How to guarantee you have a hungry market ? - Business

How will I know when I've found "the one"?

We'll be introducing you shortly to some great research tools you can use when you embark on your own "niche market hunt." Before we get to them, however, we need to make sure you'll be able to recognize a true niche market when you find one! One way to identify your potential niche market -- and make sure it's as focused as possible -- is to write it using the following formula:

My niche market is people who are (action) + (your area of interest). Take a look at how the large markets mentioned above can be narrowed down using this formula:

My niche market is musicians who are (learning to play) (bongo drums)

My niche market is parents who are (wanting to build) (a backyard tree house)

My niche market is pet owners who are (attempting to train) (their pet parrot)

My niche market is history buffs who are (trying to authenticate) (Gold Rush memorabilia)

See the difference? Finding a niche market is about finding a specific and highly focused group of people who are all looking for something on the Internet, and not really finding it. If you can't describe your niche market using this formula, you probably aren't focused enough yet. But don't worry! Remember that for every subject you're interested in, there may be many small groups who have an interest in the same area. You just need to pick one, then figure out what needs they share. For example, let's say you're interested in golf. (That's another HUGE market - plug the word "golf" into Google and you get 392,000,000 results! Yeesh!) However, if you narrow your focus and use the formula we described above, you could discover that one of the following niches could be the basis of a profitable business:

Caddies who are hoping to develop better knowledge of clubs

Golf course employees who are studying the best way to maintain the putting greens

Golf course owners who are trying to recruit new members

Golf course suppliers who need to keep up-to-date on the latest developments in the world of golf

If you can describe your market like this, you've already taken the first step to setting yourself up for success!

Once this critical first step is taken care of, you can go on to the next step to guaranteeing your success, which is simply to clearly define the problem your market shares

Remember that people don't go online looking to buy a product or service... they go online to find information and solutions to their problems.

Your task is to think like your potential customers -- to determine what problem they're trying to solve and what you could offer as a solution.

For example, if your niche market is "people who are looking to correct their golf slice," you can see pretty clearly what the problem is this group will be looking to solve... they have a problem with their golf slice! All you need to do to guarantee the success of your business -- before you ever invest a dime -- is offer a product or service that solves this problem!

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