Smart selections and choices available when selecting a niche for a product or service
One of the benefits of defining a niche early in business is that; it gives you the opportunity to make advertisements that is always on point. We will identify the options you have, while determining who to target for business.
Defining a niche also allows you to also make more accurate forecasts about your business goals. Consider the following options in defining a niche:
Locale: has to do with a defined language and area (location).
Targeting your products and services to a particular locale takes advantage of familiarity you have with the culture to design a product tailored to be socially appealing.
Income Range: targeting one's product to fit some income range's budget is one of the most important niche choices.
For example: High earners usually think they deserve luxury and uniqueness. They will likely not buy from you simply because you have the lowest price.
In the same vein, targeting some other income range can require you offering the lowest price possible. In most cases, you cannot target the same product for every income range.
Gender: For some products e.g. personal items; defining a target gender is a smart choice.
For instance, making a beauty product for a specific gender allows you to address gender specific issues e.g. stretch marks.
Age range: Some products won't do well amidst teenagers while some won't do well with adults.
Age definition allows you to play with maturity of the adults, energy of youths and playfulness of a adolescents.
Educational background: some products are more suitable for people of a certain educational background.
Selecting an educational background for product design allows you to set the intellectual and literacy standard for its use.
Profession: Can you imagine trying to sell pampers (diaper) to a Rev. Father?
Think of products specific to bankers, teachers, lawyers etc. Because you know where they are; marketing is easy.
Niche definition is "best practice" in product delivery. However, keep in mind that people outside the niche will also express interest in your product.
Not all products is like portable water that everyone "needs". So it's safe to say we are defining a niche for promotional and visionary purposes.
