Having a number of different sectors show interest in your small firm with a potential technology is a big boost. But it also introduces a whole set of issues. Spreading yourself too thin across too many industries is the best way to weaken your brand and use up all of your resources.
It drives your client acquisition expenses into the stratosphere and all but ensures that you won’t be the market leader in any industry, but rather a second-tier option in a number of them. You cannot satisfy everyone’s needs in one way.
However, deciding which industry to concentrate on may be extremely difficult, especially when dealing with a technology like AI that has so many possible uses. Here are some useful tips to help you to find a startup niche.
Identify Your Interests & Market Research
Consider your personal interests: what piques your curiosity, what do you want to do or learn? Are you regarded as an authority on anything by your relatives, friends, or coworkers? List all of your areas of expertise, interests, and themes that speak to you. You might think about turning your passion into a company once you are aware of it.
You will find it simpler to devote time and effort to a business that you are enthusiastic about, and your readers will perceive you as more genuine as a result. Don’t expect to trick anyone since niche audiences are very informed. They’ll detect your zeal and want to establish yourself as an authority in your field.
Think About Your Potential Clients & Niche Business
Any business’s goal is to address the demands or issues of its clients. Asking yourself which problems your future business may tackle is a fantastic place to start before developing your business concept further. Can it provide a solution to an issue? Can you transform it into a good or service to satisfy consumer demand?
In other words, you must consider who will be your audience and what their goals, concerns, and expectations are. To determine the potential of your niche, do some research on possible clients and their issues. You should also be aware of the demographics, geography, and hobbies of your target market.
Its okay if not everyone buys what you’re offering. Instead of attempting to reach everyone, what counts is finding the proper consumers. You want to draw in clients who share your beliefs since doing so will increase brand loyalty and business profitability.
Search Niche Keywords
Finding precise niche keywords around which to create a website is the second stage in determining your specialty. We advise you to concentrate on long-tail keywords with 3 to 5 words. Let’s say you choose to specialize in the vegan shoe industry such as women’s vegan shoes, men’s vegan fashion, vegan sustainable shoes, etc.
Write down all the terms that come to mind; the more detailed, the better. Consider using more than one language, especially if you’re targeting an audience in a place where there are many official or widely spoken languages.
Say your company will have a Belgian base of operations. While creating a list of French keywords is crucial, you shouldn’t overlook Flemish because buyers from Flanders may make up a sizable portion of your audience.
Verify the Possible Traffic for Your Keywords
After defining your keywords, you should find out how popular they are and how much competition there is. You may use free tools like Google Adwords Keyword Planner for this. Select “Find new keywords,” then paste your keyword list, and then choose “Get started.”
You may learn more from the outcomes regarding search volume and seasonal traffic patterns. AdWords advertising utilizes top-of-page bids and competition, however, a high level of AdWords competition typically indicates a large number of advertisers for the phrase.
In other words, high competition indicates that there is fierce competition for organic search traffic, indicating that you should expand your keyword research and identify terms with lower competitiveness. Having keywords with the most traffic is preferable when it comes to volume. But bear in mind that there is greater competition to rank highly the more traffic there is.
Analyze Your Competitors & Niche Market
You must thoroughly investigate your competition before delving further into your company concept. Learn about the competitors you will face when you start your firm, including what their best-selling items are and what their prices are. If you discover that your niche has a lot of competition, it isn’t always a bad thing and shouldn’t deter you.
Utilize the chance to learn what your rivals are doing effectively and what they may improve upon. The best-seller list on Amazon may provide you with helpful information on which items sell better, what consumers enjoy about them, what they think should be improved, etc. This can help you better understand your competitors.
Utilizing affiliate marketplaces like CJ Affiliates to search for items relevant to your expertise is another smart move. You’ll learn just how well-liked and successful your items are. A quick Google search might help you learn more about your rivals. Enter your search term in the search box, and then note the top 10 URLs that appear.
You may learn more about the ranked URLs by using a service like Moz, which you can utilize to conduct more research. You can verify crucial information using Moz, like domain authority, page authority, backlinks, etc. You may learn how powerful your rival is with the use of such information.
Pages with a low page authority might be an excellent target, but websites with a higher domain authority and many backlinks than yours will be challenging or impossible to compete against.
It goes without saying that choosing a domain name that is appropriate for your company website is essential. It will aid in improving search engine rankings and make it easier for potential consumers to recognize your company right away.
Test Your Idea
Create a straightforward website with a straightforward landing page to showcase your goods or services to begin. Make sure your material is properly written, interesting, includes your keywords, and follows SEO guidelines.
Don’t be afraid to use social media to advertise your new endeavor and link to your landing page. If you do, remember to configure Google Analytics’ social media monitoring and keep note of how many hits you received from social media. Consider offering a discount coupon or a free trial to your initial clients to increase conversions, depending on what you’re selling.
Conclusion
As long as you can identify what it is you are truly passionate about and how to make it valuable to others, finding a startup niche may be enjoyable. Success does not need being an SEO guru, although some fundamental knowledge of keyword research might be helpful.
