Some businesses focus on the products & start planning on developing a great product & intend to market this product. However, they forget the first & foremost step of their business, which is choosing the actual core of the business – the market full of potential customers. Businesses should not find customers for their products. They should find products for their customers. In most of the cases, we witness the opposite. People are focused on creating the work & they don’t even know to whom they want to sell. So, they develop the whole business surrounding the product. It is a wrong approach for each & every business.
You might be wondering, “if I don’t even know or identify what my product is, then how would I choose customers & sell it to them?”. Here comes the idea of “First Who…. Then What”. First, you need to identify a few core traits of your customers. You have to define – whom you want to serve? Which economy class they belong to? What is their trust? What do they believe? Which areas do they live in? What are their worldviews? What do they fundamentally believe in & do? These questions are very critical for your business.
After you get a clear answer to these questions, you get a better view of your business & you know what type of product & offers you need to develop for your customers. That’s why the initial step is to develop a plan to find your perfect market or, in other words, find your ideal niches.
Now, you would ask – how do I do this? Worry not, and you will get to learn all the great ideas & processes to capture your perfect niches by gradually obtaining each of the steps defined below.
When you start searching for your niches, don’t be hasty. Be slow & steady. Start making a plan for your niche searching & gradually follow the procedure. Move forward, step by step. Be highly consistent; don’t stop. While choosing the niche, keep in mind you get an excellent niche. The excellent niche is the profitable one that makes you money. Some traits of a good niche are, they prefer products that have several styles, several variations & customers wait for them.
You need to have a strong mindset to find your niche. You have to initiate with enormous brainstorming. While brainstorming, list down at least 30 to 50 good niches that could be a great fit. Few ideas that could help you to brainstorm are as follows-
- Think about the last five to eight products that you bought
- Think about the activities that people like to do in vacations
- Think about the hobbies of your family & friends
- Find the expensive items at your place.
- Think & list the expensive possessions that your family & friends have
Once you have your niches list, then make sure to check them through these five lenses- loyalty, competition, Wight, returns & pricing.
Research & evaluate the available drop shipping websites. You will find a great amount of information from this particular analysis. You will find tons of profitable niches, but don’t just rush yet.
Take support from any specific & big drop-shipping place; for instance – globally renowned drop shipping service providers. Go to their website & research on the most athletic niche that they have. Find the subcategories of cavities that will take you deeper to a more specific niche.
Lastly, what you need to do is think like a marketer. Think about what these niches could make you earn; how much ROI would you make? What are the pros & cons of these niches? Make a proper marketing plan for these niches. Give it a test run with an item of minimal expenditure so that you don’t get burnt out. You will learn if they are your proper niche on your first or 2nd testing.
Let’s learn some pros & cons to find the perfect niche.
- You have less competition.
- Creating unique strategies is comparatively easier.
- Easier to retain customers
- You will have an easy monetizing process.
- You can have a massive advantage in your advertising.
- You can’t be particular about the niche to be small forever. It could get more competitive very soon.
- It has less search volume on the internet.
- You always have low potential traffic.
Despite the cons, pros always win & it is always the best way to start with a niche. You will still be the bigger player when your niche becomes a highly competitive market. So, don’t rush, take time to find your niche market & start serving.