What is Niche Marketing?
The word ‘niche’ is defined as: “A special area of demand for a product or service”. ‘Marketing’ is defined as: “the process by which companies create value for customers and build strong customer relationships, in order to capture value from customers in return”. If you put the two works together, niche marketing means creating value for customers buying or selling a product or service in a special area of demand. All that really means is that a product or service is being sold to the people who are most interested in that particular product or service and not to the world in general.
One of the things that make niche marketing so attractive to sellers is that their advertising budgets go further. It costs less to advertise to a specialized market than it does to advertise to a broader market. Even more the competition is not so fierce. It is different when you have to compete a millions online shops that sells computer parts, that to compete some hundreds that are selling a unique product or infomercial specialised for chiropractor or dermatologists.
Niche marketing must be designed to meet the unique needs of the targeted audience. Niche marketers must tailor their product to meet those unique needs. If you have written an e-book that will explain how to start and succeed at an online business, those who are looking for that information are your niche market.
Niche marketing is a very effective and cost efficient way to advertise and sell specific products or services to a specific audience or, hopefully, buyers of that product or service. Sometimes Niches can be defined inside niches and too many niches makes a market segment.
The term ‘niche marketing’ means selling a specific product or service to a specific type of buyer or audience. There are far less competitive niches than an Internet marketing niche. Most niche markets are more open to the latest marketing strategies, as well. Small niche markets are not over stocked with gurus and wise men and are much easier for the beginning marketer to break into. A niche market allows you to promote your own niche product or that of a niche affiliate product. There is a niche market for anything and everything you can imagine. All it takes to break into a niche market is a good idea, a good product created by you or someone else that will appeal to certain people, some advertising and the desire to succeed.
What Niche Marketing Really Is
Niche marketing is selling specific products or services to a limited audience. One person with a computer, an internet connection and a good idea can go into business for himself on the Internet and target the people who would be most interested in what he has to sell and do all of the above on a very limited advertising budget.
Finding the right niche for what you have to sell isn’t really all that difficult. Just think about who the people are who would be most interested in what you have to sell. You can start your online internet business blog by simply finding your niche with the proper keyword analysis. You need to devote many days in researching you niche, because it very important success factor to discover a new niche where the market is virgin, or to find one that it is not served well and you can compete.
What Niche Marketing is Not
Niche marketing is not about trying to sell your product or service to the world at large. As a small businessperson, you couldn’t afford that kind of multi-million dollar advertising budget. It isn’t possible. You can, however, with only a computer, an Internet connection and a good idea sell to a smaller audience using niche marketing.
Niche marketing is not about trying to compete. Competition is taken out of the equation when you do niche marketing. You aren’t out there in the world lined up beside or behind a million other people who are selling the same thing you are selling. You are selling to a specific audience that you have created for yourself with your opt-in email list.
Niche marketing is not about selling to different people every day of the week. Once you have your list built, you can sell to the same people time and time again. By taking as much time as you need and putting forth enough effort to get to know the people who make up your list of buyers you can continue to sell to them.
Niche marketing is not about focusing on the big picture. It is about focusing on the small picture and the smaller the better. Narrowing your niche down to a very specific part of a larger market assures you of gaining a fair market share of that small part. The world is a big place and there are billions of people. You only need an infinitesimal portion of the population to have a huge list of potential buyers of your products or services.
Niche marketing is not about seeing only the impossibilities. Niche marketing is only about looking closely at the possibilities. Small possibilities converted to sales can equal big profits.
How to Research and Find Your Niche Online
Deciding on what product or service you will promote in a niche market should be based on a simple principle. There should be a demand for your product or service. How can you understand the real demand? Niche finding is an art. There are many internet marketing software and blogs that can help you find your niche. Some of them are Market Samurai, Microniche finder etc. l am not promoting this specific products now, because l have to say that if you can’t understand the concept of finding and defining a new market niche, then any software products is useless. How to use MS word when you don’t know how to write?
Once you have chosen a product or service to market, researching to find the right niche for your product or service is the next most important part of beginning a niche marketing program. The things that you need to know are where your potential customers spend their time online, and what makes them tick from a personal and business point of view.
If you don’t have already a product or service, you need to create one from scratch in order to cover the needs of your potential niche. But of course you need first to define your niche.
The next thing you need to learn as you research your online niche market is what you can reasonable charge for your product or service. The best and most effective was to do this is to visit sites that advertise products or services similar to what you have chosen to sell. It should be easy to see if they are giving away a service or selling the product at a price far lower than you would have to charge.
If you can determine that there are people out there who are willing to spend money to buy what you are selling and you can identify those people then you have a niche marketing product or service that can make money on the Internet. Sometimes it takes reframing your product or service to make it more attractive, better or just different than what others are selling it for. Research is the key to successful niche marketing.
How to Use Keyword Discovery to Identify a Hot Demand
The Keyword Discovery Search Tool by Trellian is a wonder to behold. There are so many tools and so much help available at the site that when you visit you will be asking why nobody has told you about this before now. The costs are small and the services are large and extremely helpful to Internet marketers. It is free to join the site and there are so many ways for you to help yourself. You can locate the best keywords for your business you can find out what the top bid is on the best key words and you have to opportunity to place a higher bid.
There are a couple of differences to take note of, however. The way that Keyword Discovery will make a profit here, since the service is free, is by selling you the best key words. There’s nothing wrong with that…everybody has to make a profit to stay in business. The Keyword tool on Google gives a complete different set of Keywords. They don’t sell the keywords so it makes you wonder which list of Keywords are the best.
If you have not yet made use of Keyword Discovery, this is certainly a tool you should take the time to explore. Bidding very high on the best Keywords can move your advertisements into the top ten search results in the major search engines very quickly.
Looking for Problems to Solve via Forums
Niche marketing as its best helps to solve real problems that real people live with everyday. If you can come up with a product or service to promote in a niche market that will help people solve their problems then you will have a money making niche market website and can quickly build a long list of potential customers.
The things that people view as ‘problems’ run the gauntlet of possibilities… everything from a hang nail to a golf swing to a chronic disease are people problems that they are looking for help to solve.
A good way to find out what people consider a problem is to visit the online forums. People talk about anything and everything online. They discuss subjects that they wouldn’t talk about with their best friends for the simple reason that they can remain anonymous. They look for solutions online for the very same reason. By visiting forums and taking note of what people are most concerned about you can search the Internet for products and services that will help them solve those problems. Gather the information about the topic. Write or have written for you articles about the topic. In this way you can find a topic and build a content-rich website for niche marketing that helps with the problem you have identified and that will serve the needs of people.
An additional way to use forums to help you build a niche market website is to join a forum, identify the problem being most often discussed, post a question that will produce many responses and use those responses to write an e-book on the topic. The fact is that many people will buy an e-book that is filled with information they could actually gather for themselves. They will also purchase e-books that will tell them what other people with the same problem they have think about or are doing about their common problem.
Reading the New Books Titles in Amazon to Identify a Hot Market
People buy ‘how-to’ books and books that are devoted to solving their problems and/or making their lives better every day. By identifying the hot market books that are being sold in bookshops (online and off line) you can identify a hot niche marketing topic.
Go to the amazon.com and take note of the kinds of non-fiction books that are being published or being sold. You should particularly note the ones that are self-help or how-to books. If you can create the opportunity, just search the trends of our times. Learn by whatever means you can which self-help or how-to books are the hottest sellers.
Another option is the other online bookstores. You can research the site and determine which of the non-fiction self-help or how-to books are highest in sales. Finding out what books people are most often buying can give you some insight into what the hot market subjects are. Armed with this information, you can go about creating a niche marketing blog that will have a better chance of becoming successful.
Does Your Passion and Hobby Really Matter?
Does your passion or your hobby matter? Well, it most certainly matters to you and unless you have a passion or hobby that nobody else in the world has ever heard of, there are probably plenty of other people who share your passion or hobby and may even more into it than you are.
Being deeply involved in a hobby or passion is the stuff that successful niche marketing is made of. Most really successful niche marketers have turned what the care about the most into successful businesses. The reason for their success is their passion about the theme of their blogs. For me personally blogging is a passion, that is the reason that l blog daily.
Creating a successful niche marketing internet blog takes a lot of time and a lot more dedication. You need at least three to six months of persistent dally hard work to make you blog flow with new visitors. Unless you are passionate about the subject, it is hard to stay focused on it long enough to make it a success. So passion and dedication are your two biggest assets. You must be willing to put in long hours and be willing to accept the fact that it will be quite some time before you start realizing a profit…even a modest one. Keeping on keeping on is the only way you will ever be successful at niche marketing.
You can establish a money-making niche marketing blog with the theme about the very things that you love the most. If you can correctly define your niche, make certain that people are willing to pay for the product or service that you are selling, and locate that specific audience; there is no reason why you can’t build a niche marketing site that is all about your greatest passion or the hobby that you most enjoy. Imagine that! Being able to make money and do what you love doing at the same time. It doesn’t get any better than that!
Another piece of advice is to copy a successful niche blogsite. Find one that you admire and take as many as positive things from this blog. What are the critical success factors? Try to anchor them? What can you do better than this blog do?
Niche Market Potential
Two things you have to bear in mind when researching for your niche. First, what is the size of the potential niche market today? And what is the potential market development? Is an emerging market? For instance, if we are looking for traditional greek folk music, is a declining niche. Instead we can research about online passive income courses, where it is an emerging market.
Keep in mind that today internet and social media giants started as market niches ideas, these are google, Facebook, YouTube! The big three! Not to mention so many other internet business ideas that emerged from niche markets to global market domination. Think big, budget small!
Redesign and Relaunch your Niche Product or Service
You may have a niche marketing website that just isn’t producing sales for you at the rate at which you had hoped it would or maybe it isn’t producing any income for you at all or it could be that you haven’t actually figured out that what you are selling is, in fact, a niche market product. You might need to do a little ‘tweaking’ and modify your strategies somewhat to get the blog performing better. There really are some things that you can do to improve your existing product or service. Furthermore there is another situation that you want to take a niche product or service that it is not yours, it si already in the market and after some augmentation or improvement you can relaunch it!
1: It’s possible that you may simply need to narrow you market, identify you product as a niche marketing product or service and promote it accordingly.
2: To improve your existing product you have likely overlooked the most obvious solution of all. You could simply ask your customers what they think. They are, after all, the end users of the product or service that you are selling. There is nobody that knows how a product can be improved better than the people who are using the product or service.
3: Analyze the competition. Take the time and put forth the effort to look at the product or service that your competitors are offering. Identify their strengths and weaknesses. Make a SWNOT analysis. Find out what your competition can’t, won’t or doesn’t really like to do and set about doing those very things yourself. Examine the opportunities and threats of your product niche.
4: Are you selling your product at the right price? Pricing a product too low makes people think it won’t be any good, pricing too high will discourage them from buying it. Are you offering a one dollar trial? A free trial maybe? Or are you giving enough free content from your product or service to make the customer want more of what you have?
Why Niche Marketing is the Only Way to Succeed Online
Niche Marketing is the last great frontier for the small business entrepreneur. Out there in the ‘real’ world, small businesses don’t have a half fair chance of competing against the giant international corporations of the world. The Internet has evened the odds for small business. The Internet has created a real equal opportunity for those who are willing to use it. There are several different ways to make use of niche marketing and succeed. All of the ways require getting a domain and a web hosting service, building blog pages and adding content. Those are just the basic basics of Internet Marketing in any form. Then there are the choices of how to go about building a successful niche marketing site that will provide you with a profit hopefully a very large profit.
1. You can create an informational product. An informational product can be articles, reports, columns, audio or video, or other things. These can be sold as stand alone products or used for advertisement or promotional causes. You can offer subscription services.
2. You can build a content rich web site that will be so interesting it will draw potential customers again and again. Again content is the king!
3. You can publish newsletters and ezines that are so full of pertinent information that people will happily pay for subscriptions to them.
All of the above listed ways can be used to create a niche marketing website that has the capacity to make money. There are two things that all of these methods have in common. The topic must be one that helps people solve a problem, makes them healthier or happier, or provides them with information that they want or need in some way. The content of the website, no matter the topic, must be relevant, timely and interesting to the people who are reading it and the website must be easily navigated. With other words, the content should be compelling and sharp!
Making Money From Email Marketing
The object, of course, of any niche marketing business blog is to make a profit. When people subscribe to your online newsletter or ezine, or blog or course their object is to get the information that you are able to provide to them. When people subscribe to you, your object is to make money by supplying that information. This is a simple concept that is easier said than done. Making a website profitable…any website….isn’t easy or quick. Blogging it is not a get rich quick scheme!
If you have chosen a topic that addresses the needs or wants of a specific segment or niche of the population and if you have set up your opt-in software correctly like Aweber or Getresponce, you have a list of potential customers. If they have subscribed to your newsletter, then they obviously believe that you have information about a subject that is near and dear to their hearts. They must consider you to be an expert maybe a guru. If you have worked hard at building your customer’s belief in your own credibility, then you should be able to make a nice profit from your newsletter. Bear in mind that the customers are usually buying from you after the 5th follow-up. Following up through automated email marketing is the secret of online passive income.
You can advertise products and services related to your topic on your blog. This can be done with logos and banners that contain links to the products and services. When visitors to your site click on an advertisement, you get credit for a lead and if they buy the product or service you get a commission on the sale. There are many affiliate programs in the market and if you go to the clickbank you can found thousand of them, but l personally propose to you Empower Network Affiliate program, because it this only one with 100% commissions!
You can use your newsletter to recommend products and services to the members of your list. Also you can propose to them to start their own business. My niche is the online income opportunities and if you are not have endorsed on till now, it’s about time. Just have a look on my online income opportunity.
Making Money From Content Rich Niche Blogs
Making money from a content rich niche marketing blog can be very easy, very difficult or impossible. First let’s define and describe what a content rich niche market website is and how it works. You won’t find a list for “Niche Markets” anywhere. There isn’t one.
A person will find niche marketers when he types words into his favorite search engine and hits search. Let’s say he types in “MLM Free lead geenration”. He will get many hits that will provide links that take him to niche marketing sites. On these sites, he will be asked to enter his email address and opt-in to receiving a newsletter or a free service or a nother bait. Since he is in need of learning how to find what he is looking for, he willingly does that. On the content rich site he will find articles and other information about what he wants and advertisements for products and services designed to help him. In the future he will receive a confirming email, a newsletter, and he will have become a niche market customer.
If you are the niche marketer, the opt-in email address supplied is pure gold because you will have a customer or a potential customer. When he buys the products or services that you are promoting on your blog, you will make money.
The trick to making money from a content rich niche marketing website is to have a topic that helps people solve their problems, makes them feel better or look better, or supplies them with information that they need. You will need to have related products and services advertised on your site since that is where the income actually comes from. The website content is what makes people visit your site again and again. The more content rich it is will determine how often they visit and how long they stay. The longer they stay the more opportunities you have to sell to them.
What You Need To Sell Info Products To Hot Niches
There are a lot of people who would love to be able to create a cool informational product and be able to make a great living (even get rich) while sitting in a comfy chair in front of their computers knowing that never again would they have to drive in rush hour traffic with all those crazies or put up with an unrelenting, over zealous boss who never had and never would or could be pleased. What a beautiful vision! The truth is that lovely vision can become a reality but you will have to pay your dues first. Successful niche markets for an informational product don’t grow on trees or fall out of the sky.
The first thing you need and must have to create an informational product is an idea…a subject…a topic…that will fill the needs, solve a problems, or just make life better for some particular and very specific segment of the general population. You are surrounded by ideas if you just look. Look at yourself first. What is your biggest problem? Do your friends share the problem? Are you passionate about a hobby or a sport? These kinds of things are the stuff of which informational products are made of. So the very first thing you need is to identify a topic and, thereby, a market.
Another thing that you need to have in order to create an informational product which will become successful is research. Every topic and every subject are not going to make money. Many of them will…but just as many will not. The best research is accomplished by reading and talking to people who have succeeded in niche marketing informational products. Savvy niche marketers can spot a great topic from forty paces with one eye shut. Ask. Read. Research.
When you have an idea and have done the research that has proven that there is a market for your informational product, the rest is just a matter of creating the product building a great website and advertising it.
What You Can Do to Make Money from Your Niche
One reason that so many people want to work from their homes is that there in no need for a large financial investment to begin an online business. One doesn’t need to invest heavily in product development. Those who have expertise in almost anything can begin by simply writing an e-book and promoting it or obtaining a website and promoting products that are produced by others. Think of the people who promote products that are produced by others as the modern version of the old door-to-door salesman except instead of knocking on one door at a time they knock on the doors of millions of people at the same time by way of the Internet.
Another attractive reason that draws people to a work-at-home job or small business is the fact that they don’t need to incorporate….a sole-proprietorship does nicely. One person working from one computer these days can accomplish the same things that once required many people working many hours to accomplish. A sole-proprietorship business isn’t required to file separate tax returns or pay any special taxes on income that is earned in the way that a corporation, an llc or even a partnership business is required to do. The taxes levied on a sole-proprietorship business are just for personal income.
The Internet isn’t called “The Information Super Highway” for nothing. A person can make a very good living selling nothing but information on it. The populations of every industrialized nation in the world have learned that if you want to know anything about anything, you get on a computer and ask the question. They have also learned that you must pay for special information and they are more than willing to do just that. A person who has special knowledge of a subject and could be considered a ‘guru’ has a market for selling that information on the Internet. All that needs to be done is to set up a website, publish the information, advertise and sell the information. It’s a wonderful concept and information is a wonderful commodity. There is no inventory to maintain and no shipping or handling costs involved to deliver the product. Everybody gets what they want. The seller gets paid for delivering information to a person who wants that information….everybody is happy.
There are so many advantages of working from home for the individual as well as for owners of large businesses that it is truly the way that ‘work’ will be done more and more in the future.
To your success,
Category: Internet Marketing