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