Sometimes you need a change of pace. That’s especially true in e-commerce, where market trends or consumer preferences can change in a heartbeat.
Whether your online business has been underperforming or you’re eager to capture a new audience, you might be considering a new niche. Is it worth making the change? How can you do it?
Read on to learn how to successfully pivot your e-commerce business.
Align Your Niche with Consumer Interest
Perhaps you found that your original niche wasn’t as lucrative as you imagine. Or you see greater potential in another niche.
No matter the situation, make sure your new niche is fully in line with your target customers. It’s time to do some market research:
- What options do they have, and what dissatisfies them about those?
- What would make a product most compelling, compared to others?
- What would motivate them to buy the product even if they didn’t have a clear need?
- How do they evaluate and choose products in your industry?
If you’re going to change your niche, make sure you know precisely how to position your offering!
Re-Brand Your Store
A new niche requires a new, refined brand. Even if you’re staying in the same industry, you’ll want to shift your brand presence to best suit your niche. Remember, your brand is your reputation. You can say your products meet your customers’ needs, but a strong brand helps you prove it!
If it makes sense to keep your name, consider changing your messaging, color scheme, or logo to reflect your new niche. For example, if you’ve moved from general pet supplies to pets’ nutritional supplements, your brand identity could include health-related imagery and colors.
Implement the new brand across all your channels, including your store and social media. Ideally, you make the changes all at once.
If you do need to change the name, be sure to secure a new domain and social media usernames. Set up a redirect so visitors can seamlessly access your new site.
In either case, give existing customers and followers a heads-up! Let them know that you’re shifting your offering and encourage them to stay in touch if your new niche suits them.
Adjust Your Marketing Strategy
A new niche means a new target audience … which means you may need to connect with them on new channels. As part of your market research, determine where your ideal customers spend time.
Even if you’re staying in the same industry, your new prospects may be on different channels. For example, if you’ve decided to shift from makeup to beauty tech, your products might appeal to a younger audience who’s on TikTok rather than Facebook.
Evaluate where you should spend time, then adjust your strategy accordingly. It’s okay to let go of previous channels. Simply update your bio or make a final post to direct followers and potential new customers to your new accounts!
Build a New Buying Journey
Now that your niche, target audience, and marketing channels have all changed, you’ll likely need to tweak your funnels. If you were capturing leads via Facebook but you’re now targeting TikTok, adjust your CRM accordingly.
Your drip sequences, special offers, and other flows probably need editing as well. Be sure that everything follows from your revised brand offer. And make sure your email marketing provider, analytics software, etc. are all set up to track leads from any new channels!
Starting your e-commerce business over in a new niche can be nerve-wracking. However, it’s definitely possible, and it can be a great opportunity to improve your profitability! Just as when you launched your business, the key is to do your homework. Thorough research prepares you for the transition and ensures you’re ready to captive your ideal customers — whoever or wherever they are.