The difference between success and failure begins by choosing the appropriate niche market for your business.

There are many decisions which have to be taken in business, this is vital. It’s like choosing where to build your house.

Few decisions have such a direct impact in the whole life of your business. The same happens when you want to develop new products.

Choosing the niche is the same as choosing the profile of the customer you want to deal with for your product or your service. We’ll give you some guidelines to help you make this decision that will make life of your company.

There are two phases you should follow to end up with the right niche for your next sales funnel:

1. The Idea Phase

This comprises of the following main points:

* Basic Brainstorming for Products and Services

While we’re going to look at a few ways to narrow our ideas down, right now, there’s a better place to start.

By brainstorming first, we’re ensuring that we have plenty of options.

In the world of funnel building, we love to have as many options as possible.

And having those options means that we can try the very best ideas and even a few at a time.

* Consider Under-Served Audiences

At the same time, we can also approach getting niche ideas from another angle.

Beyond just thinking about what products or services the market might need more of, we can also look at demographics.

Is there a new subculture simply waiting for a slew of new products to be marketed to them?

* Analyzing Periphery Opportunities

This is the step that often generates some of the most prime insights.

Say a new, amazingly popular gaming app was launched recently.

Or what about a well-established industry that’s going through a new revival?

The periphery niches around these companies often experience rapid growth.

* Break Out Your Super Search Skills

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For another fertile area for niche ideas, look no further than the Googles and Bings of the world.

Armed with sites like Google’s Keyword Tool, you can punch in almost anything and determine if it has niche potential.

By searching for keywords that have low competition, but higher searches, you’re practically guaranteed the perfect place to launch a funnel.

2. The Planning and Refining Stage

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At this stage we are ready to choose the actual niche. To do that, take this in mind:

* Reassess Your List of Ideas

So, by now, you’ve probably put together a pretty good list of possible niches.

At this point in our decision, we want to review all those ideas and start pruning.

Although our next steps will help us cut down our list, even more, this step is more about recognizing the obvious dead weight.

* Checking the Likely Scope of the Niche

For each one of your ideas that’s left standing, you’re going to put it through a battery of tests.

Our first one is assessing the scope. When it comes to niches, even very small, very unexpected niches can be truly profitable for the right person.

* Create a Competitor List

Next on our list for choosing your next niche is your competitors.

On the one hand, you might have chosen a niche or two that have few, if any, competitors.

Congratulations, you’ve got the whole industry to yourself! But for many, many choices, there’s going to be some established players.

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