When audiences show mixed reactions to products (such as likes without buying intent), what can you do to avoid creating products that people won’t buy? Let’s take a look at five steps you can follow before taking a plunge with niche products.
The best part?
Everything here applies when you’re starting a business and deciding what product you should be making.
Let’s get started;
Step 1: Refine your niche product ideas according to relevance.
You can tap into people’s minds without asking direct questions. Understand their pain points and preferences to create products that meet their needs/demands.
Research your niche ideas with a “Who does that?” approach.
You’ve probably asked this question numerous times before; when you hear a mention of something that leaves you curious. Curiosity compels you to ask the right questions, focusing on relevance (the statistics, unfolding events and the circumstances leading to the outcome).
That’s what you intend to unveil when researching your niche product ideas. Of course, the research approach works better if your thoughts are on things you are passionate about; otherwise, you may not enjoy exploring your niche. The following questions can help you understand your niche audience better.
- What problem(s) will you solve with your product idea? Do problems exist, or are they your imagination? Seek validation.
- Is it only you who sees such problems, or do others also do? Identify the methods you can use to find out.
- If others see such problems even, who is affected and how? Think of people likely to buy your solution and the places they would hang out online
- If the affected exist, how are they coping with those problems? – Search for alternative solutions to the issues you are trying to solve.
- Are the coping methods they use good enough to keep them silent? – Think of the sources or platforms your target audience will use to report their problems.
The most important part is to know the research techniques that work. This is something you can learn through practice, observation, or training. So—master the automated or online manual research techniques.
Refine your niche product ideas to find relevant niche markets using keywords
This approach helps find the search queries your audience submit online when using the search engines to find solutions to their problems. Sometimes people don’t answer truthfully to the direct market research questions. But the search engine, Google, for example, captures what they actually search for online. Therefore, giving you a leeway to find niche markets using keywords.
Of course, not everyone uses search engines. So when dealing with a niche, you got to strip your niche ideas according to relevance using keywords; an advanced keyword research tool simplifies the task.
Step 2: Find the best SEO keywords.
The goal here is to find the most searched things online associated with your niche. Of course, you wouldn’t want to create a product that nobody is looking for, would you? So, your best is to find ideal keywords (from step 1 above) that have the highest or favourable average monthly search volumes. Preferably with less competition in terms of those providing solutions (suppliers). Go with what floats your boat.
Try it for free; enter a keyword of your choice below:
Analyze your search results using the details I provided in this review as a guide.
Based on your selected list of keywords, you can determine the type of product to create for your niche. You may be surprised how your initial product idea unfolds to something different but still relates to your niche.
Your initial idea could be to sell stylish clothes for plus size women as a retailer. But through keyword research, discover that it is the unique, elegant designs, temporal patterns, or even designing Apps that people search for online which are in short supply. That takes you to the next point;
Step 3: Choose a business model
Once you have found the best keywords for your niche in step 2 above, consider that your best SEO keywords represent your targeted audience’s needs. But how will you make money? With all that information you gathered above, it becomes easier to adapt or design a suitable business model for your niche product requirements, of course, based on the type of solutions appropriate for your audience.
You can transform the best SEO keywords into an information product, a physical product, or a service. For online entrepreneurs, examples of business models to adopt may include affiliate marketing, eCommerce, Software as a service (SaaS) and more; you need to dig deeper into various models to know which model is suitable for the type of solution you intend to provide.
Gather information relating to how the model works, understand the industry standards you need to comply with, and prepare a list of all the resources you need.
Step 4: Determine the feasibility of your business idea.
You have gathered all the information you need relating to your startup, so is your idea actionable? I mean, that could be a game-changer. But, unfortunately, this is the stage where most business ideas are parked in most cases, allowing the dreams of becoming an entrepreneur to remain unfulfilled.
With a bit of twist to the SWOT Analysis; an acronym for Strengths, Weaknesses, Opportunities, and Threats, determine if your business idea is actionable or not by going through the following checklist:
Know your strengths
These are the positive attributes you possess as an individual that can impact success in your business venture. You can identify them by answering the following questions:
- What advantages do you have against others in your niche
- What are the things you do better than anyone in your selected place or business venture
- What do others in your niche see as your strengths
Know your Weaknesses
- What should you improve to make your niche business idea actionable
- What should you avoid relating to your niche
- What could lose you sales
- What do others in your niche see as your weakness
- What exciting trends and developments are you aware of relating to your niche?
- What advantages might arise from changes in technology, government policies, social patterns, and economic changes?
- What options do your strengths open up for you to your niche?
Counter your threats
- What obstacles do you face in your chosen niche?
- What is your competition doing that you should be worried about?
- What could erode your capital injection?
- What risks do your weaknesses expose to your business idea?
Note: An in-depth SWOT analysis will help you determine if your business idea is actionable or not with your chosen model. That will help you decide whether to implement or park your concept.
Where possible, you can;
- Utilize your strengths and outsource your weaknesses
- Put strategies in place to counter your shortcomings and the risks associated with controllable threats before starting your business venture.
Creating a product doesn’t have to be complicated. You can transform the best SEO keyword into a brilliant product or a business with a suitable model. However, that requires a lot more than having a product idea and resources. It’s essential to research your niche and product ideas, understand the applicable business model, and match all against what you can achieve to excel in your startup project.