10 Reasons To Target A Niche Market With Your Online Business
A hugely important aspect of opening an online business is deciding what industry you'll service, and who your customer will be. Competition is fierce online, and it might at first seem like every possible business idea is already being done by someone else. But don't get disheartened so easily! Once you realize that even the smallest niche can have a market online, and how to find and research that niche, you'll understand that there's still plenty of space for your brand new business online.
You simply need to focus, laser-like, on a specific niche and exploit it properly. Below you'll find the 10 top reasons we believe going for a niche market is your first step into online mastery.
Know your customer
Targeting a specific niche will allow you to know exactly who your customer is: their demographics, preferences, and where they're likely to be hanging out online. This will help you greatly in building a website and products/services tailored to their needs, resulting in satisfied customers.
For example, if you know that your target customer is young male adults with college educations, you might want to tailor the voice and personality of the written text on your website to the way these people talk and interact with one another. Choosing the correct voice for your website can mean a huge boost in sales.
Your products/services become laser-focused and target the needs of the niche
When you take a niche-centric approach to your business, your customer automatically becomes the driving force behind product decisions. It makes practically no sense to create a product and then search for a niche who will buy it - it might not even exist! By making customer feedback and constant improvement an important part of the product/service lifecycle you ensure that you meet the exact needs of your customer.
For example in recent years there have been many complaints about the spraying of pesticides, poisons and the like by farmers on the food they grow in order to get rid of pests, make the food look larger/better colored, etc. The organic food niche has grown around the large demographic of people who prefer their food without these poisons, and are willing to pay more money to eat healthier.