a.What is Niche Marketing?
You always hear the word „niche‟ in internet marketing. If you ask a person who is interested in online business, he would tell you that the best way to earn money is through niche marketing.
And if you are a newbie or an amateur in this kind of business, you probably do not know what it means exactly.
To solve this problem and for you to know more about niche marketing, you should read the next few paragraphs.
Just as the name implies, niche marketing is a business or marketing strategy that addresses the needs of a specific group of people in a population.
The good thing about this marketing strategy is that you do not need to worry about finding a niche for your business because you can create it yourself.
Your first step in creating a niche market is to know the needs and desires that exist in a specific segment of a population that are poorly or not yet addressed by other companies or businesses.
Then, you should provide goods and services that will cater to these needs and wants. This is the basic formula for a successful niche marketing strategy.
There are many different kinds of niches that you can choose from. You can select art-related niches such as digital photography, writing and creativity, crafts and crochet, or dramatic niches; business niches like affiliate, blogging, consulting, employment, economic, eBay, management, marketing, and internet marketing niches; hobby or recreation niches such as cooking, gambling, gaming, gardening, collections, or yoga niches; and other random niches such as education, science, self- development, and inspirational niche, to name just a few.
There are two kinds of niche marketing—one that targets a wider population and another that focuses on a smaller part of a population.
For instance, you can start a business that sells detergent because there is a continuous and high demand for this product.
Who does not do their laundry, anyway? However, the major setback for this is that you have a lot of competitions.
And because of this you need to lower your prices to be able to thrive in this kind of mainstream niche market.
For the second type of niche market, only a small part of the population is in need of your product.
Because of the low demand, you will have fewer competitions, which in turn will allow you to increase your products‟ prices.
For example, you can sell a tofu burger to vegetarians or health conscious individuals. These people comprise only a small part of the population.
For this reason, you will be among the few, if not the only one, who will cater to this need or desire.
And as you might very well know, low demand but no competition could mean higher prices. Many people prefer the latter option.
They would want to try their luck in something that no other businesses or companies have ventured into.
Sure, the risk is greater but the idea that their company is the only company or one of the few companies that will cater to the desires and needs of this small market sounds like the perfect formula for a successful niche marketing business.
b. Benefits of Finding a Good Niche Market
Now that you have an idea on what niche marketing is all about, you should now find a good niche market.
And just like any good marketer or people who are about to start their own business, you will also ask for the benefits that you can gain from finding a good niche market.
As what has been previously mentioned, people prefer a niche market that has a small market and small competition.
This kind of niche market can be considered as a good niche market. Your first goal as a fledgling marketer is to find such market.
And once you have found a good niche market where you can successfully sell your products, ideas, or services, you will get the benefits that you will not find if you start your business in a different market.
