TO FIND YOUR NICHE PRODUCT THE FOLLOWING FIVE STRATEGIES CAN HELP.
1. Identify your interests and passion: When the niche is aligned closely with your goals and interests; and you focus on finding it with an unknown passion the best ideas will emerge. The key to finding your niche product is closely associated with your special skills, interest, and your urge to do something different or outside of the normal sphere. The product should be something your customer can identify with, maybe even obsessed with and adds value to their life. It can either be an existing product with new improved features or something new.
The cosmetic company Bliss had done something similar in the USA. They revolutionised skincare by using ingenious products thus raising the feelings of brotherhood in the community. Today they produce cruelty free, clean skincare products that appeal to consumers because they are budget friendly besides following the anti cruelty policy their slogan is “ We want everyone to put their best face forward” which can easily target consumers. Besides this as the co- founder of Airbnb, Brian Chesky said we must identify the product with a problem or desire in our own life in order to find the niche. He says “If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find a solution for a problem in your own life.” Which means if I am capable enough; I should sell what is an answer to my problem, which could be an allergy to soaps that have chemicals and I start selling chemical free handmade soaps.
2. Research: The next vital step is to carry out a thorough market research upon your idea. Social media can give you a fair idea of what is trending. It is also a good arena to test your product initially. Use of Survey Monkey is another great idea when you are ready to launch your product. The idea is to find a product that can be branded and hit it off with a resounding message that reverberates the market. Craft your brand with an appeal that is irresistible and remains memorable. It should be able to create audience loyalty and for that the needs of the target audience must be addressed.
3. Know your competitors: Focus on who you are competing with. Research competition to stay ahead, research your target audience’s preference, and establish whether there is a market for your niche product at all. You can plan to create your own opportunity with search results from Google, especially if the keywords reveal that the degree of the competition is not much. This might point even towards launching a product better than what you had envisaged.
4. Determine the profitability of your niche: It is indeed a good idea to determine where your business stands profit wise. They say that Google Ad words can establish the potential profitability of your niche product. Any word search that reveals 10,000 searches in a month is liable to being profitable. You can also look at ClickBank which might give you an idea about your niche product because it has 6 million niche products by creative entrepreneurs. The idea is thus to have a product that your target audience desires and a market for you to profit from.
5. Track: Push your imagination and track consumer behaviour. What can you improve, what industries are trending, what opportunities lie ahead and evaluate where your personal strengths and weaknesses are. If you have a special gift it’s all the better for you. Remember that customers get attached to brands or products that they love and today it could be anything from products related to sustainability, the environment, a vegan product, cruelty free items, unique jewelry or home décor, natural and manmade fibers, things that are environment friendly are all cases in point. Recently a news article published said that NC John & Sons, a company based in Tirupur, are manufacturing garments using recycled pet bottles to make tee shirts. This naturally goes down well with a conscious consumer. Mind you the company was established in 1919 not today! It is therefore the vision that counts.
Finally test your product. Validate your niche market by testing the waters through friends, relatives and social media. Set up a single landing page instead of a fully fledged website initially and resort to paid ads to promote the idea. Experiment till you hit the nail on the head. It pays to remember that these are only tests; the actual experience could be better or worse.
At Eunimart we feel that niche segments spell success and every seller should attempt to find his niche product. Niche products engage audiences well and are successful in converting. Eunimart opines the necessity of a niche product because it works both ways for the consumer as well as the seller. It serves the consumer’s needs as well as builds the sellers business by increasing profits with the consumer recommending the product especially if it is able to solve any problems. A supreme example is of a product that was sold to bridge the ‘gap between innovative technology and better access to pristine drinking water’ and that was the water bottle that cleans itself! It was a sustainable and healthy option, to our normal bottles with a sleek modern look, appealing to the consumers. That is what a niche product is all about. So be organized, well informed and enterprising in order to find your niche product.