Niche marketing defined
What is a niche market?
A niche market is a segment of the market on which a specific product is focusing. Any market can be further divided into smaller market segments with specific interests and demographics. For example, the love market is huge. Within the love market, you can find niche markets focused on soulmate search, ethical polyamory, green dating, sacred sexuality, and more. These can also be drilled down into sub niches, such as “over 40 soulmate search” or “sacred sexuality for gay couples”. Some sub niches can be highly profitable, so it’s worth doing some analysis to determine if the one you are passionate about has profit potential.
What is Niche Marketing?
Niche marketing involves the art of defining your particular niche and marketing your product or services to this niche. Many business owners view the idea of niche marketing as a strategy that will cut their profit margin or limit their sales, but the truth is, having a well defined niche can give your business more power, especially if the niche has enough demand and money in it.
The better you can define your market, the higher the likelihood you can hone your marketing message to resonate with this market, turn this audience into fans, who will buy and rave about your product.
The Science of Researching Profitable Niche Markets
Researching profitable niche markets can be tricky. It’s easy to assume that a market characterized by high demand is profitable, but that isn’t always the case. A great example of this might be the cookie baking market. You might be great at baking cookies, but starting a blog about cookie baking may not be profitable for you, especially if all your visitors are seeking quick recipes and not really interested in buying anything.
I’m going to share with you a basic methodology, as well as some free tools, commonly used by Internet marketers for niche research. While this approach is oriented towards entrepreneurs who want to create a revenue generating website in the niche of their choice – which is essential if your business is entirely online – it is also extremely powerful if you are a brick and mortar business seeking to grow online income streams.
While niche research techniques might differ slightly, depending on whether you intend to sell digital products, physical goods, or services the principle remains the same.