Does Your Business Niche Match Your Market?
How well do you understand your audience? The target audience is the most important factor when looking for the perfect business niche.
Your business niche: Does it match your market?
How well do you understand your audience?
The target audience is the most important factor when looking for the perfect business niche. You're offering content and products or services to that audience that you're hoping they'll buy, so you really need to meet their needs. You must know everything about your ideal customer to meet your audience's needs.
The first step in getting to know your ideal customer is to create a customer profile. Your customer profile should include the following information:
Demographics. Demographics include data on your target market, such as age, location, hobbies, job, and income level.
Psychographics. The best way to think about psychographics is that demographics tell us "who." Psychographics tells us "why." Psychographic data includes preferences, desires, concerns, pain points, and values, which gives you much more insight than demographics alone.
Buying Patterns. Your profile also needs to include buying habits. This data tells you how much your target audience spends, the frequency, and why they buy what they buy.
Your customer profile should identify one individual who is the best target for your niche. Some audience members will differ from this profile, and that's fine, but you need to focus on one persona.
Where can you get data to include in your customer profile?
You can start by making some reasonable assumptions based on what you already know about your niche and audience. But you need to go beyond assumptions and conduct some online research. Check out your target audience's profiles and posts on social media, conversations in online forums, and blog comments, and monitor any other places they're hanging out and talking. Creating your customer profile is only the beginning. Through your niche marketing, you'll get to know your audience better and build a close relationship with them so you can offer the products or services they need.