1. Target Audience: A niche is defined by a specific group of people with shared characteristics. This could be based on demographics (age, gender, location), interests, hobbies, lifestyles, or even specific problems they face.
2. Unique Needs and Preferences: The target audience of a niche has distinct needs and preferences that are not fully met by broader market offerings. This could be a preference for certain features, a desire for specialized solutions, or a specific price point.
3. Specific Products or Services: Niches are typically served by products or services specifically designed to meet the unique needs of the target audience. These offerings might be highly specialized, cater to a specific interest, or offer a particular solution to a problem.
4. Competitive Landscape: Every niche has its own competitive landscape, meaning other companies are also trying to serve the same audience. Understanding this landscape and your competitors' offerings is crucial for success.
Let me know if you'd like more detail on any of these points!