A niche market is a focused, targetable portion of a market sector.
By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. A niche market may be thought of as a narrowly defined group of potential customers.
A distinct niche market usually evolves out of a market niche, where potential demand is not met by any supply.
Such ventures are profitable because of disinterest on the part of large businesses and/or lack of awareness on the part of other small companies. The key to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already.
Knowing your NICHE MARKET and where to find your NICHE is more important than the product you sell.
Most Netpreneurs take a narrow view of NICHE MARKETING as a limitation on their business, when in fact it is the POWER that provides longevity to their business.
The biggest mistake most new netpreneurs make online is that they have no idea where, or what, there NICHE MARKET is and therefore, sell their product to everyone and anyone and in the end sell to no one.
A common misconception is that if you build it they will come. The truth is you have to find your NICHE and get them to come to your site.
In talking to new netpreneurs the first question I ask is who are you selling to? The almost instantaneous reply and always the same answer is: everyone and anyone.
The next successions of questions I then ask are:
- what type of product are you selling
- who would use your product
- What problem does your product solve
- Is your product distributed easily
- Who would benefit from using your product
Simple questions, but not so easy for many netpreneurs to answer. If you take some time and answer these very straight forward questions you will find that by defining your NICHE you will be better equip to go straight to the source, than taking a stab in the dark and hoping it will all work out.
You will also find that by defining your NICHE MARKET you will:
- Help define your Internet Marketing Strategy
- Develop products/services that appeal to your NICHE
- Set yourself up as an industry leader
- Optimise your site for search engines so your NICHE can find you easily
- Maximise your marketing budget where it counts.
Once again I ask you: WHATS YOUR INTERNET NICHE MARKET?
The truth can be found in your answers
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