Every entrepreneur dreams of finding a niche market. It may seem almost utopian at this stage, but it is not far from reality. We are constantly amazed at the new businesses that emerge, and are focused on niches to exploit and with great profitability. Entrepreneurs will need to have the right tools to identify niche markets that are profitable. This can prove very helpful when we launch our business. JD Duarte, a Costa Rican entrepreneur, outlines some ways that entrepreneurs can find niche markets.
Google Trends is without a doubt one of the most useful and fascinating tools for positioning products or brands and finding niche markets to exploit. Duarte says, “Google Trends gives entrepreneurs the ability to look at the history of a market and predict how it will behave in the future.”
This is where the key lies, in foresight for tomorrow. This allows people to search for the most popular terms on Google with their related words. This can help them find a niche market that is yet to be explored.
While it is part of Google Trends, it is important to mention Google Correlate, which is an independent tool that can help us identify the most profitable niches on the network. It is easy to use. Select a country to enter a keyword that is related to something you might be interested in.
To find any competitors, look through the results and cross-check them. You should select the words that are most frequently searched on the internet.
Another option is Google Ads. This keyword planner allows you to plan your keywords. Enter a keyword and see the results. These results may not be satisfactory. It offers alternative searches that are more profitable and will help entrepreneurs get closer to the niche. Trends, Correlate and Ads are complementing tools. You can use the same keywords to compare results and rule out niches.
Betalist is a great example of life outside the Google universe. Duarte adds, “Betalist is an assortment of startups in beta phase that allows us to analyze the type of companies being created. So, we can identify the booming themes and sectors, so it is easier to create a market segmentation and reach those untapped markets. It also allows us to identify businesses that are doing well abroad and facilitate their import or development.”
You can also use Facebook Ads to search for niches in the market. Facebook Ads is able to validate new niches. This allows you to go one step further than Google. It is difficult to find a niche that does not exist on Google.
Segmentation (geography and age, sex, gender, language, family situation), is crucial to identifying the niche market for our product or services. Its greatest weakness is the “escape” of younger users.
After you have mastered these tools, it is time to start searching for your niche market. It must have a high demand with little competition. This will allow entrepreneurs to increase their supply. The team must also be knowledgeable about the sector. Entrepreneurs will be able, based on their skills and abilities, to specialize in this niche to exploit its full potential.
Entrepreneurs have to create the life that they want. They are the ones who plan their lives. Any part of your life you don’t like can be changed. You can think of your career and life as clay being turned on a potter’s wheel. Then, visualize the end result mentally and start building the business.
Be attentive to your clients and show empathy. Everybody is so focused on their messages that they forget to listen and understand what the root cause is. Believe in listening for 80%, illuminating 10%, and then reacting fully and deliberately for the remaining 10%.