For an entrepreneur trying to grow their business online, it may seem like there’s an endless supply of exposure to be gained. And while there’s plenty up for grabs, you need to remember that your competitors are also fighting for the same exposure. So how do you find your voice in a crowded online market? The best solution is finding a niche within your industry.
Less is more: Targeting a smaller and more focused market can help you stand out. While it may be tempting to go after a larger market, having a more tailored product or service is going to be less competitive. Which means that you can spend less effort and time getting a bigger slice of smaller pie. It will also help you:
- Find more qualified leads
- Save money on advertising
- Come up with a unique branding strategy – Become the authority of your niche
Great examples of focused businesses
Here are some great examples of some web businesses that have succeeded by focusing.
- 4Cabling: An Australian e-commerce website that focuses on selling computer cables.
- Slogan creator: An online service where a professional will write a slogan for your business.
- StartUp Daily: An online media company that focuses on Australian startups.
What’s your USP?
Creating a strong niche for your business means having a unique selling proposition (USP). Your selling proposition is a short sentence that explains why you are different, and what the benefit is to the customer. If you are still in the research stage, there are a few ways you can come up with ideas:
- Competitor website: Have a look through the sites of your competitors for ideas. Is there something missing on their website? Can you beat their offering? Are there products or services missing?
- Google keyword planner (GKP): This is a tool which allows you to see how many people search for a particular keyword in Google. Go into GKP and type in a generic word thats related to your industry. This should give you a list of relevant keywords. Pay particular attention to the related keywords that attract less volume.
- Google’s suggestions: If you type in a particular search term, Google will provide you with a list of ‘related keywords’ that might be worth exploring.
Testing your niche
With an idea in mind, you want to actually see if there’s a demand for it before putting a whole lot of money behind it. There’s a number of ways you can validate your idea without completely committing to it:
- Landing page: Create an effective sales page which explains exactly what you’re offering and allows the visitor to either purchase or get in touch with you. In order to drive visitors to the page, allocate a small budget for some paid online advertising.
- Forums: Go on some related Australian forums and ask the community for their opinion on your product or service.
Be bold: With so many businesses going online, the best way to succeed is by creating a brand around a niche. Don’t just copy what your competitors are doing, work out what they are not doing and beat them with creativity.
