Finding a lucrative niche market is not as difficult as you may think. By identifying a corner of the market that has enough customers to sustain a business is the first step to starting your online empire. Follow this guide to finding those hidden gems.
Identifying a lucrative niche market is essential to your marketing strategy. A good niche market will need and value what you have to offer and should return time and time again.
There’s no point in targeting people who can’t afford to pay, nor should you try to persuade people to buy stuff they don’t want.
However, customers within your niche market will be grateful that you sought to find out their problems, needs and wants and customed your products to meet their demands.
The first step to picking a niche market involves compiling information about your intended customers. Take a piece of paper for each niche you are interested in and write down everything you can find out about your intended customers. This includes details about:
- What do they do for a living?
- How much do they make?
- How old are they?
- What’s their gender?
- What motivates them?
- Who influences this group?
- How do they use the internet?
- Do they use social networks?
The more you get to know about your customers the more successful your business will become as you’ll be able to provide products or services specific to their needs.
Finding a Niche Market
Of course, you have to enjoy what you’re selling as it would be very difficult writing your marketing blurb on something you’re not interested in and it will show. Plus you’re going to be spending a lot of time marketing your products and services, and communicating with your customers in your niche market.
Research is essential to recognise the buoyant markets. Write down a few areas which interest you. Look at websites that sell similar products / services. These will be your competitors so take note what they do best, what you like about their website, and where your business will fit in.
- Use Google to find out how much competition there will be. Type in phrases like “How to …”, “How do you ….”, “How to prevent …”, “How to fix …”, “How do I …”, and see what pops up. This will give you some idea of what people are searching for.
- Use the social networking sites to find out what customers want, what problems they have. These should generate ideas about which niches are profitable.
- Magazines are costly to produce. If there’s one that covers your niche idea then it must be a lucrative area. Look at the adverts for some inspiration for profitable lines.
The more you get to know your market the easier it will be for your business to thrive. The success of your business very much depends on the lifestyle of your niche market and providing products to match their needs and wants. These three things need to fit nicely together in order for your business to thrive.