Niche market is a subset of the world you are trying to market to. Having a niche market allows you to focus your effort and utilize your resources more effectively. Niche markets are smaller, less competitive markets, where fewer people are going after. This article explains ways one can indentify a niche market.
What is a niche market? Niche market is a subset of the world you are trying to market to. Having a niche market allows you to focus your effort and utilize your resources more effectively. Niche markets are smaller, less competitive markets, where fewer people are going after. For example, selling made-up to "Women" is a broad scope, and properly too many competitions. Try selling made-up to "Environmental conscious women", is a narrower population. Going after a niche market also differentiates your business from your larger competitors'. Who knows you might start up small, and become big someday. With advent the internet the dream could be realized sooner, rather than later. So it's important to find a niche as you do your marketing plan.
How do you find a niche? First look at yourself, and ask "What is unique about me?" You would be surprised the things you can come up with, or if you don't know, ask a love one to tell you. Your look, your education, your ethnicity, your background, your experience, your religious believes, your family, your political views, your hobbies, your values, your temperament, your believes, etc. Look for ways to blend "Your uniqueness", your niches, into your business.
Then ask yourself, "What are my passions?" Are you passionate about art? Teaching literature? Breeding horses? Raising children? Find cure for cancer? The environment? Or what are your childhood dreams? It's your passions that will give you "Juices" to run through the course. It's the passion that would allow you to pour out your heart and touch the audience. Connecting with your audience or your prospects is a key to making sales. If you have a book of clients, you can also indentify the commonality between them, are they from a certain profession? Do they all share the same culture background? What is unique about this group?
After jogging down the niches markets you have in mind, start doing some research on each of them to see the popularity. You need to find trade offs between a vase audience with lots of competition and a tight niche market with a small population. But if you can cover most everyone in the niche market, you properly do better than staying in a large common market.
Type some keywords into the search engines, and see the number of sites that is returned. If the result consists of a small list, you have found a good niche. If the result returns a large number of sites, you should abandon the idea, and find another niche. The internet is very resourceful, you can visit forums, read up on eBooks and articles to collect your information about the viability of your idea or niche market.
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