¨I am going to start a business and will create a product that is for everyone! Like this, I can reach the whole world! You have no idea how many time I hear this when I talk with talented and motivated people with their great idea of starting their own company. To be honest with my first company I said the same. But this does not work! You cannot focus on everyone! Not everyone will buy your product or will not even be interested in it. You need to sell your product to the group of people that need it. Investigate the market, are they looking for your idea? It’s great that you have an idea, but are people really in need for it?
If you do not have a niche, your marketing campaigns and the message you would like to transfer to in your eyes potential clients will never be strong enough then when you do have a niche and know how to communicate to your target group. Because you need to know in what way your target groups likes to communicate.
I am not saying that people who never had a niche written down are failures and not good, maybe they are, and they have an excellent company up and running. But we do know that in general, we need to start with having a niche.
Why is having a niche valuable?
You stand out when you have a niche. People will remember your company better because you speak to the target that is interested.
You know where your clients are when you have a niche this means you can study their behavior, are they more on Facebook or Twitter? Or maybe they only read newspapers? This makes marketing a lot easier for you because you know exactly where you need to focus.
Look for the gap in the market and focus on that gap, ask people if they would be interested in your product, try different markets to see where they need this, so you know exactly how to market your idea.
“A specialized segment of the market for a particular kind of product or service.”
In our training Business Basics | Start Up, you find advice on how to locate your niche and all other basics of starting up your own company. Also when you are starting your own company do not forget to read Deadly Start-Up mistakes