How Does A Founder Discover Their Niches
With the success of these startups, you would expect that these founders would have planned out every step of their journey in advance. But, many times, the startup’s path is unknown. Many twists and turns come along the way.
We all have heard about big companies like Uber, Facebook, Instagram, etc. The founding stories of these companies are inspirational for a lot of people and it is quite interesting to know how these founders discovered their niche.
The following article takes a look at the tips on how a founder can discover their niches.
How You Can Discover and Grow Your Niche
Planning Your Business
If you are thinking of starting a business, it is important to plan it out properly. For example, you should think about what kind of customers you want to attract and how you can market your product or service.
You should also think about the competition that you will face and what strategies you will use to overcome them.
It is important to find a unique selling point for your product or service. If there are too many competitors in the market, then it is difficult to stand out from the crowd. It is also important to think about whether your product or service has a social benefit or whether it can be sold in large quantities.
It is also important to consider how much money you have available for the business and how much money you will need over time. It is always a good idea to start with a minimum viable product (MVP) before building out your entire business plan.
Finding Out What Customers Want
Once you have started your business, it is important to keep track of how people are responding to your product or service.
One way of doing this is by asking people what they like and dislike about the product or service that they have received from you so far. You can also look at what other people are saying about your product or service on social media.
If you have a website, then you can use analytics to see how people are responding to your product or service. If people are searching for certain terms, then you should use this information to develop your product or service in the future.
You should also find out if people want something that is missing from your product or service and try to develop it at a later time.
Using Data to Identify Trends:
Once you have started your business, it is important to keep track of how customers are responding to your product or service.
You can do this by looking at the search trends on Google and Amazon. You can also look at what other people are saying about your product or service on social media sites like Facebook and Twitter.
By looking at all of this data, you will be able to identify if there is a gap in the market that you can fill with a new product or service. It is also important to make sure that the customers are ready for the new products or services that you plan on offering them in the future.
Finding Your Niche in a Competitive Market
In some cases, you may find that there are too many competitors in your niche and it is difficult to stand out from the crowd. In these cases, it is important to find out how they differentiate themselves from each other and how they attract customers.
It is also essential to think about what unique benefit your product or service has over theirs and whether it will be easy for them to replicate it.
You should also think about whether you have any leverage over them in terms of patents or intellectual property rights (IPR).
It is also important to consider whether you can make the product or service more efficient in terms of the time that it takes to develop it. It can be beneficial to think about whether you can reduce the costs associated with your product or service and whether you can create a new model for it.
You should also think about how you can keep customers coming back for more and if there are any recurring revenue models that you can use.
Do You Need to Expand Your Niche?
Once you have found your niche, you need to expand it to ensure that you can build a business around it. There are several reasons why you should do this.
- A wider niche allows you to build a more comprehensive business model.
- Expanding your niche also helps you to learn more about your target market and their needs.
This will help you develop better products and services for your ideal customer in the future.
As your niche expands, so does your customer base. This is especially true if you are building a digital product business around your niche as opposed to a physical product one.
In the digital world, there is no limit on how many people can purchase and use your product or service once it has been released online. As such, the number of potential customers that can be attracted by an expanded niche is practically limitless once it has been made available online for free or at a low cost.
Here are some ways in which you can expand your niche:
Add More Products
You can create more products and services that target specific sub-niches within the overall niche of your current product or service offering.
For example, if you have developed an e-book on a specific topic, then you could write additional e-books on related topics such as webinars, articles, blog posts, videos, and other products that can be used to market your e-book.
Add More Information
You can also add more information to your existing product or service to broaden its appeal. For example, if you have created an e-book on “How to Lose Weight” then you could create a new version of the same book. Or you could also create a related book that focuses on “How to Lose Weight without Dieting” or even “How to Lose Weight without Exercise”.
Create New Niche Websites
You can also create new niche websites that are dedicated to providing additional information on the topic of your current product or service. For example, if you have developed an e-book on “How to Lose Weight” then you could create a website that focuses on “How to Lose Weight for Women” or “How to Lose Weight for Men”.
Expand Into New Product Formats
You can also expand your product or service into other formats such as podcasts, videos, documentaries, software, and other formats. This allows you to reach out to more people who may not be able to access the original format of your product or service.
Add Other Services
You can also add additional services such as coaching, consulting, and one-on-one support in order to help your customers make use of your existing product or service. This will help you grow the size of your customer base and make more money from it.
Conclusion
As a startup, it is important to find a niche and develop your product or service around it. However, it is also important to keep track of how customers are responding to your product or service and whether they are ready for the new products or services that you plan on offering in the future.
About the Author
I hope that my post has helped you know more about Startups. Feel free to leave a comment and tag me and I will answer them. Follow my profile to get the latest content I post to stay ahead of the curve.
I am the Founder of Cudy Technologies, a full-stack EdTech startup helping teachers and students learn better. I am also a mentor and angel investor in other Startups of my other interests (Proptech, Fintech, HRtech, Ride-hailing, C2C marketplaces, and SaaS). You can also find me on Cudy for early-stage Startup Founder mentorship and advice.
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