How to Find a Niche Market for Your Online Store
What is a niche?
A niche is a specialized market that attracts a specific audience. With a niche-oriented business you are able to meet the demand of a smaller section of the population whose interests aren’t addressed by mainstream providers.
Why sell to a specific niche?
From a pragmatic point of view if you start with a niche store you’ll be able to create much stronger branding.
This will play an important role in the long run. With an established brand, you can build a loyal customer base and expand your product catalog with products that match your brand's personality.
How do you find your niche market?
Before you open a store that sells products, give it a reason to exist. Find a reason why you're doing this besides to make a profit. A profit is an outcome; you need a deeper why. Put yourself in your customers' shoes and think about it from their perspective: ”What would motivate me to buy this specific product?”
The content on your store should be united by a single idea that relates to a like-minded community that would buy from you just to support that idea. So here’s how you can approach this.
1. Identify personal interests
You should pick a niche that relates to your passions and personal experiences. There’s no golden rule that will guarantee success, you’ll just have to try. Just remember that if your target audience is everyone, then your niche isn't defined enough. If it's too small, then you won't have that many customers or sales.
2. Identify your competitors
Find out what’s already happening on the market. You might find that nobody else out there caters to your niche, which could be a golden opportunity for you. Or you might find that your target market is already a little crowded.
Don’t be afraid of competition. Not only does it validate the profitability of your niche, but it leads to innovation as well.
Competition does mean that you'll have to work harder to give people a reason to choose you. It might be product quality, outstanding customer service, or the number of products you offer—whatever it is customers in your niche care about the most.
3. Perform an SEO analysis of your niche
SEO is the process of making your website rank higher in Google in order to bring in visitors. Take advantage of our marketing tools page and pinpoint what it is that people are searching for online. Tools like Ahrefs and Semrush will help you find the data behind Google searches.
You need to start by identifying the main keywords that are relevant to your niche. Come up with a list of words that you would use to search for that specific niche. After that run an SEO analysis on each of them.
One of the most important metrics that evaluates profitability and audience interest in your niche is search volume. This is an estimated number of searches for a particular keyword in a given timeframe. A high search volume means that there’s a lot of interest in your niche, but there's also a lot of competition.
That’s why you should also pay attention to keyword difficulty, that describes how difficult it would be to rank for a keyword or search query.
The higher the difficulty, the bigger the competition to get in the top 10 search results for that keyword. When starting out, it’s best to focus on keywords with low difficulty and high search volume.
SEO will be the greatest foundation to build your store on, so it’s best that you familiarize with it at an early stage. That’s why I recommend visiting our blog and going through our SEO beginner’s guide to better understand it.
4. Come up with a solution to your niche audience’s problem
Once you’ve narrowed down your interests to a profitable niche with enough online interest and little competition, start looking at what your potential customers need.
Browse public forums like Quora, Reddit, or specific Facebook groups and look at what problems people in your niche experience that can be solved with your unique product.
Always remember to approach the niche-searching process with this in mind: "It’s not the product or service, it’s the people who use it that defines a niche."
Act in your audience’s best interests. Keep tabs on your market and find new ways to interact with your audience to remain their one-stop-shop in the long term.
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