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OK, so if you’ve been reading the previous posts then you already know what niche marketing is.
If you don’t know then please go back and read the previous posts.
However, it’s possible that you are still not quite sure of the advantages of niche marketing and how it can work for you.
In this post, I’m going to explain a little bit about what niche marketing is for those who don’t quite understand it. Through the explanation I’ll be able to better show you the advantages of niche marketing.
As we’ve already discussed, niche marketing is just the opposite of mass marketing. Most of us know that mass marketing is marketing to the largest amount of people in all situations and lifestyles and from all backgrounds. Niche marketing is the exact opposite of that because your focus is on a much smaller group of people who are interested, need, and who actually want your product.
Now, you’re probably asking, “Why would I want to focus on a smaller group of people when I’ve learned that the more people who see my product the better my chances of making a sale?”
I can certainly understand your thinking, so in the next couple of paragraphs I’m going to help you understand why this marketing tactic works and the advantages of niche marketing over mass marketing.
Want Not Waste Not
Niche marketing works because you’re focusing all your effort reaching those people who have the money to buy your product or service, who are interested in what you have to sell, and who need your products or services.
Why waste time, money and efforts on people who are not even interested, and most likely never will be, in what you have to say and offer? Remember, it’s about working the least amount of time and making the most amount of money.
Saves Time
When you advertise to people who have no interest in what you have to offer, you’re throwing money down the drain. Not only are you wasting money, but your also wasting precious time.
Remember, time is money in business.
So even if you spend nothing on advertising you do spend time getting the word out. You’ll spend less time and money in your marketing efforts when you niche down.
Make More Money
Finally, there’s the added benefit of making more sales to people who actually want what you have to offer.
So, not only will you be saving money on marketing campaigns, your chances of making a sell increases dramatically.
Soon, you’ll be selling so many of your products, you’ll have to consider increasing your staff and may even want to narrow your niche down further so that you can enjoy living life instead of working so hard all the time.
In my next post I will be covering some examples of niche marketing online.
Until then, have a great day and thanks so much for reading!
When it comes to the Internet there are one heck of a lot of terms being thrown around and there may be many times when you find yourself having no idea what those terms mean or how they apply to marketing online.
One such word is “niche.” Some of us may know what a niche is in terms of biology or even the corporate world. You might say “She found her niche in nursing.” While this is technically a correct definition of niche in everyday use, maybe it’s not quite so accurate regarding the world of Internet marketing.
In the world of Internet marketing the definition of niche takes on a whole new meaning. Having a clear meaning will help you focus and market to those people who are interested in and wanting to purchase your product or service, which will increase the success of your online business.
Here is how Wikipedia defines niche as it pertains to the online world. “A niche market is the subset of the market on which a specific product is focusing on.”
Now, while that may still seem a bit unclear, basically it tells you a niche is just a smaller portion of a larger piece. In this case a market.
So, just how do you go about defining your niche so that you can focus and reach your target market? You basically begin with a large market and start narrowing it down into several possible smaller niche markets.
Take for instance work at home moms (WAHM). There is a whole huge world of moms out there that work from home, either online, in direct sales or running some other type of business. While that is a niche, that is a very large, or broad, niche and you’re not going to be able to target individual work at home moms very well.
However, by breaking down this niche even further, you will begin to see the different sub-niches, or micro niches as some people call them, possible in the work at home mom arena. Some examples are:
• WAHMs with newborns
• WAHMs who are also homeschoolers
• Virtual Assistants WAHMs
• Direct Sales WAHMs
• WAHMs who help other WAHMs be successful
This list can go on and on. There are probably thousands of different micro niches under the work at home mom umbrella. The point is that you can increase your chances of success by focusing in on very specific areas of your niche.
As you can see, finding the right niche for you will be determined by how well you are able to define your niche to reach the target market of people you wish to promote your products or services to. The more detailed and specific your niche, the more success you will have.
In the next post I will cover some of the advantages of Niche Marketing.
You can also find more information by getting a copy of my ‘Build a Niche Marketing Business‘ ebook at absolutely no cost to you.
So, you have decided that you want to get started in niche marketing.
First off, congratulations! You are entering into a fun and profitable (if researched correctly) area of network marketing.
But now I can already hear the next question.
“How do I decide which niche is right for me”?
Here are some steps to help you identify what niche could be a a good niche for you.
1. Brainstorm: write down all the things you have a passion for or a hobby you love.
2. Narrow broader terms with smaller, more specified terms.
3. Take the more specified terms and narrow them down to an even smaller possible microniches.
The reason for this is that if you are trying to work a niche that you have an interest or passion in you will be much more likely to stick it out and profit from it. At least if it is a profitable niche!
Of course that’s not all there is to helping you identify your niche. You will need to think about and do some research on the various possibilities of niches to see if there is a market for your passion.
To get more detail on finding profitable niches that you have a passion for, check out Teri Champigny’s ‘Short and Simple Guide to Finding Profitable Niches‘. Teri has over 100 niche sites and has been working in niche marketing for several years.
You will also want to check out your competitors and see if there are products you can sell related to your passion. There is a pretty good chance that there are, but you also need to make sure there is a large enough market to build a long standing successful business from.
Trendy and passing fads come and go and if you choose a niche that falls into either of these categories, you’ll soon be out of business. Don’t get me wrong, there is a time and a place to use these to your advantage, but you will want to work on stable niches to start out. Trends and fads can be a great way to supplement a more sturdy and stable business subject.
When writing out the steps to help you identify your niche, you’ll want to do some keyword researching to see if it’s a topic people are looking for on the Internet. You can do this a number of ways including buying software that does it for you or performing the search yourself.
To learn more about keyword research, check out this call with Mike Paetzold and Steve Roye where they talk about, you guessed it, keyword research!
Once you’ve identified a niche you think you can find success with, do a regular search online to see how many other people are working in this same niche. If there are millions, you may want to reconsider. If there are only a few hundred or so, you’ve probably got a great product you’re your niche market.
Please, keep in mind, if there is little to no interest in a product, you may want to consider rethinking your idea.
Remember, large businesses don’t have time to focus on one product or a small group of targeted customers. If your niche is too small, you may not have enough interest from consumers to stay in business long. So use the steps above, identify your niche market, do some research and before you know it you’ll have a successful business in niche marketing.
In the next post we will go into a little more detail about understanding niche marketing and how you can benefit the most from it.
I hear this question a lot, especially among those new to Internet marketing. So, to put it simply, a niche is a nothing more than a specific group of people with a common interest. For instance, you may be interested in or have a lot of knowledge about boats and boating. While that is more of a broad, general niche, when it comes to niche marketing it really helps to narrow the field down even further, to reach an even more specified group of people.
You need to think of how you could narrow down boating to reach a tighter group of people within the broader boating niche. There are the various types of boats, boating products such as special waxes and cleaners, boating attire and boating gear. You could even narrow your niche down a little further within those categories and sell one specific product from it.
Another good example to help answer this question, is the food industry. While the food industry is obviously extremely huge, there are thousands, if not millions, of products you could sell to a more defined niche.
Niche marketing is marketing to a specified group of people. Some of you may be asking, “Why would I want to target such a seemingly small group of people?”
There are a few reasons actually. First, while it may seem like you’re marketing to a much smaller group of people, what you are actually doing is targeting a very laser focused group of individuals who are specifically interested in what you have to offer.
Being a niche marketer works well because larger businesses don’t bother focusing on one or two specific products. If you do your research before settling on a niche, you should be able to find a niche that not very many other people are reaching with a specific product. This helps set you up as the go to person without having to compete with those larger companies.
So, now that we’ve answered, “What is a niche?” let’s talk about choosing a niche that’s right for you
When niche marketing, it helps to build a business or sell something you’re passionate about. Because you’ll be focused and considered an expert, you also need to have a lot of knowledge about your specific product or service. Think about something you love to do, such as a hobby first. Then think about how you can narrow it down to a more specific group of responsive people. You may need to do some additional research to gain all the knowledge you can, but it will pay off.
