MicroBusinessSpecialist

Market research is the foundation and key to all successful niche programs. It is important to identify and research an appropriate niche before you decide which product or products to sell.

The first step is finding your niche. You want a target audience that is hungry for a solution to a problem they have. And that are willing to pay for a proper solution.

This second point is important. There are hungry niches that are not willing to pay for a solution, particularly where the solution is information. Now there are many niches where people will be willing to pay for quality information but not all. You want to avoid a niche that doesn’t already have competitors selling to them because the odds are they aren’t buyers.

Once you have found a new niche, you want to understand their problems, trends and behaviors. This means you will need to spend some time learning about the niche, listening and discussing issues that affect them, and research the existing products and vendors that are active in the niche.

The result of your market research and analysis should be a thorough understanding of the niche, so that you are an actual expert in the niche. This doesn’t mean you need be the most informed person, but clearly the better you understand your new niche the better.

As part of this new market research you will examine the existing products and services offered and determine there strengths and weaknesses. As you gain familiarity with the niche you will want to do trend research to see where the niche is going. To the extent their is a trend you clearly want to get in front of it and become its leader.

Where there is no trend you will need to focus on what’s missing? What subset of the niche is still having a problem that’s not being met.
If such a subset exists, you have found a new niche.

Perhaps the dominant product is the best product for the time being. Will you be able to market it better than it is now, now that you have a clearer understanding of the niche.

Each journey into finding a niche and creating niche profits is different.
But each successful niche marketing research project seeks to:

• Identify Specific Market Needs
• Identify Price Range of Existing Products in the Market
• Evaluate the Quality and Effectiveness of the Existing Products
• Focus on Understanding the Demographic Base of the Niche

When you are done with your research, you should be able to identify your specific audience, and know exactly what they are looking for.  You should be clear on how you can help them meet those needs and have a specific solution to their problems. And finally you should be able to establish a solid case for why they should listen to you, when you offer them your solution.

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