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Short Course In Niche Marketing – Part 1
Once you have mastered the basics of Internet marketing it is pretty easy to go into other markets and make money and even dominate those markets. This is the first lesson in a short course on niche marketing. This lesson will give you the knowledge and tools you need to find niche ideas, evaluate them, develop products around them, profit from them and then duplicate your success in other niche markets. In this first article we will go over why you should consider niche marketing as a business model and how to determine whether a niche can be profitable. First things first, let’s define what a niche market is. Basically you can define a niche as a small piece of a bigger market.
EXAMPLE:
Big Market: Dogs Niche Market: Labrador Retrievers Smaller Niche Market: Breeding Labrador Retrievers Even Smaller Niche Market: Breeding Red Labrador Retrievers Your niche can go as deep as there is a market for.
Why Should You Consider Niche Marketing?
The main reason is that the bigger the market is the more competition there is and the more difficult it is to make money. The smaller the niche the more opportunity you have to target your market and serve them exactly what they are looking for.
How Do You Determine What Niche Market To Enter?
It is always good if you have some knowledge in a niche and actually like it. However, if you are like me it doesn’t really matter. I only want to provide a good product or service and make money doing so. I don’t need to like the niche or even know anything about it. Here are some tips to help you figure out what a good niche would be.
1. Can the market be easily defined and reached?
Do you know where people in the market gather? Do they visit forums, online community sites, is there someplace in your own community to learn about the niche? Are there publications devoted to the niche. By the way this is a great way to help determine if the niche is viable. Are there clubs, social gatherings, radio, magazines, or TV shows about the niche. Do the people interested in this niche search for information online? These are the kind of questions that will help you know if there is a target market for this niche.
2. How Big Is The Niche Market?
It is important to know how big your niche is. You need enough interest to make it worth your while but not so big that you have loads of competition
3. Does This Niche Spend Money?
This is very important because you can’t make it if they don’t spend it. If there are sites that are selling products in this niche then there is probably a market. If hard products (physical products) are being sold, this is a very good sign and you may even have opportunity to create some joint ventures. Joint ventures can be an awesome addition to your bottom line.
4. How Passionate Is The Niche?
The more passion, the better. If the niche you are targeting has people who love what they do then you will make money. You want to find a niche in which your prospects are so passionate that they must have every piece of information related to their subject. One of the best examples I can think of, is golfers. They are some of the most passionate buyers there are in any niche market. There is nothing they won’t do to improve their game. They buy information, products, gadgets, videos, anything that will help them improve their game.