Finding the niche market that is right for you!…Part 1

Finding the niche market that is right for you!…Part 1

SUCCESS - Questionable!

Get that right and you are on your way to success but it can be questionable!

We need to focus on a group of people that is targeted within the larger market area. What is the definition of a niche market:-

  • a component that gives your business power
  • allows you to define who you are marketing to
  • when you know it’s easy to determine where your marketing energy and dollars should be spent
  • the majority of successful online selling businesses operate within niche markets
  • in other words, the electronics market, or the health market, or the pets market
  • from there you can go even more niche and sell within the electronics niche and specifically in the MP3 market, or the health niche, specifically in the men’s health market, or the pets niche and specifically in the rabbits market
  • could be described as ‘potential customers who are searching the Internet for a solution to their problem’
  • the danger is that you will identify what you think is a niche market but in fact it is part of the huge general market in which there is far too much competition for you to be successful in
  • obviously if you put ‘Natural Healthcare Products’ into a search engine you get millions of results (over 24 million in fact). ‘Natural knee pain relief ’ narrows it down to around 2 million but to find your niche market you have to drill down even more.

The first question in developing an internet marketing strategy is “Who is your target audience?”

If you’ve carefully carried out your research and been listening to what people want — the questions they are asking and the problem they are coming up against you may already have found your niche market!

  • people who are (action) + (your area of interest)
  • for example – my niche market may be people who are (trying to find) (1974 Chevy Camaro)
  • it is about identifying a specific and focused group of people who are looking for something on the Internet that they can’t find very easily. If you can describe your niche market like this you’re on your way to finding a successful product. Focusing on a small niche market gives you lots of advantages:

a) there’s a lot less competition
b) it’s much cheaper to advertise to a small market
c) small markets are much easier to dominate so you will become the main source for your product or service online
d) niche markets are often small groups of people who may be able to spread your reputation by word of mouth; always the best way to grow your business
e) you could more easily gain customer loyalty, giving you more opportunities to offer follow-ups and related product sales

Niche Market Research: Finding Internet Marketing Niches

Remember that people go online to find information and solutions for problems — not necessarily to buy a product or service. If you think like a potential customer you could offer a solution to their problem.

In Part 2 we will be looking at issues such as:-

  • How many people share this problem?
  • Is your research accurate?
  • Who are your potential customers?
  • What motivates them to buy?
  • Check the competition

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8 Responses to Finding the niche market that is right for you!…Part 1

  1. Susan Cooper says:

    This is very well done John. I love the what you have to say and the questions we need to ask ourselves regarding our online purpose. It does make you think. Thank you. :-)
    Susan Cooper recently posted…Chocolate Dipped Spoons: RecipeMy Profile

    • John says:

      Hi Susan Praise indeed and so many thanks – it is amazing that a few kind words go a long way. As you know I really enjoy your blogs. Cheers John

  2. Hi John,
    This is helpful information for anyone who is new to marketing online. It’s such a huge, global marketplace online that narrowing your target market to a niche you are competent and passionate about is one of the biggest secrets to success! You’ve really nailed it :)
    Thank you!
    Susan McKenzie recently posted…Cowgirl Up!My Profile

    • John says:

      Hi Susan Wow! I am so glad that you find it useful – that is what we are all about. I hope my series of blogs on finding the right niche will continue to be of value to you. Cheers John

  3. Eric Hannah says:

    Great article, John! I think sometimes I try to hit too wide of an audience, and this helped remind me to find a niche. Also, thanks for including the video. I have never used eBay Pulse before, so that really helped in finding lots of new areas to market. Well done!
    Eric Hannah recently posted…Begin to Prioritize Your Online Marketing BusinessMy Profile

    • John says:

      Hi Eric That was my pleasure and I am always pleased when someone says that my blog was helpful. That’s what it is all about. Cheers John

  4. Kerris says:

    HI John
    Lots of people struggle to find their niche. Some people’s niches are too wide and they end up not really knowing what they are marketing. Others drill their niche down too much and are then are marketing to too few people.
    Enjoyed your post
    Kerris

    • John says:

      Hi Kerris Many thanks – It strikes me that spending serious time on your particular niche is most important – get that right and then you know that things will work out a lot better. John

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