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Niche ANiche BNiche CNiche D
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The 6 criteria points below are TOP priority and you need to feel confident about all 4 of them, otherwise do NOT bother going into the niche it's going to be harder.
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Market Quality & Total Addressable Market - Is this a growing market. Is it big enough for me to achieve my business goals.15
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Purchasing Power - Is the market (or a segment of it) able to afford my services15
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Life time value - What happens after the first sale? How much could an average customer be worth to my business? Is there any recurring or repeat purchase element, and if not, can I create one in my pricing?15
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Strong Need/Pain - Does this market have an IMPORTANT problem we can solve? Something that people would care a lot about and pay a lot to solve.25
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Desire to solve the need/pain32
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Easy To Reach - Would we be able to target them online easily?35
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Easy To Sell - Would this be an easier sell or are there forces that would case this to be an uphill battle53
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TOTAL SCORE163000
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The remaining criteria points below are NICE TO HAVE, they are additional factors to help you assess a market, BUT they are not required or necessary. You can live without some of these
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ROI + Value Added: Where can you help and serve the most? What best aligns with your strengths and features/benefits of your offer. Quantify the impact of your solution, is there a big ROI? Do they avoid painful/expensive problems if they use your service
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Familiarity - do we understand this industry and the people inside, or not yet?
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Connections and existing relationships - do we have any strong network here?
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Blue ocean - Are there many others selling a similar solution to the same people? If yes, put a low rating on the 1-5 scale. If this is a new concept, new niche, or generally a market segment with low competition, put 5!
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External What's happening in the world? What's trending? Are there external market conditions that make it easier for me to win in this space? Is there a surge of demand right now or soon? If so, put a higher on the 1-5 rating scale. If external conditions are against you, put a lower rating. Think about what's happening in the world - your industry, the media, the economy, the government, news, social trends, customer insights etc.
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Passion: Do you find this personally interesting, enjoyable, fulfilling or fun?
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USP Unique Selling Proposition - Think about what makes you unique. Does this market care about that? Is that relevant to solving your pain? If yes, put a high rating.
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Delivery - Is this easier to serve and delivery my product to? Is it fairly simple to fulfill and support customers?
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Delivery - Is this more profitable to serve than other niches?
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TOTAL SCORE0000
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