Success: Target a Good Market Niche with a Proper Product

There is a single most important component that has the most significant influence on the success or failure of any business. It is the initial business idea. It consists of your product, your target market niche, and your unique selling proposition (USP). If you have a good business idea, and apply the proper techniques to develop your business, then your success is almost guaranteed. We'll teach you how to find good business ideas - that is the mission of our Niche Marketing Research Center.

What makes a good business idea?

Let's look closer at the three parts of what we call a business idea. The "product" term is self-explanatory, "target market niche" is also widely used, "USP" is somewhat less known, but we want to make some comments on each of those terms, regardless of their popularity.

Your product is, pretty obviously, what you are trying to sell. It can be a tangible item, like a book or a brick of soap. It can be an electronic item, like an e-book, or downloadable software. At last, it can be an online community membership, your professional service, or anything else you are going to charge your customers for. We call all those things "a product". The most important attribute of a product is its value. Your product must be valuable for your customers, solve their problems, fulfill their wishes, and generally make them happy.

Your target market niche is your audience, your potential customers. Your target niche should have a reasonable size - large enough to make a good profit, small enough to fit the resources of a small business and avoid competing the large corporations. And your target audience should be easy to reach online through the specialized web sites, online forums, mailing lists, etc.

Your unique selling proposition (USP) is what connects your product with the target audience. It is the heart of your business idea. It can be defined as your marketing strategy, or your business mission. It is the concept that makes your product something more than one of the items on the shelf for sale. It must make your product stand out of the crowd and persuade your prospects that your product is the only perfect solution to their problems.

If all three parts of your business idea meet the above criteria, your chances to succeed are quite good. But how can you find such an idea? Read on, and you'll learn several ways to do it.

Continued in Part 2: Find a Niche that Matches Your Knowledge and Skills