Why should you pick out a niche and how does that make you stand out? Well first off, it’ll be easier to position yourself as an expert. If you work on building up your expertise and brand in a niche, sooner or later people will come to you instead of the other way around.
It will also allow you to be more focused on your approach. By focusing on a niche, you can learn your market’s specific pain points, the language to use when talking to your prospects, as well as everything about the pains they’re willing to get rid of.
You’ll also grow faster if you focus on a niche because your marketing will be more dialed in than others. While your competitor is out there trying to appeal to several markets at once and fumbling with getting any traction with his efforts, you’ll be pulling in many more leads by zeroing in one a niche market.
With the importance of picking a niche in the back of your mind, let’s get to some strategies, tips, and tricks, on how to go about how to pick a niche.
Pick a “Green Light” Niche
We don’t recommend you go about picking any old niche market though — there are certain aspects you should keep a look out for. These aspects make up what is called a Green Light Niche, or a niche market that’s decent enough to enter as a business.The niche has to be modern enough, big enough, able to be contacted, will allow you to easily speak to a key decision maker, and make enough profit.
Green Light Niche Markets have to be modern, as in they’re aware of the importance of being active in the digital space. You can easily figure this out with a quick google search and a glance over their websites. Are they relatively new looking? Well-designed? Are they mobile-responsive? If so, that means that the prospects will be easier to pitch to.
Why? Because they already know that having an online presence is important. You won’t have to pitch them on that idea. All you have to do, then, is convince them to go with your mobile apps business.
How Big Does the Market Have to Be?
Your niche market has to have 5000+ businesses in order to be considered a green lit market. This requirement is included to ensure that you have enough businesses to go after. With direct response marketing, you can typically acquire 3-5% of the market over 1-2 years. Five percent of 5000 businesses is 250, which isn’t really that many. Aim for markets upwards of 5000 businesses. How can you find out the market size? A simple google search should do the trick.
Pick a niche that you can actually contact! This is often overlooked, but is incredibly important. Whether that’s via phone or email, we take communication for granted. Do some research. Are these businesses active on social media? Do they post their contact information on their website? Do they even have a website? How about message boards? Do they have a LinkedIn profile? It doesn’t matter how big a market is — if you can’t reach them that you’re out of luck trying to even start making a sale.
On top of being easy to contact, you should also consider whether it’s just as easy to speak to the owner or someone in charge of something like marketing. If you can’t get a decisionmaker on the phone, you’ll never have an opportunity to make the sale.
How Much Revenue/Profit is Enough?
Average successful businesses earn $100,000 a year in revenue, maybe even profit ideally. These are the businesses that you should target, especially. If they’re not making enough, they might be struggling. If they’re struggling, then they probably would rather focus on improving their business before looking to expand with your services and help.
How to Find Niche Markets
There are several ways you can find niche markets.
One strategy is to look at which industries are hiring. If they’re hiring, odds are they’re finding some success and are expanding. If they’re expanding, they’re more likely to consider your proposal. You can do this by looking at job board websites like Monster, LinkedIn Jobs, Indeed. Don’t forget to look at both local, national and international markets — you wouldn’t want to miss anything!
You can also search business directories like YellowPages and Business Ideas and scour through YellowPages’ advertisements to see who has the most.
Why their advertisements?
Taking out advertisements en masse implies that the market is incredibly competitive. These competitive markets are thus more open minded to anything that could give them an advantage over their competitors. This edge could easily be your apps and services.
List of Some Niche Markets to Try
And to end off this article, we’d like to share with you a simple list of niche markets to check out, if you need a place to start:
Automotive Service & Repair
Real Estate Agents
Choosing a niche market to focus on with your business is essential to finding long-lasting success. Build up your expertise and reputation all while building up your client list and you’ll be bringing in profits in no time. We wish you the best of luck!
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