What is a Niche Market?
What exactly is a niche? In this lesson you’ll learn what it is and how to discover your own profitable niche.
Download: Access the Niche It! Worksheet. Brainstorm to start developing your niche.
Lesson one. What is a niche market. First let’s get this out of the way. How is it pronounced niche niche niche. I pronounce it niche. Apparently it’s pronounced niche niche marketing is the fine tuning of your products
and marketing to focus on a specific demographic of customers. Simply put it means that you as an e-commerce entrepreneur are choosing to focus on your product strengths and highlight them to the people for whom it will resonate the most. For example the market of women’s shoes
has different missions. Shoes for small feet shoes for nurse’s shoes for plus size women shoes for vegan women, et cetera. These are all niche markets within the larger women’s shoe market. Nearly every market can be narrowed down further refined or even divided to meet the demands
and needs and preferences of specific groups of people. Common ways to find a niche include price demographics level of quality psycho graphics and geographics. Some examples of popular niches include women of color travelers gamers conscious consumers pet owners
plus sized men local sports fans. Why do you need a niche in today’s market. Choosing a niche gives your online business a competitive edge from the beginning, trying to launch your store into a saturated marketplace without a niche is like lighting a match in a windstorm. It’s going to be a tough battle to get anyone
to see your light focusing on a niche will help you compete by amplifying your message to a very specific audience. Not only does having a niche e-commerce business differentiate you and help you get the leg up on the competition but it will also create a valuable set of benefits that will help grow your business. Benefits include less competitive space
the more narrow your niche the less competition there will be more bang for your marketing bucks because when you know exactly who your customer is your marketing will be simpler raving loyal fans. When you create something that addresses a specific need to specific people. They will not stop talking about it.
It’s the best free marketing out there. Lastly you should create a niche based on your own interests and passions. Why you’ll be spending a lot of time in this niche so it’s ideal to look at your own hobbies passions and interests with those they’re probably
paying points like the one I had when I created kinky, curly yaki. I couldn’t find kinky textured hair extensions that looked like my hair that wasn’t buried under silk. Your textures. I had an interest in the hair extension space because I wore them. I had a passion for solving my own problem. Then I turned the solution into a seven figure business.
If you are still stumped as to what your potential niche could be. I created a worksheet where you can brainstorm your likes interests pain points and more so you can come up with the moneymaking mish idea.
What are some initial pain points, challenges and interest that pop into your head for your niche? Use the Brainstorm Worksheet to get started.