Is Your Business Niche Really All That Profitable?
Picking a business niche should take time. After all, you’re looking to make a profit above all else when opening up your own company, and the right niche will ensure you’ve got all the resources you need. However, when you’re already operating and deciding where to go next, it’s best to head back to the drawing board and reconsider what you specialize in.
Because not all niches are going to be money-making superstars. Some can be excellent for cornering a customer base and instilling brand loyalty, but some are a little too vague to interest more than just a few people. And if you’re finding yourself in the latter camp, we’ve got some questions below that’ll help you answer that one big question: can you make a real profit here? Let’s go through the possibility.
Is it Easy to Market?
If a business is easy to market, it can mean two things: 1. your company has a clearly valuable product that’s easy to bring to the masses, or 2. you’ve got very little competition to work against. Both of these things work out in your favor, but you’ve got to be careful here. Too little competition can mean the niche is too small and your profit will hit the ceiling very soon!
If you need help with defining where you land between points like these, you may want to get in touch with an expert. Try out companies like SEO strategies by Hennessey Digital, or take some time to do in depth research of your own. Who are you up against, and how big is your customer base? These are the questions to try and answer, as they’ll help you to triangulate where you are and how you could move up a stage.
What Are Your Customers Asking for?
To find this out, you’ll need to deep dive into both personal feedback and keyword research. You can do the latter incredibly easy; just type in various search terms all containing your main keyword into Google and see what comes up – simple! But if you want to get a little more detailed, you’ll need to use the Google suite of tools (namely Google trends) to check out the search volumes.
For the former, you’ll have to spend a few more resources to find out. Come up with some questions about your product, customer service, and brand impressions, and then create a survey. Send this out to anyone who’s willingly given you their email address, and make sure the link is included in any purchase confirmation email that goes out.
Once you know what your customers are asking for, you can then evaluate the profitability of your niche. Is there a way to offer complementary services? Are you getting good word-of-mouth advertising? If you’re not, there’s a chance you’re missing out on capitalizing, and you need to rethink your strategy.
A business niche can have profit, but is it enough for the future of your company?
Originally Published on https://www.breakfastleadership.com/