What are niche markets?

A niche is a smaller segment of a larger market. It is composed of individuals or businesses that have similar interests and needs. In the business world, niche markets are the groups of consumers that you should be focusing on, because they are the most likely ones to purchase your products or services.

A niche must be discovered. The process of targeting a niche is about finding a need that people have and then creating or finding a product to fulfill that need.

Examples of niches could include “Yorkshire Terriers” as a niche in the broader category of Dogs which, in turn, is a subset of the large Pet category. Another example would be “Acne” which is a niche within the broader category of Skin Care, which, in turn, is part of “Health and Fitness”.

Why should you consider niche marketing?

You should consider niche marketing unless, of course, you are a large corporation with very deep pockets. Most large corporations ignore the niche markets because they are not trying to find the extra $1,000-$15,000 per month that can be very appealing to small business owners and entrepreneurs. No large company can be all things to all people. This can be very attractive to smaller companies because niche markets typically contain less competition.

Additionally, by using niche marketing to narrowly define your target customers and marketing efforts, you’ll see a much higher return on investment and more success.

Ways to find niche markets

Don’t select your product first, and don’t get too attached to any one market. Instead take your time looking for niches in a number of areas such as:

• Magazines
• Bookstores
• Digital Marketplaces
• Talking to Passionate People
• Listening to people’s problems

Magazines can offer a great place to find niches where people are already spending money. Go to a large bookstore where there are large numbers of magazines to get ideas for niches. If you don’t have a bookstore near you, visit www.magazines.com to jumpstart your thoughts.

Bookstores also offer a great place to check out various niches. Check out the non-fiction areas of the bookstore and pay particular attention to “self help” and “how to”books. Again, if you don’t have a bookstore near you, you can go to www.amazon.com for many ideas.

Another great place to get ideas for possible niches are digital marketplaces such as www.clickbank.com. Clickbank sells over 46,000 digital products and is nearing $2 billion in online sales. If you go to their site and visit the “marketplace” you can see myriads of niches that people are already targeting. What’s more if you see products with gravity scores of 10 or higher you know that the products are selling.

Sometimes your greatest ideas can come from learning what other people are passionate about. When you get together with friends make a point to learn about your friends’ hobbies and other interests. What makes their eyes and expressions light up?

Listening to people’s problems can also help identify niche markets where there are unmet needs. Besides listening to friends and others you can often find great insights by joining online forums on various topics. Just go to Google and type in your “Niche name” and the word “forums” and you’ll generally be able to find a large number of forums. Here you can do a lot of informal market research and learn of people’s problems, their frustrations, and desired solutions.

Other considerations for finding a hot market

In order to find a hot market niche, a number of characteristics need to be present:

• The market needs to contain a large enough number of people to make it worthwhile to market to. One way to check the numbers is to use Google’s free keyword tool. Simply type in the root keywords for your potential niche and see what kind of numbers you get for global monthly searches. A potentially good niche would have searches of at least 15,000  – 30,000 per month and the sweet spot would be 30,000- 100,000 searches.
• Your prospects need to be very passionate and proactively looking for solutions.
• Your prospects also have to have disposable income and be willing to spend money on a solution.
• Look for markets where prospects are experiencing pain and urgency or an irrational passion.
• Look for niche areas where your prospects have few or no perceived option.
• Competition is good, however, because it shows you that people are willing to spend money.

Where can you start?

There are 3 mega niches that are a good beginning point if you’re still stumped on where to begin. They are:

• Health & Fitness
• Relationships & Dating
• Business & Money

You will still want to significantly narrow down your niche to smaller subsegments of these mega niches, but these are great places to begin because most people are looking to either enhance how they look and feel or avoid pain and frustration.

A series of seven lessons delivered to your inbox over the next few weeks, packed full of content such as:

• What Niche eMarketing is,
• What it is NOT,
• How to identify and research niche market possibilities,
• How to discover your passions and build your niche around them
• How to narrow your options
• What business designs give you competitive advantage,
• What factors you need to know before you pick your niche,
• How you can pick a Niche eMarket,
• How to use your Niche to develop your brand, reach your target market, help others, and sell more products and services,
• How to become the trusted authority in your niche,
• How many searches a day must your keywords get to make your niche lucrative,
• Basic resources you’ll need to build your Niche eMarketing empire, and
• More…more…more…important insider tips and techniques to help you get started in Niche eMarketing right now!

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