Knowing who your market is and defining what they need are are attracted to will help you to be successful in business. It is not necessary for you to create your own niche, you will be much more successful if you focus on one specific market, aspect, or problem associated with a business or industry and then develop a high-level focus to address this need, or niche. The idea of focusing on a a good niche and then practicing what you have learned and incorporating it into your own business plan and goals is called "nichecraft."
Nichecraft involves seven easy steps, as follows:
1. Create a wish list. Your wish list should include those with whom you wish to do business. Be specific with this and identify the geographical range, types of businesses or customers you wish to target, or the specific departments or groups within an industry that you will be targeting. If you do not take this step, then you will not know who to contact once you launch the business. Be careful to not identify too large a market as it is simply impossible to do business with everyone. By having too large a focus you will find yourself confusing your customers and exhausting not only yourself, but those who support you and your goals.
2. Identify Your Focus. Completely identify and clarify what product(s) or service(s) you wish to sell. Remember, you cannot target "everyone" in your market and that a smaller focus, or niche, is best. Also keep in mind that your niche may not be the same field as in which you work. For example, retail clothing is not a niche, but a field of business. A more focused niche would be selling exercise or warm-up gear to women over the age of 50.
To help you begin the process of focusing, here are some suggested techniques: a) make a list of things you do best and the skills that are implicity needed in each of them; b) list your own achievements and accomplishments in this niche; c) identify the most important life lessons you have learned that have brought you to this point; d) identify the patterns that reveal your style or approach to resolving problems that will help you achieve your business goals.
3. Define the Customer's Viewpoint. Spend some time defining your niche by looking at your product(s) or service(s) from the customers viewpoint. Can you identify what their needs and wants might be? I have found it very helpful to actually ask my customers waht it is they want or need. Larger corporations often use focus groups for this purpose. If you use your customer's viewpoints, you want to ensure that they are comfortable giving you honest and direct feedback and not simply telling you what they think you want to hear.
4. Integrate. As your niche begins to take shape, you can begin to integrate your customer's ideas and needs into your business plan. Keep in mind that a good niche will generally have five qualities: a) it takes you where you want to go and conforms to your long-term business goals; b) your customer's want your product(s) or service(s); c) your niche is carefully planned; d) it is "one-of-a-kind" or unique to your niche; e) it will constantly evolve, allowing you to develop different products, services or income streams for long-term success.
5. Evaluate. After you've completed the steps above, you should take time to carefully evaluate your proposed product(s) or service(s) against the criteria identified in step #4 above. You may find as you evaluate that you either missed a critical component in your plan, or that your business is going to require additional funds, travel or other aspect that you will need to plan for to be successful. If you find this, then you should return to the first step in this process and rethink your next steps. Do not be afraid to scrap your niche, ideas or plans and start over. That's what the planning process is for.
6. Testing. After you have matched your niche with a product or service, take it for a test-market drive. Give a select set of customers or advisors the opportunity to purchase or use your product or service, not just in theory, but in actual use. You can do this by offering samples, free information, trial periods or other similar opportunities. Do not spend a lot of money in testing. If you find that your test-market plan fails, then you should not be discouraged, simply return to step #1 and rethink your niche.
7. Move forward! After a successful test period, you are ready to implement your idea. Do not be afraid to take this last important step. Instead, embrace the concept and be strong and decisive as you move forward!
Creating your niche is the difference between being in, or not being in, business. It can be the difference between surviving and thriving or huge success. It is not only important that you like what you are doing, but that you also enjoy great success!
Source: http://LearnBizTips.blogspot.com
Copyright M. A. Webb, 2004-2006. All Rights Reserved
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