Social Media is a great tool for business these days. It not only helps you connect with your customers or build a brand but also helps to know your audience better and find the perfect customer segment for your business. For excellence and constant growth you need to find a niche for your business and social media can act as a life changing tool to assist you in this process. 

When starting a travel business you need to be clear about your niche because requirements and target audience of a cruise trip might be very different from the one for an adventure trip. Dig deeper to find right answers. For example if you want to target a young population within 20-30 years look for influencers in that space or search for hashtags like adventure, road trips, treks and camping. In this way you can understand what you should choose with regards to the audience you want to reach out to. Here are some crucial factors to consider while conducting this study :

1. Understand your audience

Finding your niche becomes easier if you understand your audience better. It is important to know as it helps in searching for the right hashtags and coming to the right conclusions. Understanding your audience also helps you to access the buying patterns and hence estimate your market in financial terms and decide pricing for your product or services.

2. Choose the right medium

This is the second most important factor after understanding your audience since if you choose the wrong medium the results won’t be accurate and you end up choosing the wrong option. For example if you want to build your brand for youngsters the right medium for finding your niche would be facebook or instagram but if you choose linkedin as a medium the results will be conflicting.

3. Target neglected markets with potential

Many businesses in the market are successful today because of this reason. While finding their niche they pay extra attention towards neglected markets and when they find one with potential they know they hit the jackpot. This is where you can get first mover advantage and reap excellent results.

4. Review goals and objectives

Keep in mind all the insights you get while finding your niche and based on these insights keep on reviewing your goals and objectives regularly from time to time to make sure you are proceeding in the right direction. Sometimes you can find the right niche but later discover the goals and objectives you set for those were conflicting and hence you need to change the plan. It is a dynamic process so this needs to be taken into consideration.