| One of the most important things any | | | | |
| Nichepreneur can do is define their target | | | | Religious Affiliations: |
| audience. Ask yourself: Who is my ideal | | | | |
| customer? If your answer is "Everyone", | | | | Religious affiliation is certainly not a new |
| you've got some work to do! | | | | way to niche, but it's a powerful one. In |
| | | | fact, understanding the wants and needs of a |
| While it would be nice if every single person | | | | particular religious community is a great way |
| in the world wanted your products and | | | | to target your products and services. For |
| services, the truth is that by trying to | | | | example, clothing designers and wedding |
| appeal to everyone, you often wind up | | | | planners who cater to the Latter Day Saint |
| appealing to no one. Increase your chances | | | | community in the Midwest enjoy their success |
| for success by narrowing your target | | | | because they understand the modesty |
| audience: selecting a crowd of likely | | | | requirements of that group and offer products |
| customers and concentrating on meeting their | | | | and services accordingly. |
| wants and needs. | | | | |
| | | | Ethnic Groups: |
| You might immediately know who your ideal | | | | |
| customer is. Great! Having a clear concept of | | | | Ethnic groups make up some of the largest |
| your target audience is a great first step. | | | | niches going. In fact, I hate to include this |
| However, if you don't have a target audience | | | | as a niche strategy, but will do so with the |
| in mind, it's never too soon to start | | | | caveat that you'll have to refine your niche |
| looking. | | | | further. Targeting your services to the |
| | | | Hispanic market, for example, does offer you |
| Not sure where to look? Don't worry. Here are | | | | some of the advantages that being a |
| six strategies you can use to define your | | | | Nichepreneur brings. However, because these |
| target audience. Use these options as | | | | groups are so large, and growing so fast, it |
| starting points: each one can be further | | | | would be a good idea to further refine your |
| refined to meet your needs. Keep narrowing | | | | identity. |
| your niche until you find the one that's | | | | |
| right for you! | | | | Economic Class: |
| | | | |
| Look Younger: | | | | Every market segment has a high end and a low |
| | | | end -- consumers who can afford to pay top |
| Children, especially teenagers and those just | | | | dollar and others who are far more price |
| about to enter their teen years (known as | | | | conscious. There's money to be made at either |
| 'tweens'), are big business. Direct spending | | | | end of the spectrum, but you need to position |
| by teenagers accounts for over $150 billion | | | | yourself carefully. Do your market research |
| annually, with tweens hot on their tails. | | | | to identify where the most lucrative |
| Brand loyalties developed during these | | | | opportunities lie. |
| critical years tend to endure for a lifetime. | | | | |
| | | | Finally, don't forget the GEL formula. As you |
| Look Older: | | | | narrow your niche, searching for your ideal |
| | | | target audience, keep the following in mind. |
| The arrival of the Baby Boomers may have been | | | | Your niche should be Growing, in an area you |
| yesterday's news stories, but it's today's | | | | have some Experience in, that you Love. If |
| reality. Those in or about to enter | | | | you're niching yourself by the age of your |
| retirement have arrived at this stage in life | | | | target audience, you have nothing to fear: |
| well-financed -- and ready to spend. They're | | | | people continue aging at a fairly steady |
| also well-trained, if demanding, consumers: | | | | rate, and birth rates in most of the world |
| they know that there's a product or service | | | | have been steady or climbing for decades. |
| out there designed specifically for them, and | | | | |
| they intend to find it. | | | | However, population changes and |
| | | | socio-economic shifts mean that niching by |
| Explore a Common Passion: | | | | religion, ethnic group or even economic class |
| | | | can prove problematical. Do your market |
| Consider your own personal passions. Is there | | | | research to make sure the group you're |
| a target audience for your products and | | | | targeting is going to be around for a while: |
| services among people who share one or more | | | | you don't want to be the only florist |
| of those passions? Could you offer financial | | | | specializing in traditional Chinese weddings |
| advice to NASCAR fans who want to get on the | | | | when there aren't any Chinese families in a |
| fast track to retirement? Is there people in | | | | hundred mile radius. |
| your quilting circle who might need small | | | | |
| business advice? Shared passions can create a | | | | Good luck! Remember, your niche is out there, |
| bond and trust that extends into other areas | | | | just waiting for you to find it! |
| of life -- great news for your business. | | | | |