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Looking at Niche Markets

Many entrepreneurs think that selling to the widest possible market is the likeliest path to success, and in many ways this can be true. But take a step back and think a little outside the box, Of course I mean Niche Markets. If you get your tactics right and put in some key research then the rewards can be very lucrative indeed.

Occupying a niche means you won’t be competing with a lot of similar businesses solely on price. And because you will be selling products and services that are customized to the specific needs and behaviours of a select group of people, you can often charge more. Your products and services can serve a market that can’t easily find alternatives.
The process starts with market research: analyze your best potential customers, your competitors, your market’s reactions toward your products and services, and your ability to serve these people so well as to make you their preferred choice.

Market research
If you figure out exactly which group of people you want to reach, and what their needs are, you avoid wasting time and money. Once you know, you can alter your product or services to fit the needs of your target market more closely, and you can craft a message that reflects your business and your customer.

Market research does not require expensive consultants, surveys or focus groups, it can be as simple as asking your best customers the right questions. To determine if a particular niche is right for you, ask yourself these questions:

· Do I have an identifiable target population with similar interests and needs?
· Is the market large enough to support my business?
· Can I tailor my products, services, and business identity to address that market’s particular needs?
· Is my target market fully supported?
· Can I reach my potential customers in a cost-effective manner?

Your niche will give your marketing efforts a more natural, sharper focus. The more you specialize, the more your market will see the value of your services because you speak directly to their unique situation. Assuming your niche is large enough, you can do quite well by becoming a provider of products and services that can’t be found anywhere else.

All the information you need to target and succeed in an ideal marketplace is out there waiting to be found, you can take the guesswork out of building a business. Fine tune your search parameters when doing research, be that person that wants your service or product.

Finding a niche
In advertising terminology, niche market refers to a group of consumers sharing a common background, interests and consequently buying habits. The similarities may be age, race, hobbies, sports, gender, or any feature which creates recognizable and quantifiable preferences that result in spending patterns and habits. The successful marketing campaign is one which effectively speaks to the interests of the individuals in a particular group and capitalizes on those interest in order to sell them something they want or need.

In one form or another, ever business is engaged in niche marketing. Some niches are bigger than others. Since there’s no product that everyone needs, your target audience will tend to be a segment of the larger population. Every business owner is on the eternal hunt for customers. Here are several strategies you can use to get your share.

Create your own niche
Virtually any and every trait, preference, passion, or physical feature can be used to identify and isolate a niche market. You can create a product and a marketing campaign for people who are into adrenalin sports or vitamin junkies who need a different service; the trick is to determine whether the distinctions and identifying features and similarities you’ve identified can create enough volume of spending to justify the effort.

Finding and understanding your niche market will be the key to creating wealth for you in this rapidly expanding marketplace. Your mission is to find your Target, get into their minds to find out what they want, how they think, and how to sell to them. You must establish a brand identity in their minds. It’s a task that requires a change in the way you think, the drive to acquire new skills, and the patience to hold on until it pays off.

What you may want to believe about markets isn’t necessarily the case, the whole world is not your market. Even if everybody uses your product or service, there is a specific group with an intense need or desire for the benefits you offer. Find that “niche” market and commit your efforts to getting business from it. You’ll soon discover how profitable your business can be.

A niche or target market is a group of potential customers who share common characteristics making them especially receptive to your product, service or opportunity.

How To Find A Niche Market

If you’ve been in business for some time you’re probably already targeting one or more niche markets with your sales efforts. If you haven’t or if you’re just starting your business, here are some things you can do to uncover profitable niche markets for your business.

Start by listing all of the benefits offered by your product, service or business opportunity. Be sure you’re listing benefits, not features. You must know the difference between benefits and features to market anything successfully. Build your strategy around this concept and build up your data on trends and statistics, the rest will follow naturally.

Related: Selling Digital Products

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2 comments to Looking at Niche Markets

  • Tom Lindstrom

    You can generate a strong market by offering a niche product or service that only caters to people looking for that specific service or product.This can be done by having a website that is specialized only in this specific service or product.It helps to know how to market a website online.Niche marketing encourages people to be unique and one of a kind, because you are not competing against established marketers.

    Tom Lindstroms last blog post..Factors To Consider When Getting A Loan

  • MaxNo Gravatar

    @Tom Lindstrom, Hi Tom, Thanks for the great advice and your comment. I have several niche sites up and running and i am thinking of starting up some niche blog sites, with the help of WordPress to format the layout. Do you have any suggestions?

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