More on Finding Your Niche
Saturday, June 30th, 2007What exactly is a Niche Market?
“From Wikipedia,
A niche market is a focused, targetable portion (subset) of a market sector.By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. A niche market may be thought of as a narrowly defined group of potential customers.”
So by definition alone, finding a profitable niche market is going to require some research.
Here’s some handy tips to get you started.
Capitalize on Areas Big Companies Don’t Bother With
Some ventures are profitable because of disinterest on the part of large businesses and/or lack of awareness on the part of other small companies. The key to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already
Consider Your Passion
When you are considering starting an online company, you want to make sure you find the right product. What do you want to sell. What is your passion. What subject or topic do you have a lot of knowledge about. Let me start by telling you that selling an information product online is easier than selling a service. But, selling a service online makes more money with monthly memberships. But passion and money are two different things even though a lot of people are passionate about money.
Be passionate about your product and let it show in everything you do. Once you find your passion, ask yourself; Will this serve my customers? You want to provide an excellent service to each and every person that spends their money with you. This cuts down on complaints, bad reputations, and, worse of all, chargebacks.
Use the Ready Made Research Areas First
Before you spend all your time working on a website and writing up eBooks, you want to be sure that your customers are going to be interested in what you are selling. Do your market research. Start by seeing how many competitors you have -this is a good sign. Read through newsgroups, discussion boards, chat rooms and forums for your area of interest and learn about your target market customer base. You can find these by doing a Google search and appending the word forum for instance after whatever niche you’re interested in. If you already have an email list, send them a survey to see what they are most interested in. Be sure to be specific with your questions and keep the list of questions as short as possible to ensure a higher response.
When researching your niche, you may want to use www.Amazon.com and find the current top sellers. Find out what people are reading about. You will want to research keywords with keyword tools such as www.wordtracker.com. You need to discover which keywords are being searched for frequently. Doing a little poking around your competitors sites isn’t a bad idea either. This is one way to come up with ideas on what would make your company different or better. Take a look at their traffic rankings and their related links. By analyzing this information, you can see how many visitors they have each day and how profitable their company is.
Knowing Your Product Will Help Determine Your Niche
Most Internet marketers preach that there are three reasons why a customer will want to buy your product. Your product has solved a problem for your customer. Your product has made life easier or more comfortable for your customer. Knowing everything there is to know about your product will make answering these needs much easier. Completely understand your product; its features and benefits and you’ll have an easier time understanding how, and where it fits; and in which market.
Cheers
Joseph
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