When you choose an audience for whom to create products and services, you’ve selected a targeted niche for yourself. Your target niche is a subset of a particular market and is an effective way to focus the benefits of a particular product or service to your audience.
For example, your target market might be women who are mothers of small children. You might create a variety of products and services for these mothers of small children. This can put you into a variety of different niches. For example, you could offer modular clothing to make it easier for the children to dress fashionably. You might sell tutoring services or products, or offer parenting tips on your blog focused on moms of small children.
Understanding the Difference between Your Niche and Your Audience
The items that you sell or promote form your niche; how you market your niche depends on who your audience is. If you have a niche prior to having an audience, you might end up with more than one audience. For instance; an insurance broker might have many different target audiences for which they create very specific commercials to target very different audiences, but their niche is still insurance sales.
Create New Complementary Products and/or Services for Your Audience
If you want to expand your niche, there are several ways in which you can accomplish that. You can simply create new complementary products for the same audience you’ve been promoting your initial products and/or services to, or you can offer items related to the niche.
For instance, if a service provider offers article writing services, the service provider might decide to also offer article posting, subject matter research, content strategy, and anything directly or indirectly related to the writing services. This is actually what I did, I went from offering website design services to now offering website design services, marketing, maintenance, security, content management, search engine optimisation and packaging them all up into the one product.
Create New Products and/or Services outside Your Niche for the Same Audience
If instead, you want to get involved in a brand new niche but to the same audience, you might decide to start a new but related niche for your current target audience. For instance, suppose you’re a virtual assistant who offers a lot of services such as posting blog articles that includes searching through and finding appropriate graphics for each blog post. You see that there is a shortage of the type of images your audience needs and you’re a good photographer, so you decide to start creating images of your own and selling those to your audience. This is related, but it’s really an entirely new niche.
Create Target Audience Personas
In both cases you need to identify your target audience in order to make marketing and advertising easier. With complementary products you can simply offer the new additions using your same website; with new products you’re going to have to create essentially a new business and new website (or store front) to get the most traction and make the most money on sales.
In either case, the more you can define your customer, the more likely you will be to make the additional niche products or services work for you and bring in more money. If you can create an audience persona that details the life of a typical customer, you’ll be even more successful.