Finding niche markets

There are a multitude of ways of finding niche markets. Some of the most effective methods to find niche markets include using search engines, book reviews and social media.

Begin by selecting your target audience.

Let’s say you’re going to target pet owners. That’s a very broad definition of a market.  Let’s break it down into a smaller, more manageable niche market.  Niche markets can be defined in many ways.  The most common are:

• Geographically
• Demographically
• Level of quality
• Psychographics
• Price

You might decide to break down your niche market like this:

• Geographically – in a specific zip code or neighborhood.
• Demographically/ Psychographically – millennials who are substituting pets for children
• Level of quality – affordable luxury
• Price – moderate

Once you’ve identified your niche market, then use social media to discover an unmet or underserved need.

Begin by researching your customer base.  Then research your competition.  What do they offer?  More importantly, try to figure out what they’re not offering.  This is where your research into your target audience is going to come in handy.

You can also find books online that are targeting your niche audience.  You may find a niche market idea hidden in either book titles or in reviews.

For example, millennials who are substituting pets for children may not be able to find birthday party supplies for their beloved pup. This is just one way you can create your own niche market, by targeting specific audiences and their unique needs.

Then it’s a matter of creating your business plan, and getting your business started.   You’ll be miles ahead of your competition because you’ll be niche marketing your business to your specific audience.

Finding niche markets is easier when you’ve read Beyond the Niche.  Pick up your digital copy for only $9.99 by clicking the button below.
 

 

Finding Niche Markets: Unmet Needs

The most important part is to identify a need that no one else is filling. Once you know what your niche market needs, do your research to find products or services that can fill that need. There are many ways to find niche markets, but the most important part is identifying a need that no one else is filling.

While it can be difficult to identify a niche market, implementing a niche marketing strategy is a formula for success. Once you’ve identified a target customer, it make it easier to create compelling and selling marketing messages.  By focusing on a specific audience – you reduce the competition for their attention.  When you reduce your competition, you increase your odds of success.

Once you know what the niche market you’re targeting needs, do your research to find products or services that can fill that need.

By identifying your target niche market, you can then focus upon your customers’ goals, desires and problems.

The benefits of selling products and services in niche markets are numerous and include increased product launch success, better ROI on marketing expenditures and better content marketing engagement. That’s why niche market products can grow your business.

Once you have a list of potential products or services, start developing a marketing plan to reach your target audience. Your niche marketing tactics are part of your niche marketing strategy.

Learn how to create the right marketing message for the right audience. It doesn’t matter whether it’s an e-commerce store, service business, or brick-and-mortar shop – this book will show you exactly what works in today’s market. Pick up your digital copy of Beyond the Niche for only $9.99 by clicking the button below.
 

Before you begin creating your niche marketing strategy

Before you begin identifying a target audience for your niche marketing strategy, take a moment to remember the following:

1. Choosing an audience as part of your niche marketing strategy will help not hurt your business.
2. You’ll get a greater ROI on your marketing investment if you target your message.
3. Choosing an audience is not an exclusive nor a lifetime commitment.
4. This decision is definitely reversible.

You won’t alienate people outside of your target market by targeting your message to a single audience.   When you tightly target your audience, your audience will notice your message.  People who aren’t part of that audience won’t feel excluded, they just won’t notice.

Finding niche markets is a great way to increase profits while still catering to a specific audience. By using the methods of market research and target marketing, businesses can find the right niche for their products and services. With a well-defined niche, businesses can focus their efforts on providing excellent customer service and unique products that appeal to their target market. In this way, businesses can find success in even the most competitive markets.