Most startup companies worried about is to choose a Niche Market when starting out. It is the first step to do Niche Market research when startup. Many folks may read a lot about Niche Market in most articles but are still confused about the word Niche Market? What is a Niche Market Definition? Today, I am going to uncover the definition of Niche Market in detail from all around itself.
What is a Niche Market definition?
A Niche Market definition is a distinct segment of the market where needs are not being addressed or are addressed poorly. In other word, it is a specific group of audience with a specific demand. A Niche Market starts with an Audience with a group of people who have a similar interest and passionate, hobby, problem. Niche market grasps a specific target audience’ request and customizes a better solution which was not presented by other competitors.
A Niche Market doesn’t mean a small market, but it captures the specific target audience in advance to enter the particular segment becoming the market leader, A Niche Market starts with an Audience with a group of people who have the similar interest and passionate, hobby, problem. Niche marketing is a marketing strategy devote to target a specific market segment. Small capital providers usually select for a niche market with narrow demographics as a measure to increase their financial gain margins.
People are in the same interest and passion, but something is specific. When choosing this group of audience, it can’t be very broad, not every product can be defined as a niche market, but a segment that is highly specialized and aiming to service among numerous competitions. If it is too broad, it is difficult to talk to your audience in a specific topic, it is hard to find the target audience.
Every market is divided into many segments by particular needs and preference of different target audience. A niche market can be defined base on the population of characteristics. For example: Gender/Age/interest/district/education/income/career/marriage
What Are The Characteristics of a Niche Market?
- It should be a lucrative
- It is undetected or neglected by Large competition
- It is narrowed down to a specific group of audience
- There are potential growth trends for this niche product
It should be a lucrative
A niche market is an out of the ordinary market, Consumers of such markets has unconventional buyer preferences or behavior, The product that they would like to consume will be different from what usually normal consumers are expected to buy, their demand product or service may not be met the needs of. These customers are willing to pay top price for the product or service that meets their needs. No other competitors are likely to address the needs of this niche market. If you can grasp the chance to leverage this niche market, you will lead the lucrative profits.
It is undetected or neglected by Large competition
When traditional large company undetected or neglected the specific Niche market, will give the niche market an opportunity to develop vigorously, there is no or little competition. When the niche market become market leaders, It is not strange that traditional large company lose a percentage of their market share to companies who focus on niche markets. Whoever wins customers will occupy the market.
It is narrowed down to a specific group of audience
As we had mentioned above, the specific group of an audience should not be very broad, or you will be very hard to position this audience to a specific area. Take, for example, you will find it hard and very large competitive to bag market, but if you specific bag in the handbag, wallet bag, key bag, baby diaper bag, mother backpack bag, travel bag, etc. Narrowed down to a specific, there are millions of search for this specific request every day, it is easier to get the target audience.
There are potential growth trends for a Niche Market
Since this a profitable niche market product, it is not met with its needs, Demand is greater than supply, there are potential growth trends for this niche. Niche market knows more about customer’s demand, Potential for growth, size, and profit can be seen in the niche market.
What is the Example of a Niche Market?
Here are some examples of a group of the specific audience that is in a Niche Market search with Jaaxy Keyword Tool. These people interest in something special topic and have a high search volume higher than 30 and low competition below 100 QSR, if you don’t know how to use Jaaxy Keyword Tool for a high volume keyword, please check this article about Jaaxy keyword tool review 2019, you will discover huge amounts of gold mine Niche Market in just a few seconds. Try to sign up a free Jaaxy account to search now.
- Keyword Avg Traffic QSR KQI SEO score
- baby shower decorations 6218 1058 65 Great 87
- best places to travel in Europe 504 86 103 Great 88
- best places to travel to Europe 506 87 2 Great 90
- Amazon books coupon codes 577 99 60 Great 94
- how to find jobs online 3756 639 45 Great 90
- how to win money online free 405 69 1 Great 91
- retirement annuity rates 778 133 73 Great 91
- teachers and salary 1126 192 33 Great 91
- healthy diet recipes 1063 181 96 Great 90
- healthy recipes for weight loss 8597 1462 91 Great 88
- waterproof digital camera 925 158 108 Great 90
Why is Niche Marketing a profitable strategy?
Knowing about the demand of the specific potential audience, it is easy for Niche Marketing to make effective strategies to meet the needs of the target audience. You can access to the specific audience easier to offer relative product and service. Communicate with the target group of audience effectively. Just because it is neglected or undetected by competitors, it is not difficult to stand out from the traditional large market.
Take an example of this keyword Niche above ”baby shower decorations 6218 1058 65″, there is a monthly search of 6218, if you achieve the first page in the search engine, you will get 1058 traffic visitors to your website every month. The number of competing websites in Google ranking with this exact keyword is only 65, very low competitive and lucrative profitable.
How to find a Niche Market?
- Keyword research tool
There are many kinds of keywords research keyword tool to recommend for Niche Market research, but I might highly recommend the Jaaxy Keyword Tool, it is one powerful keyword research for Niche research and brainstorm, it is time-consuming to search for lots of high-quality Niche Keyword in just a few seconds, take a try free account to search in the below box.
- The Magazine Approach
The hottest product or service will be promoted on Magazine or the hottest new event. Clever people will see a lot of business opportunities and Niche Market.
- Leveraging the Biggest eCommerce Platform(Amazon, eBay, Etsy, Shopify)
Look for the best-selling item from this Biggest eCommerce Platform, create your relative niche website to drive more traffic. This biggest E-commerce has been trusted and recognized by the public. There are many ways and software to find the best-selling products on this platform, you will find endless of Niche Market in any catalog, and aim at the target audience.
- The alphabet soup technique
When people are looking at something product or information, the largest search engine is Google, we should leverage the largest Search Engine to discover some gold mine by the Alphabet soup technique. It searches for a relative keyword and type alphabet letters from A to Z on Google autocomplete and fast display some group of long tail keyword combination. This clever method can help you discover millions of Niche Market.
- Leverage the Quora Q & A platform
This is the most popular question and answer platform that Yahoo Answer, millions of expert knowledge are shared from all over the world within the platform every day. It is a great social media and Niche Market research community and a powerful content creation platform, you can also drive tons of target traffic from Quora, check this article about How to increase traffic on a website with Quora. You will discover a huge potential for your traffic channel.
How to target a Niche Market?
You don’t need to waste lots of time to target a Niche Market, there are Niche Market in any catalog if you want to put passionate in deep digging search list group of long tail keyword for the specific target audience. Within each specific target group of people, there are thousands of and millions of low competitions keywords you can target with. Because there are tons of group of people looking for something information, looking to buying something, looking for solving problem, looking for helping method, and then willing to pay for the relative Niche products, When you select your Niche that you are interested in, dig into it a bit, and find more specific group of people list like the above long tail keyword example of Niche Market.
What content do you want to write about a Niche Market?
When you create content for a Niche Market, the most important goal is the drive more traffic for your Niche website, no traffic, no sense for any content. There are three requirements you need to know.
1. The Niche Market is something you know about or you can learn about. If you are not expert enough in a Niche Market, but there the truth is with a lot of topics you don’t know, you will be confused on how to communicate or offer any service with their need, your clients will grill about your industry knowledge. You just need to really understand the clients’ business, if you can use online research and aks the clients’ good question to fill the gaps.
2. The Niche Market is something you are interested in that you know about and enjoy writing and communicate with your audience a lot within their topic. Don’t pick an edge that is going to make you hate your life, hate writing. Just pick up a topic that doesn’t make you feel like walking up being tortured.
3. The Niche Market is something that a very specific kind of target client is willing to pay you well. This is the most important step that you are going to determine the profitability of your writing your Niche. It is base on the above two requirements to start brainstorm ideas, and then check which topic is profitable. This stuff does take some research, and even require some trial and error. What you need to do is determine your target audience base on your desired Niche understand the value of what you have offered. So that the topic content can drive more traffic to the website to get revenue and make a profit with this Niche Market.
The Advantages and Disadvantages of a Niche Market
It is not difficult to see the advantage and profits with a Niche Market. Just because its audience is a specific group of people, you no need to confuse about the word of what is niche but want to concert about the demography of this group of people. Who are they? What is their preference? When do they buy? Why do they want to buy? according to their preference and requirement, find a solution to meet their need, solve their pain point issue, it is quick to establish an excellent customer relationship and win their trust for long time cooperation. Take for example the Niche Market of teachers and salary, most teachers’ salary is average keep a low and medium income compare to other business, it is just wage earners living paycheck to paycheck, if they want to live with a more luxury life, they will not be satisfied with such income level, aimed at problem, it is good chance to guide them to make more earning from online business.
But there is also disadvantages of a Niche Market, nothing is good without any defect. Just as because is it such a specific audience with a smaller scale than large industry, there is not so large percentage of market share compared to a traditional large market, an only small group of customers is interested to buy the product or service. When there are needs or desires with specific and even complex characteristics, the market niche requires specializing suppliers which are capable of meeting such expectations. If you can not offer relative complex technique or service to meet their request, maybe a failure to win such a Niche Market.
How to communicate with your Niche Market?
Before communicating with your Niche Market audience, you should know more a lot with their demand. The more information you get from the audience, the easier to communicate with them. There are many ways to know more about your audiences, such as some Q & A website, like Quora and Yahoo Answer, or Answer the Public, other social network and forum.
When you are reading article content from another website, you would like to know who the author is, this is a human connection with your Niche to build trust. It makes a higher conversion. Knowing who your audience is? what are their issues and who you are helping and severing with is a key success to online business? Don’t just treat readers to your website just a visitor to your website and left, but treat them as a real person who wants to get help with your content. Make yourself as an expert in your Niche with your blog content. You should always focus on their pain points and help them to solve the essential part, that is the most effective to communicate with your Niche.
What kind of products will you promote within A Niche Market?
Building your Niche Market with an online business, the ultimate goal is to make profits form Niche. When you get tons of traffic to your website, it is time to look for some profitable relative Niche product to promote within your Niche website. What kind of products will you promote depending on what kind of Niche Market have you selected, base on the topic and the content have you created? Take, for example, you create content with travel tips all over the world, there are a huge amount of Niche products within the travel industry in affiliate marketing you can promote, that is the Niche Market strategy for revenue.
There are many channels you can search for affiliate product for a Niche market, search from Google with the keyword+affiliate program or search within Wealth Affiliate, and the other affiliate platforms like Share A sale, Click Bank, Commission Junction, Linke share, Digital River and so on.
Whether you are planning to create a start-up company or want to build your own online business, the first important step is to do Niche Market Reseach and put your effort on it, if you are newbie to select your Niche for your website, this guide is helpful for you on How to make money with a blogging for beginners. Selecting a Niche Market base on what you are interested in, you are passionate in, you know a lot about. And then dig it deep into it, make research and implement. Hope that you can understand what is Niche Market definition in this article and help you to make successful Niche research with your online work.