Niche Market Products can help grow your business. 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.
What is a Niche Market Product?
A niche market product is a product that targets a very specific group of people.
Niche products are often made to address a specific problem or to serve the needs of a particular group of people. Niches can be created in any industry and for any type of product. For example, there are many different types of baby products on the market today that target different types of parents and babies.
Products become popular because they fill an unmet need in the marketplace.
For example, content marketing is on the rise. The desire for instant gratification is inescapable. It has driven people to crave instant access to information. Content marketers are no exception to this phenomenon. Marketers are now turning to AI writing software for marketing to help with create fresh engaging content.
How to Find the Right Niche Market Product
Niche markets are a great way to make money online. They are also a great way to get started with your own business. They can be very profitable, but they require a lot of research and dedication.
The internet is an ever-changing landscape of niche markets and product ideas. Many niche markets popular in 2018 were decimated by the pandemic. To keep up to date with the latest trends, you’ll need to do your research.
Target your market
The first step is to identify the niche market that you want to target. This can be done by looking at your skills, interests, and passions. Look for trends that are not yet in the mainstream. Narrow down your focus to something specific. Research your competitors
The next step is to find a product that will fit into this niche market. You can do this by looking for products that are already in the niche market or by creating your own product.
Potential Evergreen Niche Product Markets
The following is a list of potential “evergreen” niche markets and product ideas.
Consumers today care about how the products are sourced and produced. According to a survey in 2020 by IBM 1, nearly six in 10 consumers were willing to change their shopping habits to reduce environmental impact.
There are a lot of opportunities to develop a niche within this market across different types of pets, lifestyles, and more. Many people added pets to the family during the pandemic. This market was thriving even prior to the pandemic. In 2020 sales topped a historic high $103 6 billion, according to the American Pet Products Association (APPA) State of the Industry Report. That marked an increase of 6.7% over 2019 retail sales of $97.1 billion. In 2020, 30% of pet owners reported they spent more on their pet/pet supplies.2
As pandemic lockdowns are lifted, people are ready to travel. Some are traveling for work, while others are traveling for recreation. One niche market that is ripe is eco-friendly vacations. Research reveals almost three quarters (72%) of travelers believe that people need to act now and make sustainable travel choices to save the planet for future generations. 3 Many travelers are also looking for authentic local experiences, convenience, and long-term trips. Potential products include luggage, electronics as well as pet travel options.
According to LGBT Capital, the LGBTQ+ community’s estimated purchasing power is upward of $3.7 trillion globally. 4 There are many opportunities to connect with this rapidly growing niche market.
The home office used to be exclusively for freelancers and entrepreneurs. Thanks to the pandemic lockdowns, many people who began working remotely from their homes continue to do so. Keeping these remote workers’ motivations and lifestyles in mind can help you identify product ideas. Focus on solving problems that will help remote workers and the companies that employ them achieve their goals.
Health & Wellness products
Heath & Wellness is already huge. The health & wellness food market alone is expected to reach 162.09 billion by 2026. 5 It’s so big, it’s hard to consider it a niche market. With that said, there seems to be a constant flow of new trends and unique products. There are many untouched micro-niche territories, which means .
Beauty and health products
Beauty and health products industry is regularly cited as one of the fastest-growing industries online. Niche market product options here are virtually endless. In case you haven’t noticed, there are a lot more beauty products created for men and there’s no end in sight. There’s a growing number of traditional men’s beauty products like shaving creams, shampoo, fragrances and beard oil. However, there are a lot of new products emerging like concealers and makeup made just for men.
Finally, you need to create a marketing strategy for how you will sell your product. There’s a huge difference between marketing tactics vs marketing strategy. Marketing tactics are things you do, like sending out postcards. There are marketing tactics which work great for some businesses but not for others.
How you advertise your business depends upon the type of sale you are making. Advertising major sale products is dramatically different than for minor sale products.
The final stage of your marketing strategy is deciding what marketing channels you will use.
How to Choose the Best Niche Market for Your Product
A niche market is a group of people with a shared interest, lifestyle, or problem. Underserved markets or those who have untapped needs are ideal.
There are many ways to go about finding your niche market, but the easiest way to do it is by using Google Trends and Keyword Planner. You should also consider the following points:
- How much money is being spent?
- How many people are interested?
- What problems do the members of this niche have?
- Can I provide a product or service to solve these problems?
How to Sell Your Product in the Right Niche Market
How to sell your product or service depends upon whether you’re making a major or minor sale. If you’re making a major sale you need to use different marketing tactics than you would if you’re making a minor sale.
The Internet has made it easier for people to find information. As a result, content marketing is a key element in any niche marketing strategy. In order to sell your product in the right niche market, you need to know what your target audience is and what they want. You also need to know how much competition there is in that niche market. Who are your competitors? Why are they successful? Where are they weak?
Ideally you’ve found a product that doesn’t have many competitors but people are actively searching for it online. If you find a lot of competition and not many people searching for your product, then it’s time to go back to the draying board.
Pros and Cons of Selling Niche Market Products
- Once you get to know the Goals, Desires and Problems faced by your niche market, you’ll be able to zero in on the best products to offer.
- A tightly targeted range of products, means your entire brand will be easier to manage.
- You’ll get better ROI on content. Creating valuable content is easier when you cater it to a tightly targeted audience.
- Niche marketing means it’s easier to track marketing ROI.
- By targeting a niche market you’ll run fewer ads and not need to invest in as much research.
- You’ll have an easier time choosing SEO keywords and web design features to target your niche market’s group behavior
- YOU MUST UNDERSTAND YOUR TARGET GROUP’s GDP (Goals, Desires and Problems)
Niche marketing demands an intimate understanding of your target customers. It’s much easier to target a niche audience you personally understand.
- It’s hard to put your eggs into one basket with a niche marketing strategy for small businesses. Remember, just because you’ve targeted one audience doesn’t mean you can’t target another. It just means you create a separate campaign and/or website for the new target market.
- If you miss, you may miss big. It’s hard to hedge your bets when you’re a small business doing niche marketing. That’s why it’s critically important to measure your advertising’s effectiveness.
The Benefits of Selling Niche Market Products
The benefits of selling products and services in niche markets are numerous. For starters, competitors often overlook niche markets. Focusing upon a niche market allows you to provide better service to your customers. Best of all, niche marketing allows you to increase your marketing ROI which means every advertising dollar works harder.