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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.
In my opinion, you need to avoid such a guesstimate. Rather than attempting to come up with an entirely novel concept, and finding the matching niche market, you need to take an existing concept, and make it better. For instance, are you familiar with the concept of “weight loss”? Of course you are. Who isn’t, especially nowadays. The fact of the matter is that there is a niche market for weight loss. However, this is by no means a homogeneous market. Rather, there are those individuals who absolutely must lose a substantial amount of weight because their lives are in danger. However, there are also those individuals who are just unhappy with themselves, and want to lose ten or fifteen pounds. Not to mention all of those in between. These are what I refer to as sub-niche markets, and they are ripe business opportunities.
You need to worry about attempting to discover what you think may be a niche market. This would not only require that you educate this niche on your new concept offer, but also convince them that they actually want or need your offer. Not only will it take you months, if not years to conduct the research to even identify your target market, it will cost an absurd amount of money.
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.
Here is the fun part. Think back to the weight loss example that we spoke of earlier. We were able to break the niche market for weight loss offers down further. We stated that there are those who need to lose weight for health concerns, and those who want to lose weight for whatever reason. Larger companies tend to focus on weight loss in general. Thus, they tend to offer packaged meals shipped to your door so that you can eat like a man and still lose weight. Sound familiar? I would venture to say that most people wanting to lose ten pounds for their best friend’s upcoming wedding are not willing to spend their money on an expensive plan. Such an individual might be more interested in software which can tell them if they eat this, this, and this per day, and exercise for such amount of time per day, then in “x” amount of days, they will lose the ten pounds that they want to lose. This software does exist, and may be a great solution to the problem that those in this sub-niche market face.
Now that we have looked at our sub-niche market, what do we know about them? We know that health is not a concern for their weight loss. We also know that they do not want to spend money on expensive prepackaged meals. We even know that they want to lose a certain amount of weight by a certain date. Are you starting to see what things buyers in this market might need to see in order to take advantage of your offer? Use what you know about your sub-niche market to show them how their problems will be solved by their product. Buyers want to know what is in it for them. Therefore, they must be your focus, not the product. Allow the buyer to envision themselves at their target weight, fitting comfortably in their clothes, looking great in photos. It must be made clear to the buyer that if they do not purchase your product, they will not lose those ten pounds.
Business opportunities are created with research and creative thinking. This is how you find what others have missed and turn it into a substantial profit.