If you have just started a small business, or find you are at a stand-still with a long-standing business, you will likely be analysing ways you can help your business to stand out. It can, however, be difficult to differentiate your business from competitors if you have not yet found your business niche. Finding your niche helps to give your business an identity and appeal to a specific sector of a market, helping you to refine your marketing strategies.

How to find your business niche

1. Think about your passions

During day-to-day business operations, it can become difficult to lose sight of your business passions and interests. Take a step back from your daily duties and think about what drives your business. This may be an area of developing technology you are interested in or the act of helping people, once you have determined what your main passion is, ensure this is at the centre of the business niche you develop.

2. Solve a problem

Consider current problems your customers or target clientele face and tailor your business niche to solve the problem. You may wish to conduct market research to gain more insight into your target market. Focus groups can provide in-depth analysis into problems your customers are currently facing and help to identify service or product gaps in the market.

3. Test your niche

After completing the above two steps, you should have a developing idea of what your business niche can be. Before you commit to a business niche, which may involve altering your branding and marketing materials, test your business niche by researching potential new competitors. Look for the keywords that currently rank that relate to your niche. If the content is poor and there isn’t a lot of paid advertising in use, it will be easy for you to dominate and rank highly for keywords associated with your niche. For business-focussed accountancy services that can save you time and money, get in touch with Highwoods & Associates today.

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