4 Powerful Strategies in Choosing Your Niche

Do you know what niche marketing means? Here is the definition for niche marketing from Wikipedia:A niche market also known as a target 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. A distinct niche market usually evolves out of a market niche, where potential demand is not met by any supply.No matter in what kind of businesses, be it internet marketing or traditional brick and mortar business, you will need to define your niche and only then you can conquer your chosen niche. For example if you want to make money by using a blog, or by affiliate marketing. The same concept applies here; you will need to find your own niche market. If you are trying to hit for the whole large market, the competition is so large. Let me give you another clear example here. Let’s say that you want to make money by selling affiliate products which is a weight loss pill, which teaching people how to lose their weight easily.Now, try to search in search engine like Google or Yahoo, you will get millions of search results! So you see, even with the keyword “lose weight”, it yields millions of results. Meaning that the competition is big! Therefore you will have to use niche marketing and make your target market smaller. Like you can target only for “weight loss pills”. This will greatly reduces the competition that you will face and further smaller down your market size.Guess what? If you are trying to hit for the whole market, or maybe your target market is too large, did you know what will happen? You are going to compete with big companies like Dell, Amazon, eBay, Microsoft and so on and so forth. So do you think that you can compete with them?However, don’t worry; here are 4 powerful strategies for you so that you can choose a perfect niche market which suits you. I’m going to tell you exactly, all you need to do is just remembered them and apply them.1.    Choose the market where you have the most knowledgeThis is what you should consider when you are trying to make a fortune from the net. You will have to choose a market where you’ve got experience in. Maybe you are a teacher who taught mathematics in primary school. Hence, here is where your teaching experience can make you a fortune. You can sell e-course on the net, or maybe you can sell e-book which teaches about mathematics. Choosing a market where you are familiar with will give you extra advantages over those markets which you don’t even know about.If you are an account, and you are trying to sell e-course which taught about physics, do you think that you can success in it? Well, maybe yes. But let me tell you, it will be a lot tougher than if you sell e-course which taught about accounts. Got my idea now? I believe you understand what I’m going to tell you here. Here comes the second strategy…2.    Choose a market where it has got at least some competitionWhy do you need to choose a market which has some competition? Why don’t you choose a market where it has got no competition at all, so that you can dominate that market easily? The answer is rather simple. If there is no competition in that market, it simply means that there is no demand in it. You must remember one thing, you are not a multi-billion company, and you cannot create demand! So you will have to choose a market where there is at least some competition.Of course that you shouldn’t choose a market with huge competitors. What you want here is a market with small competition, but large demand. This is the most profitable market, provided only if you can tap into this market successfully. When there is demand, there will always have competitors. 3.    Choose a medium size market, which works bestThis is another point that you must follow. You should not choose a market which is too large, but, you should not choose a market that is too small either. Why? Allow me to give you an example here. Let’s say that if you are targeting the tennis market in North America, then it will be a bit too large. Well if you are targeting only left-handed women who play tennis, then it will be too small! Thus, you should be wise and choose a medium size market. Not too large and not too small, just nice for you to fit in, just like when you want to buy a shoe. And the last strategy will be…4.    Choose a market where you are passionate aboutI believe that you know about this strategy as well. This is a very important point to consider when you are going to target your niche. I strongly believe that if you do not have the passion in your market, you will not stay long in that market. And if you can’t stay long, you are going to give up and failed. Making money online is not a sprint, but a marathon. You will need to consider that you are going to put a lot of your time into it before you can truly make a fortune. It is impossible for you to become a Millionaire overnight, not in a few weeks time either and most probably not the first few months. So you will have to think about it seriously, ask yourself are you going to stay long enough in this market, will you stay in this niche for 3 years, or even 5 years? This concludes my article; the 4 powerful strategies which can help you determine your niche. I hope that all these points here are going to help you in your road to wealth. To your success.