Okay, so let’s talk about Niche Marketing.
Over the next few weeks I will take a look at Niche marketing, what it is when you should consider using it in your business etc.
So, I will start at the start and answer the most logical questions first.
What is Niche Marketing?
Now the dictionary for the word’s ‘niche’ is defined as: “A special area of demand for a product or service”. ‘Marketing’ is defined as: “The opportunity to buy or sell”.
So, if you put the two words together, niche marketing means buying or selling a product or service in a special area of demand.
Put simply, this means we are talking about, a product or service is being sold to the people who are most interested in that particular product or service.
Most large and small businesses use niche marketing on a day to day basis. For example, a company that makes computers and computer accessories might advertise an all-in-one copy/printer/scanner to the home computer user whilst at the same time advertising single function machines to large businesses.
One of the things that make niche marketing so attractive to sellers is that their advertising budgets go further because it is directed at much more targeted traffic/consumers.
It generally costs less to advertise to a targeted market than it does to advertise to a broader market, in what is often referred to as a “shotgun approach”.
Niche marketing must be designed to meet the unique needs of the targeted audience. The niche marketer must firstly research then tailor their product to meet those unique needs.
If, for example, you have researched the marketplace and realized a need for let’s say, poodle grooming and so you designed a product to make poodle grooming easy enough so that even the untrained poodle owners can do it themselves.
Those who own poodles would be most interested in your product.
On the other hand, those people who own Rottweilers or cats could care less about your poodle grooming product.
Let’s say you have written an eBook that will explain how to start and succeed with an online business, those that are sick and tired of their current situation and who are looking for that information would be your niche market. Those who are happy with their current situation and what they are doing will not have any interested at all in your eBook.
Niche marketing is a very effective and cost-efficient way to advertise and sell specific products or services to a specific audience.
Niche Marketing vs. Internet Marketing
Comparing niche marketing to Internet marketing, is equivalent to comparing apples with oranges. Apples and oranges are both fruit, yes but would appeal to totally different markets/buyers.
It would be fair to say there are fewer more competitive niches than the Internet marketing niche.
Most niche markets are open to the latest marketing strategies.
The reasons why internet marketing is the most commonly sourced, of all the niche products is simply because it is perceived that this is the area where there is the most amount of money to be made online and that is probably correct, as a result internet marketing as a broad term niche is difficult to break into however if you break it down into smaller ‘sub-niches’ you will find areas that are less competitive and maybe a better option for the beginner.
Smaller niche markets are not so overrun with “marketing gurus” and so the savvy marketer, especially those starting out in the internet world, would generally find a smaller sub-niche to begin with.
A niche market allows you to promote your own niche product or that of another person and that is known as affiliate marketing but that’s a whole different “kettle of fish”, which we will cover at another time.
There is a niche market for anything and everything you can imagine.
Put simply, on the surface anyway all it takes to break into a niche market is a well-researched idea, a good quality product created by yourself or someone else that will appeal to certain proportion of the market, then some well written advertising and the desire to be successful, never quit and work your business every day.
If you have the willingness to work hard compete and know your niche you can be successful.
I sincerely hope this blog has been useful to you and if it was then please leave a comment and/or share it with a friend.