A niche market-pronounce “nich”– is a segment of a market on which a particular service or product is converging. In other words a niche is a subset of a greater whole. For example if the market is “mobile phones” then a niche in the mobile phone market as a greater whole could possibly be iPhones. However this is not really what is meant when internet marketers refer to the term “niche”. iPhones are definitely a subset of the mobile phone market however iPhone’s are a market in itself. The key in internet marketing is to find a underserved market – and serve this market with the products and info that is desired. Usually underserved markets are what internet entrepreneurs mean with the term “niche”. Therefore we need the further refine the subset in our iPhone example, for instance “handmade leather iPhone casings” is a good example of a niche market. If this becomes a market by itself this can be broken down into iPhone casings of a particular brand or model and so on. It’s best to find underserved markets because there is less competition and there is still a chance to become the market leader in those subsets or niches.
A sound pretty straightforward doesn’t it? Indeed The concept sounds straightforward enough, however FINDING a niche market proves to be a very difficult task for many individuals – let alone finding niche keywords to go with it!
A simple technique on how to find a niche fast:
step 1
Offer accessories or products that supplement fashionable expensive products. For example, go to major online shopping sites such as Walmart.com, Target.com, Amazon, and the eBay main page and run through the products promoted on the main landing page. Are there some things you are excited about yourself?
Good! There could be an outstanding niche possibility here, continue to step 2.
step 2
As an example, you surf to Amazon.com; on the top of the page are 3G phones. The Apple iPhone 3G is a good example. Anything on the first page of Amazon is certainly going to be quite a trendy item. But your niche products aren’t going to be 3G phones.
step 3
You intend to piggyback off of 3G phones and search for add-ons to market like skins, chargers, carrying cases, screen protectors, holsters, ear pieces, and headsets. There should be a niche market for all of the accessories that go along with the phone.
step 4
Investigate exactly what these components are selling for on eBay & Amazon. Use Google to locate distributors for the goodies.
step 5
Consider if you can invest in the product or service at a cost that guarantees reselling it on the web. The analysis routine can take a while and you will need to be persistent. You may have to check out 50 items to find 1 or 2 that are profitable.
If you must compete with other entrepreneurs in the identical niche and they are particularly passionate when it comes to their niche (while you chose this niche based on keywords or profit potential) you are likely to have a rough sledding competing with them.
You’ll probably know if you decided to go with the wrong niche or the correct one. Taking into account all the potential topics, niches and markets there are. it makes no sense to focus in niches you don’t really ENJOY. There are simply too many possible choices. You’ll want to start performing in a niche market that is lucrative and pleasurable!!
It won’t be complicated if you’re doing what you have a passion for. I don’t care if your passion is rehabilitating abandoned pets; if you learn to exploit everything the online world has to give, you can turn water into wine – you can convert what you enjoy into a legacy-building online business that makes plenty of income, and nevertheless be true to yourself.”
How do you acknowledge if you selected the right niche?
You’re having a great time. Period.
This article is a trimmed down version of the full article i have written on my website cash-central.net.
To read the full article use the link below:
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