In Part 5(i) we will consider the following:-
Identifying a niche market – some examples and how to approach different options
Identifying a niche market and creating ideas for products or services that solves the markets’ problems are:-
- a challenging stage of development in your business… but also most rewarding
- any successful online business has to have a viable market
- customers’ demand for an effective product or service
- on finding this, you’re well on the road to establishing a profitable business
But the choices and decisions are endless – let us consider the retail market for instance
What an amazing place is the Internet where we can shop all hours from the comfort of our own home. This is why more and more people every year are purchasing on the Internet whereas they used to struggle with crowded shopping malls and carparking. It is so much better to buy personal goods and much less embarrassing on the Internet than from a shop – things like cream for hemorrhoids, itching, chafing, intestinal parasites, constipation and all sorts of other products we don’t need to elaborate on here…
Internet Shopping is so good for people who want to buy anonymously and indeed this could form the basis of repeat online products from loyal customers for years to come especially if you build up a confidential service for all manner of personal products, then you will establish a list of very loyal customers.
Other ways to get people to come back to your site regularly:-
- having a wealth of information available on all kinds of various problems
- making it jargon free and easy for people to understand whilst you are giving good and sufficient information about their problems
- making sure you always advise people to see specialists such as doctors if the problems do not go away or if it is more serious then they should seek professional advice
- making it clear to your customers that you are not able to provide specialist advice such as on medical matters
Specialist or Generalist?
A fundamental decision you have to make when you are setting up a business is whether it should be of a specialist or general nature. You could offer solutions for a diverse range of problems for all sorts of embarrassing problems such as balding heads, unwanted tattoos, athlete’s foot, nose hair — well I’m sure that you get the picture!
Or you could specialize in one or two specific areas like clothing for people who are much overweight. You could even drill down further into this niche and promote just swimwear or underwear or offer a clothing rental service for formal suits, party dresses or wedding dresses, etc.
Small niches can be very lucrative in terms of overall profit margins but..
- you could find that there is not enough business in them for you
- you could experiment with one or two products and then create more and more niche markets as you develop your business
- why not start with swimwear for larger people and expand out into other types of clothing, then slimming aids and other products and services for people who are overweight.
Finding your customers
- try to think laterally when you are putting together your collection of products and identifying your kind of customers
- try to think of all the challenges people might have when they can’t find solutions easily in high street shops
- for example, it’s difficult to get clothing for people who are very tall or very short, people with funny shaped feet and swimwear for people who are very much overweight
- perhaps you could find solutions to these sorts of problems and offer them via your website.
A great way to market these types of personal products is via social media marketing and via a series of articles on all sorts of embarrassing situations – a great subject to write a blog about as many customers will be looking primarily for information about solving their embarrassing problems, perhaps not even realizing that there is a solution for them that you can help them with; so you should ensure that you have lots of information available and then, as if by magic, you come up with a solution in the form of your product!
Keep it confidential
In this type of business people feel confident when they are ordering from you knowing that their little secrets will be kept confidential – therefore:-
- it is vital that you avoid embarrassing them with packages arriving in the post emblazoned with company logos or anything to suggest what might be in the package
- stick to plain packaging and don’t keep writing to people or bothering them with too many marketing emails
- make sure any communication you have with your customers is always permission-based
- about your company name — try to keep it fairly discreet if you can because people don’t want to get e-mails from a company called embarrassingproblems.com if they are using a shared computer — it could trigger an unsubscribe for no good reason.
I hope this is helping you with your thought process in finding your niche market – more information will be following.
Source of reference David Anderson for which many thanks.
In Part 5(ii) we will consider:-
Niche Marketing is the Key to Your Business Success
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