Any entrepreneur fantasizes about finding an untapped niche market. At this point, it is something that may seem like almost a utopia, but nothing further from reality. Every little while, we are surprised by the new businesses that appear, focused on those niches to exploit and with a great profitability. But to find them, entrepreneurs will need the best tools to identify the niches of markets to exploit, help that can be very useful when launching our business. Randall Castillo Ortega, a business development expert from Costa Rica, suggests some of the ways entrepreneurs can identify niche markets.
Without a doubt, Google Trends is one of the most complete and interesting tools when it comes to positioning a brand or product and find niches of market to exploit. Says Castillo, “Google Trends allows entrepreneurs to analyze the evolution of a niche market, how it has behaved in the past and anticipates how it will do in the future. The key is here, in that foresight for the future. It also allows individuals to find the most common search terms on Google, with their corresponding related words, which can lead them to an interesting niche market yet to be exploited.”
Although it really is one more part of Google Trends, it is worth talking about Google Correlate as an independent tool that will help us identify the best niches of the market on the network. How it works is very simple. Choose a country and introduce a keyword related to something that could be profitable. Explore the options and crosscheck the results to discover any competition. The result will be words related to many internet searches, so you should choose the ones that have many searches on the network.
Google Ads, the keyword planner, is another possibility. Simply enter a word and check the results. If these are not satisfactory, it offers alternatives that can be much more profitable in terms of searches, which will bring entrepreneurs even closer to the niche. Trends, Correlate, and Ads are complementary tools, where you can enter the same terms to compare results and confirm or rule out market niches.
There is life beyond the Google universe, and Betalist is one of the best examples of it. States Castillo, “Betalist is a collection of startups in beta phase, which allows us to analyze what kind of companies are being created. Thus, we discover the themes or sectors that are booming, so that it will be easier for us to develop a good market segmentation and approach those untapped niches. Another possibility it offers us is to discover which businesses are succeeding abroad, facilitating their import or the development of similar companies in our country.”
Facebook Ads can also help us search for market niches. The most significant difference with Google is that Facebook Ads will allow you to validate new niches, so you can go one step ahead. You can hardly detect a niche for something that doesn’t already exist on Google. Segmentation (geography, age, sex, language, family situation, studies, interests, devices, interests) is key to discovering the potential demand for our product or service in that niche we are looking for. Its great handicap is the “escape” of younger users.
Once familiar with these tools, you can go on the search for your niche market. To be efficient, it must be great, with increasing demand and small competition that allows us to improve our supply. In addition, our team must know the sector. From their competencies and capabilities, entrepreneurs will be able to specialize in one way or another to enter this niche and exploit the full business potential it has.