How do you find a niche for your vegan business ? One that could be the difference between immense profits and moderate success? One that you can not only specialize in but also rule?
If you find a niche, it will help you frame powerful positioning for your brand, bring clarity to your marketing communication and identify the right TG.
There are various ways to find the right niche for your business. I have explored many frameworks over the years such as Simon Sinek’s Golden Circle, Ikigai, etc.
They were helpful. There was overlap within these multiple frameworks. But the tips shared ahead are the ones that I found easier to follow. They have given me concrete results consistently.
Once you read them, I am sure even you will agree they are worth trying out. So, let’s dive in, pronto.
Actionable tips to find a profitable niche for your vegan/ plant-based business
1. First of all, as per Josh Spector’s 100x Method, only work on projects or products you can commit to doing a 100 times. If you are still exploring and evaluating potential products, let this be the first filter. This method is inward looking but necessary.
2. Alex Hormozi’s 4 parameters to find a promising niche:
Now, I came across these parameters in his massively popular book $100mn Offers that in turn, was recommended in two other books that I have read and scores of webinars and ‘top books’ lists.
Side tip: Read. The. Book.
You could watch his explanation of these parameters in The Key To Finding A Profitable Market video.
Or you can read the short summary below:
1. Massive pain point- The product you have launched should be solving a massive pain point for a specific niche. As Alex Hormozi explains in the book, if you were selling hot dogs outside a discotheque at 2am when a horde of starving crowd exits, you will sell out! Even if your hot dogs do not taste that good. So for massive success, look for a ‘starving crowd’.
2. Growing market- The market should NOT be dying (e.g. newspapers). So long as it is normal or growing, you can safely consider it.
3. Ease of targeting- You should be able to find the TG at one place so that you can easily find them and communicate with them. E.g. many vegan food businesses can be found instantly via PBFIA (Plant Based Foods Industry Association).
4. Affordability- The TG within that niche should be able to afford your product at the price that makes sense for you. E.g. though a niche of resume-making service solves a massive pain point, has a growing market and allows you to target unemployed people in one place, the TG of the unemployed might not be able to afford those services. What’s the use of choosing such a niche?
Simple, common sensical tips, aren’t they? Why don’t you give them a try and let me know how that goes.
Question to think about: 💡
Do you really need to find a niche to succeed? Don’t generalists have more scope to pivot and adapt compared to specialists?
I am just an email away, should you want to talk. You know that, right?