The principles of Niche Marketing are based on sound business practices that have been studied and tested in past years by some of the world’s most successful marketers.
I intend to set out for you the knowledge and tools that you will need to determine niche product ideas, study them, select a suitable product, develop the product, profit from the marketing of the product and then duplicate your success in another niche product.
What is a niche market?
A niche market is a group of people that have a need for a certain product that is not popular amongst the majority of consumers but whose demand warrants a continuous, substantial supply of the said particular product.
To put it simply, it is like selling golfing requisites.
Let’s say that all the products that you sell are golfers needs, golf clubs, golf balls and accessories. The only people who buy your goods are the ones that play golf.
Then it follows that golfers are your niche market.
Should you choose to expand your product list and market other articles to a broader market then certainly you may attract new customers however your marketing competitors will increase substantially.
Niche Marketing is most beneficial to the small business owner as, generally, he does not have the resources to cater for the masses and, more importantly, the larger corporations tend to ignore the niche markets.
The larger corporations overlook the niche markets because they are not concerned with making an extra $5,000 to $10,000 a month, they are looking at turning over millions of dollars per month from a huge market place.
To attract customers to a particular niche market you will have to satisfy a few requirements.
Can people readily define your product and realize the benefits?
Where are the customers?
Do they select a particular advertising medium? Are they members of a certain club or organization? What are their online habits?
Can you make a make a profit from this market and is there a limited amount of competition?
Are there enough product consumers available to sustain your business
Does the market have enough disposable income to purchase your product?
Are there any other sites selling similar products to this market?
Are these sites popular?
Is this market group passionate about the product.
Is it a hobby that controls their lifestyle?
You must look for a product that will enthrall people so much that they must obtain all the information that pertains to their chosen endeavor.
Musicians, for instance, must have instruments and accessories, sheet music, song words, sound equipment, speakers amplifiers, microphones . . . it goes on.
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