With a market saturated by entities like Wayfair and Amazon, online furniture shopping is no longer a niche. Which means that it’s time to reinvent your business - and identify a new niche market - for added sales and future success.
But, what is a niche if “home furnishings” isn’t? Simply defined, a niche is a small, well-defined subset of products targeted at a clearly outlined audience. So, while ‘home furnishings’ or ‘home décor’ may be a niche within the larger ‘retail,’ it’s imperative that you figure out and stake a claim on your business’ true niche within the ‘home furnishings’ category.
To get started, take out a piece of paper and list 10 passions – as quickly as you can. This will stop you from self-editing and allow your truest interests to emerge. If you’re having trouble creating your list, think about:
hobbies you love
things you find fascinating to research
ways you spend your free time
volunteer efforts that light up your spirit
clubs or professional organizations in which you’re active
any patterns that routinely emerge in your life
This might help you decide that you’re in love with the idea of building or selling storage furniture designed to support aging in place or that you’re passionate about modular children’s furniture that transforms into closet organizing systems when they get older. Whatever interests emerge, do a gut-check to make sure it ignites your creative/entrepreneurial spirit.
Once your ideas list is complete, brainstorm a list of problems you could solve for people who would buy the specialty products and services you want to offer. From the list of problems, you’ll create a list of questions to help you start conversations with potential clients and customers.
Remember, people come to your business wanting to know one thing . . . “What’s in it for me?”
Now that you have a list of passions, solutions and questions to dig out customer pain points, it’s time to do a little research. For this, you have two sets of inquiries:
SEO/Keywords associated with your niche
Competitors and their current marketing strategy
As you look at your competition, check out the way they’re using keywords on their website and in their social media posts. Figure out where they’re strong at selling their unique proposition and where they could use a little work. Evaluate their content, including photography, and figure out what you can improve on and do better for your business.
Then, let the rubber meet the road. Develop a landing page on your existing site to promote your niche product or service. This comes with the same set of criteria as your existing pages – a clear business statement, outstanding imagery and high-quality, accurate product data. What’s different is the language you use to craft your message.
With a niche product or service, you’re speaking directly to a small, target audience. Take the time to carefully tailor your language. Then, after a little bit of time passes, set up A/B testing and refine your message. This will let you compare Campaigns 1 and 2 – with an eye towards engagement and sales.
Remember, when you define a niche, you’re making the decision that you no longer want to be everything to everyone. You’re working smarter and will, likely, discover greater impact with your message.
Not only that, your passion will shine through your sales pitch and your workdays won’t be nearly as cumbersome because you’re doing what you love. And isn’t that what life is all about? Making a wonderful living in the passionate pursuit of our highest goals, dreams and ambitions?
Don’t put your passions on hold another day. Grab a notebook and get started on your list. After all, in today’s marketplace, you have to think small to grow big!