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Kavii SuriTop Contributor
GEEK | Content Writing Intern | Pursuing CS | Exploring ML and Data Science
Asked a question 4 years ago

How to identify your business niche?

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Kavii SuriTop Contributor
GEEK | Content Writing Intern | Pursuing CS | Exploring ML and Data Science

Figure out not only who has a need for your product or service, but also who is most likely to buy it. Think about the following factors:

  • Age
  • Location
  • Gender
  • Income level
  • Education level
  • Marital or family status
  • Occupation
  • Ethnic background

Consider the psychographics of your target.

Psychographics are the more personal characteristics of a person, including:

  • Personality
  • Attitudes
  • Values
  • Interests/hobbies
  • Lifestyles
  • Behavior

Also consider how your product will change or alter their lifestyle. How and when will they use it? What kind of media does your target audience turn to for information? 

Evaluate your decision.

Once you've decided on a target market, be sure to consider these questions:

  • Are there enough people who fit my criteria?
  • Will my target really benefit from my product/service? Will they see a need for it?
  • Do I understand what drives my target to make decisions?
  • Can they afford my product/service?
  • Can I reach them with my message? Are they easily accessible?

Adjust your marketing strategy according to this demographic

Your marketing strategy should be targeted towards your ideal customer. You'l also use this customer profile to decide for the marketing channels used, marketing budgets etc.

As you make these adjustments, keep an eye on the data you’re bringing in. The key to a successful marketing scheme is constant evaluation of your efforts. You can learn what works and what doesn’t so you don’t waste your time and energy on less-productive channels.

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