You will find that some Internet marketers choose to work exclusively with niche marketing. A niche market is a highly targeted group of people. For instance, if you sell cosmetics, a wide target market would consist of people who use and buy cosmetics. A niche market may be people who use and buy mineral cosmetics.
There is a big difference between the two. If you do not carry mineral cosmetics, the smaller niche market will not buy from you. And if you only carry mineral cosmetics, there will be people in the wider target market who will not buy from you.
The reason Internet marketers like to work with niche markets is having the opportunity to be the only carrier of a product that will fit that niche market’s needs. It may take some work, but if you can find a niche and offer a product or service to them, you have the opportunity to sell a lot of products or services.
Start researching your own interests and see what comes up. Or take your target market and find out if there is a product or service that a highly targeted number of them need, but can’t seem to find.
You can use services like Wordtracker to determine which keywords and phrases are being searched the most often. For instance, if your target market is people that home school their children, and you plan on having a niche site about creating lesson plans, you can use the service to see which type of lesson plans are the most sought after.
Not only will you want to take notice of how many searches are being performed, you will want to see how many competing pages there are. Your best bets in niche marketing will be to find a phrase that is searched on a lot, but doesn’t have many competing pages.
In addition to this type of research, you can also set up a campaign amongst your own customers and mailing list and simply ask them what type of products or services they would like to see you offer. This can give you some great ideas that you may not have thought of yourself.
As you start to develop ideas about which niche you would like to focus on, start taking notice of your competition. Study the products and services they offer, the features and benefits of these products, and their price points. This will help you develop your product. What are the things you can improve upon? How can you make your product more unique? How can you provide more benefits to the user or how can you make your product more affordable?
Once you have settled upon a niche and developed a product or service, you will need to develop a website and start promoting your item(s). You can then think of more products and services to offer to this same niche or you can start the process over and find a new niche to market to.