download Jan’s free resource to discover your ICA.
Marilyn, a women’s business coach and ME client, suggests how to find your ICA in 3 questions:
- Imagine your best friend is your perfect client, how would you talk to her? And write your copy like you are writing to her/him.
- Get super clear on your offer promise, what problem do you solve for them & how long will it take to deliver?
- How are you going to solve what they need for them?
Once you are clear on your ICA you are ready to discover your niche. A niche is “a distinct segment of a market” – basically, you need to be seen as an expert in your field. If you are wanting to help everyone with anything under the sun, then you will be lost in a large sea of others. You won’t get as many followers or customers if you are trying to appeal to anyone and everyone. You have to find YOUR PEOPLE. For example, you wouldn’t go to a General Practitioner for your cancer…you would go to an Oncologist.
So how to find your niche? Let’s break it down into a few steps.
Step 1: What are you passionate about? What are your skills?
When you ask yourself these questions, be sure you can see yourself being passionate about it for at least 5 years. Ask yourself, “Could I see myself running a business and helping others with this? Do I love doing this as a hobby or would I love it more if I were getting paid for it?” This could open up a great niche option. For example, maybe you are passionate about sewing blankets for your family. They don’t pay you, but you love it.
Step 2: Is there a market for your specific niche?
If there’s no demand for your niche, it will be difficult to sell and grow your business. Do some research online and in your local area to see if there is a need for your product or service, and where that need might be (online vs in-person). Check for keyword searches on Google to see if there is any competition in that area, so you are well aware of what your market looks like and how to stand out.
Step 3: Identify what problems you can solve
Consumers tend to buy out of emotion. If there is a problem, they are most likely to purchase the solution. Is your specific niche solving any problems? How do you identify problems and needs in your area and market? Ask questions to your target market, send out surveys, continue your keyword searches, etc.
Step 4: Research your competition
Where’s all your haters at? Just kidding. Researching your competition is a fantastic way to not only get some new ideas, but also see what deals and promotions are trending, how they are handling their business issues (for example, what are they doing to keep their doors open during the pandemic?), and to stay one step ahead of them.
Step 5: Test your idea
Now that you have done all your research and are sure of what niche market you’re wanting to implement, the next step is to take the first step. Set up a website and social media pages, and create a buzz around your brand by driving traffic to your site via paid advertising (to start out). Once your site and social media pages are established, you can try running a few contests for additional (check out our blog post on creating social media contests), communicating with commenters, offering deals and promotions, creating email lists with incentives for new subscribers, etc. The list goes on and on!
The planning phase can be pretty intense. Don’t get caught in the weeds and minutia. Once you determine that your niche is needed and feasible, get your website up and running first. When shoppers are in need of something, they feel more comfortable buying from a company who has a website. After your site is established, target your ideal clients (or ICA’s) that you initially researched, and determine if there is a need for your products or services. If you need help advertising or targeting your ICA’s, feel free to reach out to The Mom Empire, we offer digital marketing solutions to help your business not only grow, but thrive!