So I'm sure you've heard this phrase at least once or twice as you've surfed the web. Maybe you saw it pop up in a Google search. You've probably even received spam from marketing gurus praising "niche marketing". But what is niche marketing exactly?
The term “niche market” can be difficult to define, so please allow me to use this excerpt from About.com:
|A niche market is a focused, targetable portion of a market.|
By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. You can think of a niche market as a narrowly defined group of potential customers.
For instance, instead of offering cleaning services, a business might establish a niche market by specializing in blind cleaning services.
Why should you bother to establish a niche market? Because of the great advantage of being alone there; other small businesses may not be aware of your particular niche market, and large businesses won't want to bother with it.
The trick to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already.
Depending on the market you choose, niche markets can be very hard or very easy to break into. General topics such as dieting, health and fitness, loans and credit cards, relationships/dating (the list goes on and on) are very hard to break into because the market is absolutely saturated. In other words, you have so many competitors that trying to meet or surpass them is virtually impossible. Dieting is a fairly easy reference because it is probably the most common niche out there. If you wanted to break into the dieting market, you would be facing competitors such as Jenny Craig, Weight Watchers, South Beach and Nutri-Slim just to name a few.
Imagine that a niche (and you can pick any one, it doesn't matter) is a pie. The more saturated the market is (the more competition there is), the less pie you get. In other words, if there is a lot of competition, you won't receive very much in return- you won't be able to make as much money. However, if you target a more specialized niche (niche market), say for instance “tips for keeping in shape for people over 50”, you are more likely to receive a bigger slice of pie. These kinds of markets don't have very much competition, and therefore are much easier to break into.
Niche Profit Classroom- I don't even remember how I ran across Niche Profit Classrom, and I suppose it doesn't really matter. All that does matter, is that I did. I payed just $1 for a 14-day free trial of the program and all I can say is that $1 was worth it! I learned so much about what niches are, which niches to and not to break into, how to generate steady cash flow from a website... and so much more. I really do suggest checking this site out. $1 is all it will cost for you to get your business off the ground and start making some money. (Not to mention, the founder of NPC, Adam Short has a very relaxing and soothing voice. I've put his videos on as background noise before when I wanted to relax! OK- so maybe that makes me sound just a wee bit crazy...)
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