Discovering Niche:– There are two kinds of knowledge. One general knowledge, the other is specific. No matter how great in quantity or variety, general knowledge has only little use in accumulating money.
A person who holds an MBBS gets paid less than a neurologist or psychologist. A niche is a specialized skill of which you have in-depth knowledge that will help people move from their current state to their desired state.
What is Niche?
A niche is a focused, targeted area that you serve exceptionally well. If your niche is broad, you can go with a subcategory of that niche.
If we take search engines as a niche, Google is the No.1 one search engine. Instead of competing with Google, you can develop a search engine for subcategories.
Example: Practo for doctors, Redbus for traveling, Trivago for Hotels.
It is small, the smaller, the better. You go more specific, more opportunities you get.
Why is it Important?
1. Getting response
We might have all experienced this.
After completing a particular topic, sometimes, the professor will ask the students to summarize the topic.
Suppose if he asks, “can anyone explain the topic that we discussed today?”.No one will answer.
If he calls out a name and asks the question, definitely the student will answer
That is why having a niche or specificity is very important to get the response of people.
When you are doing marketing, you always try to get responses and listen to people.
2. Increase productivity and innovation
If you know everything, then you will be nothing to everyone.”
What if one small company provides all the services and all the products to all people in the world? How would it be? This one company will not be innovative, competitive and the product might not be super-duper.
That’s why different people from different niches bring different types of products and make culture very rich.
How to Find a Niche?
Niche is a combination of Passion, Talent, and Market opportunity. No one can tell you. Find it yourself.
Passion comes out of pure curiosity that binds with your inner voice. It is the excitement and enthusiasm we have for doing something or what you love to do. You would have observed the curiosity when you were a kid. When you are doing work you will lose track of the world and time, losing yourself in the task at hand. That is called passion.
If you force yourself to learn something, you cannot understand it properly.Think about your school and college days. It is already there, and you have to get back in touch with it. It won’t happen overnight. Be persistent, ready to find your Interests.
Talent is in-depth knowledge, developed mastery by working on it for years. Talent comes out of deep specialized experience from your passion. It is found through exploration. It can also be observed and identified by trusted friends and mentors.
You will learn something more only if you enjoy learning it for a long time where you find time stands still, and you will become a master at it, and you will be unstoppable. People will pay for your skill, not for your interest. You need to understand that sometimes you have talents in areas where we do not have passion. But You always need a little bit of passion for getting success.
The passion and talent always are aligned with market opportunity. Combine your talent and passion for matching the common interest. Then analyze the opportunities in the selected niche.Your passion and talent may vary. You may feel entirely disconnected. You may first find it like stars in the sky scattering here and there. Start to explore, you find a line connecting every dots. Eventually you get to know how to combine your talent and passion together, you feel it at home.
“Stop keep thinking “
Imagine, You want to travel from one place to another. If you say I will move only if all the signals in the route turn to green, you will never move. You have to start moving. If you find any red signal wait for some time until it turns green, and move forward. If you find any closure, go in another way. You will get to your destination as you move forward.
Likewise, How do you know if you are good at something if you don’t try and keep thinking? Just pick up a niche that closely matches your skill & passion, get started with it.
Focus on one niche
When you are creating a product or service, I would recommend a focus on one.
Instead of working on Multiple tasks, devote all your effort to one, go deeper into it.
“The man who chases two rabbits can catch none.”
It isn’t easy to focus on one thing. But you have to train yourself and focus on one niche, develop your expertise.
Skill stacking means to mix and match skills that come up with unique talent.
I am not saying to focus on two niches. As said before, if you reconnect with your inner force, you will find out your uniqueness.
If you can mix two niches and understand them very well, you will become only one instead of number one.
For example, if you are a techie who is also interested in farming, you can develop an app that measures soil moisture, plant growth, sunlight intake, and many more.
Do not select a niche with no competition. If a niche has no competition means it has no buyer.
If you are going towards talent and passion, you can make money only towards the end. It would be an outstanding achievement. You can do it if you don’t need to make money immediately. But in the short term, you have to consider market opportunities as well.
Where to find the market opportunity?
Now you have your niche in your hand. Now you just need to research the possibilities of making money from it.
People always want to go from their current state to the desired state. They still need a solution for their problem, not the product. Your product should be a bridge that will help them go from where they are and where they want to be.
Understanding who people are and what they will be your more significant challenge in finalizing a niche. If you want to make a lot of money and still do what you love, you need to combine your passion and talent with market needs.
New Niches are born every day. New niches are discovered every day.You need to realize that this world is abundant—a new niche born for each new product or service. There is a subcategory in each category.
For example, If people buy a house, then there are more needs. Because they need furniture, they need to paint, need to design the interior, need to install security, might install a solar panel. So new niches will be born out of the need that is to be fulfilled.
- Start with understanding the needs of the market.
- Find out the top 10 blogs and books in your niche.
- Read the review on Amazon and other e-commerce sites for the product in a niche.
- Read reviews on the product review website and consumer complaint website. Find out the gaps in the market. What is the competitor not helping with your niche?
- Do not enter the market with no competition. A market with no competition means no demand among buyers.
- Use keyword research tools to find what people are searching for.
We will discuss keyword research on upcoming topics.
- A niche is a focused, targeted area that you serve exceptionally well. If your niche is broad, you can go with micro.
- Without specification, there is no innovation, demand, and productivity.
- Niche is a combination of passion, talent, and market need.
- Passion comes out of curiosity.
- Talent comes from in-depth knowledge.
- Find out market needs by researching a solution to the problem.
- Focus on one niche, do not jump from one to another.
- New Niches are born every day. New niches are discovered every day.
- Do not enter the market with no competition. A market with no competition means there is no demand among buyers.
- Your product should be a bridge that will help them go from where they are from and where they want to be.
I hope you have found your niche and are ready to move forward. Comment below your profitable niche. Happy reading:).