How Can Surveys Uncover Some Niche Market Ideas?
Discovering new market niches can be very challenging, especially without quality market research. It is never a good idea to enter a new niche before doing research. Luckily, surveys can help provide market research that is coming directly from customers. If you ask your customers the right questions, analyzing their results can help you discover new niche market ideas rather easily. Popular survey companies like Swagbucks and Ipsos already do this well, and they have a track record to prove it.
You should have a potential list of new niches that you are interested in getting into, and you should keep those new niches in mind when you are constructing survey questions. The questions that you ask should help you understand customer needs and wants, which will then allow you to understand which niche makes the most sense for you to enter.
Once you administer your surveys and gather your research, you may still be struggling with the decision of entering a new niche or not entering a new niche. If that is the case, it is okay. Ask yourself some of the following questions…
- Do the people in the [specific niche] have a problem that they desperately need a solution for?
- Do the people in the [specific niche] have a burning passion that they will spend money on?
- Is this a niche that you genuinely feel comfortable entering?
- Is there enough demand based on keyword difficulty and search volume?
To use survey feedback from customers, the first step you must take is putting yourself in the shoes of the customer. You need to be focused on understanding who you hear from. Once you do that, you can process their responses more efficiently, and understand exactly what they are seeking.
The point of a survey is to gain information from customers that you can use to improve your product. A customer could offer some tweaks to the product that could be the difference between it stagnating and taking off, for example. You won’t always have the answer to everything, and it is always a good idea to approach your products and your brand with an open mind. Always be open to new opportunities.
This is why customers are so important. It is all about customer demand. If you are serious about your brand and want to make some serious money, you have to hear what customers have to say and give them what they want.
Customers will also tell you what they do not like about your product. If you can take customer complaints and find a solution for them, you will be in good shape.
Let’s say a customer presented a few suggestions for your product that could potentially expand the possibilities of your brand. They may just offer an idea that will allow entering a new niche. In this case, you should analyze and evaluate those suggestions using the following guidelines…
- A new niche should fit into your long-term visions for your brand and your company as a whole.
- Before moving into a new niche, you must be sure that there is customer demand. You need people to want your product!
- You need to carefully plan what you want for this niche and where you want to go with it. Take all things into account and make intelligent decisions.
- You need to approach a new niche with the right mindset. You should be setting yourself apart from your competitors. Ensure that you provide a “one of a kind” product or service.
- You need to ensure your new niche ideas will put your brand in a position to evolve and constantly be making improvements. Consistently making improvements to your products will help to increase demand. The more demand you have, the more money you will be making.
If you follow these guidelines, you will be setting yourself up for success. You can test your new niche by offering free samples of your product such as a useful tool or a free mini-seminar. Give your potential customers a peek into what you have to offer. If you have a good response from your customers, it is a sign that there is an opportunity in this niche.
The more you understand what customers want, the better off you will be.