Niche Marketing (What is it and how do I find it)?
Niche: specialty, specialization, focused area of discipline, narrow section of a market or industry.
Are you confused about what they mean by a “niche” market?
I know that it can seem complicated at times because you’re not sure where to look or what you should be looking for when searching for a niche.
Every business has a target audience (golfers), but within that target audience are smaller subgroups of people (senior golfers) that may not fit into the conventional ideal or framework. They share certain characteristics, and have specific wants, needs, and preferences. These smaller subgroups are called niches, and are an abundant source of marketing ideas and opportunities.
Niche marketing is a form of marketing that is geared toward a very specific population (training for a marathon), or niche. Niche marketing is possible when a business specializes in a particular service, or serves a particular group within its target audience (Working moms with school age children). If the business focuses its marketing efforts around this subgroup, this would be a niche business.
There is nothing hard or complex about niche marketing, the idea behind it is find an audience, find a problem and solve the problem. Unlike a broad topic covering many areas, a niche site focuses on a topic falling in a narrow or specific area.
Weight Loss (this is a broad niche)
Weight loss for senior citizens (narrow niche)
Running Tips for Beginners (narrow)
Fixing your golf slice (narrow)
Improve your marriage (narrow)
Ways to make money with niche marketing:
CPA cost per action
Create your own product
Digital or physical
Ebooks, online course
Selling your niche website (you can even build and then sell your business if you want)
Steps to niche marketing success
Choose the right niche
Understand how to make money with that niche
Build your following (traffic and email list)
Create a product for your target market
Write a blog
Write an ebook
If you want to build a successful online business, choose a very specific and well-defined niche.
I know that this sounds counter-intuitive because if you’re going to sell a product or attract an audience you would think that you want as many customers as you can get. The problem is that you cannot compete with the ‘big boys’.
You can’t compete with Proctor & Gamble, but you can create your own brand of herbal skin cream.
You can’t compete with GM, Ford or Toyota, but you create an accessory for a car or truck.
You can’t compete with Planet Fitness, but you can start teaching an exercise class.
We know this, but you’re not prepared to believe it because we fear that we will miss out on customers if we are too limiting.
But there it is, that’s how people are making thousands and thousands of dollars. Specialization. Everyone specializes, the medical field, attorneys, information technology, engineering, agriculture, the list goes on.
And even though you may think that the market is too saturated just remember a quote from Charles Duell of the U.S. patent office in 1899, “Everything that can be invented has been invented.”