Question

how to identify a niche market and describe it?

Answer 1

Identifying a niche market can be difficult but it involves some step which needs to followed, which are:-

• Identify your interests and passions: You need to check a product of which you have some deep knowledge like costing of that product, assembling and manufacturing part which also suits your interest like if you are a software developer you can look for a cloud based platform or any other related to your academics and interest.

• Identify problems you can solve: You must look for a problem in the market which can be solved and market needs reform in that part. If these problems can be solved efficiently, you can look out for them.

• Research your competition: The presence of competition isn't necessarily a bad thing. It may actually be showing you that you've found a profitable niche. But you do need to do a thorough analysis of competing sites. Create a new spreadsheet and start logging all of the competing sites you can find.

• Determine the profitability of your niche: You should now have a pretty good idea of what niche you're going to get into. Maybe you haven't narrowed your list down to a single topic area, but you've likely found a few ideas you feel pretty good about. At this point, it's important to get an idea of how much money you have the potential to make in your niche.

• Test your idea: You are now armed with all of the information you need to choose a niche, and the only thing left to do is test your idea.