I am going to operate under the assumption that you are reading this article because you are in search of business opportunities. Good for you. You are taking the first step. However, I strongly suggest that when considering business opportunities, you focus on areas in which you have an interest. Moreover, you will find the greatest opportunities in areas that have been overlooked. It is fairly simple to determine whether a potentially profitable market is present. Use a keyword tool to determine how many people are searching for relevant key phrases within the market. The more people who are searching, the better the chances are that the niche market is profitable.
While I am not here to burst any bubbles, I would be remiss if I were to allow you to believe that locating a niche market in your field of expertise is the only factor which you have to consider. You must conduct your research on the target market. Perhaps the keywords which you have identified are not as relevant as you think to the demographic which which you are attempting to target. Maybe these individuals have little interest in your offers. Even after you are able to confirm that you are targeting the correct demographic, you then have to teach them about your product, and explain to them why they should want it. What a headache.
Well, rather than attempting to locate a market which has to be taught about your offer, and then convinced that they need it, choose a market which is already familiar with the what you are presenting. For example, nearly everyone is familiar with the concept of weight loss. However, within the niche market of individuals who are interested in losing weight, there are those who need to lose weight, and those who simply want to lose weight. The former may need to lose weight for health concerns, and the latter may want to lose weight for an upcoming event, such as a wedding. Do you see what we did? We took a niche market, and further segmented it into sub-niche market. This is were the business opportunities exist.
There is absolutely no need for you to try and come up with your own brand new concept. Taking such an avenue charges you with the task of educating this market about your brand new concept. Once they are educated, you have to then convince them that they actually need, or at least should want what you have to offer. Of course, such a process is not cheap. Furthermore, it is very time consuming. If you go this route, expect to spend at least a year, and ten to twenty thousand dollars on research. No thank you.
Fortunately, someone else has done the heavy lifting for you. Not only have they targeted the market, but they have spent all of the money researching this market. All you need to do is reap the benefits of their hard work. This will be done by first identifying the your niche market of interest. Thereafter, you will search for the top companies within this niche market, and visit their websites. Here is where you will need to focus. Look at what they are doing to show their visitors that what they are offering is going to satisfy their visitors’ want and needs.
Your job now is to further segment the niche which these top websites are targeting. Remember the example above? We discussed weight loss. There are those who need to lose weight for health concerns, and those who want to lose weight for an upcoming event. While a larger company might focus on weight loss in general, offering a strict diet of packaged meals, someone who simply “wants” to lose weight might not be convinced that this is a necessary monetary expenditure for them. Therefore, they might be looking for something less expensive, such as software which can predict how much weight they can lose following a diet which they put together themselves. For the record, such software does exist.
So we have identified out sub-niche market. What do we know about this market? One thing that we know is that they do not need to lose weight because of a serious health concern. We also know that they only want to lose a minimal amount of weight. Furthermore, we know that they are on a deadline, but do not want to spend a whole lot of money on weight loss products. Can you see how we are identifying the wants of this sub-niche market? These wants are how you can identify this market’s hot buttons. Their hot buttons are the things that they need to hear from you in order to compel them to make a decision to buy. You have to show the buyer how their concerns are solved by your products. The buyer must see what they will be getting out of it. Your job is to put the focus on the buyer, and enable them to envision satisfying their goals with your product. They must feel that if they do not purchase your product, they will be out of luck and will fail to reach their goals.
All you need to do is a little bit of research and creative thinking, and you can locate business opportunities which others have overlooked.
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