When you’ve your online shop’s mission, you should focus on finding the right niche for your business. If you find your niche, you’ll be able to optimize your products, sales, and marketing to target the needs and wishes of that specific group. In this post, we’ll help you find your shop’s niche by discussing the two most important pillars: your customer and your product.
Finding Your Online Shop Niche
You shouldn’t overthink the research process, but you need to be strategic in your choice. If you don’t strike a healthy balance, you’ll either rush into an unprofitable business that will eat away at your precious resources, or you’ll take too long to get into a business that could have started making you money a long time ago. Worse, a competitor may beat you to the punch.
B2C x B2B: To Find Your Online Shop Niche
Are you (mainly) selling to end-users or other businesses? Now you might have expected this question under ‘Who is your customer?”, but I beg to differ. When you start your business, you unconsciously think about selling B2C (business to consumer) or B2B (business to business). I think that in most cases the decision for B2C or B2B isn’t made in a business plan. Your business probably grew in a certain direction because of other choices you’ve made, such as: What is my main product? What other products related to that? Do all these products fit a certain product group/assortment? Finally, does it pay off to invest in the option to sell more related products?
If you do nothing else, make sure to gauge customer interest. You will never build a profitable business without getting into a product niche that takes into account buyer intent.
You could set up shop and wait for the customers to come pouring in, but that may never happen if your online store is lined with products nobody wants or will buy. So, instead, educate yourself: Use your favorite keyword tool — such as Google Keyword Planner — to find keywords with good search volume. If there isn’t enough search volume, you won’t be able to make any money in that niche. Conversely, if there’s too much search volume, you’ll obviously have an opportunity to make money, but standing out against the competition may prove a challenge. More on that in a moment.