Branding

How to Discover Your Niche and Define Your Market

June 12, 2020

Unless you already have a specific niche in mind, it’s time to focus on the kind of products you’ll carry. You may love all fashion, but there’s no such thing as an all fashion store.

Are we talking the latest in designer women’s wear? Ready wear? Sporty casual? Athletic or yoga apparel? Maybe special occasion or custom tailored suits? Do you only want to carry handmade items or the most exclusive selection? Or do you want to have a little fun and keep everything in your shop under $49, like we do at She Swank Too?

I made so many mistakes, in the beginning, thinking I had to be super “nichey” and find a business idea that no one else knows about or is already competing for business. Big mistake.

There are no unknown or new niches. They are just new to you. Someone else always knows about them first.

The best niches to seek are evergreen niches that have:

– A proven track record

– High demand

– Identifiable customers online

– Endless products to sell

– Active websites, social media groups, and forums

– Competition

3 easy steps to discover your niche

Now grab a notepad and brainstorm how to find your niche market using these three easy steps.

1. Identify Your Interests and Pain Points. Make a list of all of your hobbies and interests. Pick something that you are knowledgeable and interested in and not something that is mostly a fad. Now write a list of any problems or challenging you are facing in life, health, financial, career, love, family, etc. Now you should have a list of potential niche ideas. Any good ideas popping out at you?

2. Interview YOU. Start by taking notes of everything you do in one day. This could be the conversations you have with others, even small children. Things you hear on the news. Any favorite TV shows? What you read in the newspaper or magazine. The things you see and the products you use. The activities you do such as exercising or crocheting. The places you visit and shop. Think about all of these things one by one and ask yourself these questions:

– Who’s interested other than you?

– Do people spend money on these activities? If so, how much?

– Can you solve these problems for others?

– Do these things make people happy or sad?

If you answered yes to any of these questions, then you have identified more potential niche ideas.

3. Research Trends and Markets Online. Let’s start with Amazon, the world’s largest online retailer that sells just about everything. The retailer’s website is also a hotbed to find product niches.

Visit amazon.com and follow this step-by-step process to finding a trending niche:

– Click on the ‘All’ tab at the left of the main search bar it will show a list of categories or ‘niches.’
– Select a category, that interests you or at random.
– Then leave the search box blank and hit ‘Go.’

– A new page will display, and on the left-hand side a whole list of sub-categories or ‘sub-niches’ will pop up.

– Keep clicking to drill further down into a more specific sub-niche.

Narrow it down

What’s great about this method is you get to see actual products that are selling and read what people in the niche think of the products. Other great niche finding tools are Stumbleupon, Yahoo, Google News and Twitter. Don’t sleep on Twitter. People and products trend 24/7.

A boutique’s niche doesn’t have to be defined by a specific product. Your niche can be based on the overall experience or theme, like swimming or dancing, or a store where everything is sold in one color. Think about what niche you want to satisfy, who will buy your items, and what customer experience you will offer that the competition does not.

I choose children’s wear because of the strong market. Children’s wear market is one of the most lucrative segments in the global apparel industry. With an estimated value of 173.6 billion dollars by 2017, the kids wear market was not affected by the recession and the meltdown of the global economy.

Children grow so quickly and require new clothes often. My two toddlers need new clothes every month it seems. Retailers have found that even during an economic slowdown, parents will not skimp on their children. They will still spend money on new children’s clothing before they buy anything for themselves.

Niche ideas

If you’re venturing into children’s wear, consider:

– Infant/baby items
– Bedding and accessories
– Shoes
– Swimwear
– Used/Consignment items

Women’s wear:

– Accessories
– Beach/swimwear/resort
– Business/career attire
– Formals/eveningwear
– Hosiery/Under garments

Men’s wear:

– Urban wear
– Casual wear/jeans/khakis
– Outerwear
– Sneakers
– Special size: tall, big, short

Do You Really know Your Customers?

June 9, 2020

Take a minute and try to think of one thing that you know absolutely everybody likes. What came to mind?

It’s hard to think of something that’s universally loved by all, right? We all like what we like and need different things at different times. Our buying choices are motivated by our personal thoughts and preferences. Keyword, “personal.”

Your business works the same way. It’s not a “one size fits all” solution, and there’s no such thing as wanting to target market of “all customers.” There are certain customers who will adore your product and share it with all of their friends. Others, not so much. They simply don’t see the value in what you’re selling. And that’s okay. Not everyone is your customer. It’s for this very reason that it’s so important to identify your ideal customer.

Identify your ideal customer

Knowing who your ideal customer is changes everything – your product offering, how you market, pricing, branding, potential partnerships, and more.

Defining your ideal customer can feel like you are excluding other customers who might buy from you. However, focusing on the right people brings clarity to your marketing efforts which ultimately leads to a more profitable business.

Ramit Sethi said it best: “Algorithms change. Tactics change. But the fundamentals of learning what people want, seeing exactly where you can help them, and then telling the right people about it (emphasis mine) are classic strategies that worked 1,000 years ago and will work 1,000 years from now.”

9 questions you need to ask

Let’s get to know the right people who will benefit from and pay for your products. Here are nine must answer questions to ask in the process of defining your ideal customer.

1. Where do they hang out? Think of physical and digital spaces. The more specific, the better. “Active on Facebook” is too broad. “Active in an InstaPot Lovers Facebook group” is more precise and actionable.

2. Where do they get their information? Google? Industry specific blogs? Books? Magazines? Twitter? In an ideal world with unlimited resources, your business would be active on every single platform. But since you’re not Target or Wal-Mart, you have to be strategic and budget conscious about where to target your ideal customers.

3. What are their challenges and frustrations? Empathy is your golden ticket. Remember it’s about meeting your customers where they are in that moment. By knowing what it’s like to walk in your customer’s shoes, you’ll be able to create great products that address their specific pain points and solve problems.

4. What are their goals and priorities right now? Knowing this helps you paint a picture of what life could be like after using your products and services. When you achieve product/market fit, it becomes much easier to write relevant content for your blog, website, and other touchpoints in the customer journey.

5. What brands do they like? Make a list of the brands your ideal customer likes, both in general and within your space. Is your ideal customer more TJ Maxx or Ross? Target or Walmart? Knowing this can give you inspiration on how to better connect with your audience.

6. What is their preferred form of communication? Do they tweet? Text? Chat? Email? Or prefer physical mail? Where does your audience want you to communicate with them? For example, some brands use Snapchat to communicate with teenagers. Why? Because teenagers aren’t burning their online time checking Facebook anymore. The core principle is to communicate with your customers in their preferred environment.

7. What catch phrases or slang do they use? Robert Collier said it best: “Always enter the conversation already taking place in the customer’s mind.”

Your job is to listen and take notes and later use their language to generate website copy and blog posts.

People are naturally drawn to other’s who speak their language, laugh at their jokes, or have the same beliefs. It provides a feeling of inclusion that creates customer loyalty.

8. What is their budget? Pricing can be tricky. Price too low and you’re instantly known as the “cheap store”. Price too high and no one will buy.

9. What makes them happy? Don’t treat customers like a simple transaction. The customer journey is more than swiping a credit card. People want to interact with brands that make them feel good about themselves and excited about their purchase.

I like to include freebies in most orders. Nothing big but enough to put a smile on their face. I’m also a sucker for handwritten notes and free shipping deals.

Inserting happiness into specific customer touchpoints can create a deeper level of emotional connection that grows loyal and raving fans for the long-term.