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Niche Marketing 101
Why you should consider Niche Marketing and
the 4 Most Important Things You MUST know
before targeting a specific market
By Joe Garris
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Maybe you thought your chance
to make money online was gone? Or that the
only people that were making tons of profits
were the ones selling "Make Money Online"
products?
Well,
there is a revolution that is rapidly
approaching that could literally change your
financial future forever. It is not some hot
trend that will come and go in a year or so.
It is not an area that you have to study for
years before you can begin to reap the
rewards.
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The principles are based
on sound business concepts that have been
taught and proven for years by some of the
most successful marketers in the world.
What I'm referring to is
Niche Marketing. In order to be
successful with a online niche business, you
need to be able to find niche ideas,
evaluate them, develop products around them,
profit from them and then duplicate your
success in other niche markets. But first,
you need to study the basics of Niche
Marketing.
What is a
niche market anyway?
You can
loosely define a niche market as composed of individuals
and businesses that have similar interests and needs. A
better way to think about this is to imagine you are
fishing. Niche Marketing would be like you fishing in a
small pond packed with really hungry fish and you have
the bait they like the most.
The opposite
is mass marketing which would be like fishing in a large
pond with a ton of fish spread throughout the pond that
are overfed and thus have their choice of meals.
Why Should
You Consider Niche Marketing?
In short,
you should consider Niche Marketing unless you are a
large corporation with deep pockets. If you are a large
corporation then by all means, stay with the
masses...PLEASE!
Most large
corporations ignore the niche markets because they are
not trying to make an extra $1,000 to $15,000 per month
like many small business owners and entrepreneurs.
Instead,
they are looking to make extra millions per month.
This is
great news for us because we don't have to compete with
the advertising budgets of these large corporations.
It is also
pretty easy to find potential customers in niche
markets. Simply put, people that have the same passion
usually read the same things and hangout at the same
places.
Just in case
you were wondering, here are some examples of Niche
Markets - some larger (and weirder) than others:
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Winter
Camping Enthusiasts |
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Motor
Coach Owners |
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Carpet
Cleaner Business Owners |
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Ferret
Owners |
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Pyrographers - That's Wood Burning |
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Cocker
Spaniel Owners |
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Scrapbookers - Much larger Niche than it used to be
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Before we go
any further, here are the 4 most important things you
need to know before deciding which "niche market" to
pick:
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Is the
market easily defined and reachable? Where do they
hangout? What publications do they read? Do they
have clubs or events that brings them together?
Are they looking for information online?
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Is the market small enough
that there are not many competitors but
large enough to allow you to make a profit? You want a
small pond but it must have enough "fish" to make it
worth your efforts. |
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Will the market actually
have and spend money? Do they actually buy stuff? A good
sign is if there are sites selling products for the
market. Hard products are usually not the most
profitable products to sell. But, if hard products are
being sold, this is a good sign and these businesses are
potential joint venture partners. |
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Does the group have
ridiculous amount of passion for the hobby or topic! Do
they eat and sleep the hobby?
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You are
looking for prospects that are so passionate that they
must have all the information related to their subject.
A great
example....GOLFERS! We have to have the newest
equipment, gadget and every golf magazine just in case
there is that one hot tip that can change or game and
allow us to actually beat our golfing partner next time
out.
This article
is the first part of a SIX PART FREE Mini-Course
available at:
http://www.productideaevaluator.com/id?195527
Joe Garris
has been a Chemist at a major Pharmaceuticals company,
an Internet Marketer at a mid-sized catalog company that
has yearly revenues in excess of $120 Million Online.
Additionally, Joe has consulted with nearly 100 small
business owners (many with successful offline niche
businesses) helping them to profit from niche marketing
on the Internet. Joe has also co-created with Ben
Hathaway "Product Idea Profitability Evaluator"
software to help entrepreneurs find ideas and evaluate
the online profit potential of those ideas in minutes.
You can learn more
about this breakthrough new software called Product Idea
Profitability Evaluator (PIPE) at:
http://www.productideaevaluator.com/id?195527
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