4 Things To Consider Before Entering New Market Niche

1. Know Your Target Audience 

If you don’t know about your customer, don’t even bother about knowing anything else. In order to succeed in online world, you need to know your customers upside down. It’s fundamental thing for any business to know their customers before they begin their marketing and promoting efforts. Brainstorm to figure out current pain-points of your target customers and how your product or solution can solve those pain points.

Now, the first thing that comes in mind is to go for wide range of industry. People think this helps them in covering majority of customers. While it’s true there’s potential market, it’s also true the competition would be high. It just becomes put your product on table among thousands of people and expect 10 of them to pay for it. Instead of doing this, try to find out people with specific problem and enter into market with a providing better solution for it.

2. Assess the Niche Competition

It doesn’t matter what your niche is going to be, it’s always great idea to stalk your potential competitors. You obviously aren’t interested into market with global leaders occupying the first few pages of Google.

Ask yourself these questions, do people even need my product? Aren’t there already big companies with similar product and low prices? How would I be able to cop-up with those competitors? What can I do something differently than my competitors? Once you are done getting proper answers for all these questions, try to find keywords in your niche which have high volume of search and low competition. Advertise on those keywords as you have struck gold.

3. Start-up Cost or Business Expenses

The equipment is going to be major contributor to your business expenses. If you want to reduce cost, you may even consider purchasing used equipment from listing sites. The other major cost would be rent. You will have to do significant research on low-profile rent areas and may considering renting building in somewhat rural areas, further from downtown.

If you are going to accept online payments, you will have to pay fees for any payment gateway you would be using. Now, your payment gateway should offer balance of both the worlds, high security and low cost. Find out more details here.

4. How Can You be Innovative in this Niche?

You know the fact that more innovation drives more customers and more customers drive more profit. There are different strategies you can implement in order to be innovative and standout among competitors. For example, offering free add-ons and support through multiple channels.

Entering into new market niche isn’t a rocket science. There are certain set of rules as discussed above, which if followed correctly, sets you up for the success. While entering in new market, your number one goal should be reduce the initial setup cost. Especially for payment gateways as you’d be giving away your revenue for same service provided by multiple channels. You might need to check out this article if you want to start online business in Malaysia .