Niching Your Market: What Is A Niche Market And What Is Not
You might already know this, but just in case, we’re going to cover what a niche market is and what it’s not.
Some people are under the misconception that a niche market is a tiny market that almost no one is participating in.
Underwater basket weaving is a good example.
There are no products in this niche (that we know of) and no competition. There’s also no market as far as we know. (Actually I have just Googled it and there ARE a number of entries for 'underwater basket weaving! Who'd have thought! We will run with this example though as I am sure you know what I'm getting at.)
Remember that competition means you’ve found a healthy market.
If marketers are consistently spending money to reach a certain market, then there is money to be made.
“A niche market is the subset of the market on which a specific product is focusing; therefore the market niche defines the specific product features aimed at satisfying specific market needs.”
Notice that it says the market defines the product features.
It’s not so much about finding the right products, as it is finding the hungry market that wants those products.
Let’s take diet as an example.
Weight loss is always a popular topic, but a product geared towards every human on the planet who wants to lose weight isn’t focused.
When you try to capture the entire market, you generally don’t capture any of it. Instead, when you niche weight loss down to a specific demographic, such as new mothers or men over 40, your audience begins to pay attention.
Your product might not even be all that different from a generic weight loss product. But when you’re speaking to a specific audience, that audience pays attention.
Imagine you just had a baby, and you want to lose the extra 20 pounds you gained during pregnancy.
Are you going to buy the weight loss program aimed at everyone and anyone?
Or the one that is speaking directly to new moms?
Or what if you’re a chiropractor and you want to buy a course on marketing your practice on the internet?
Do you buy the generic marketing course for all business owners? Or the one geared specifically to chiropractors?
Today’s marketing is about establishing solid relationships by delivering awesome value to your niche. You can build massive trust and credibility with the right niche audience, and along the way you can recommend products that fit their needs perfectly.
Do you see what we’re doing here?
We’re choosing he audience FIRST, and then creating or choosing the products to fit that audience.
It’s never about you and the products YOU want to create.
Niching your market is about your audience and satisfying what they want.