Just wasted a ton of money on a so called Niche ?
Fast growing amongst the popular terms being thrown around by online marketers is the term Niche Market. It would appear to be dominating their every conversation and for good reason. It is actually where the money is.
So, for the newbies amongst us, what is niche marketing? Can we eat it, buy it, use it up or make the ecology green with it?
Perhaps its best explained by first discussing what it’s not. Niche marketing is not marketing to a mysterious marketing segment called niche, nor is there a product called niche that a huge underground swell of people are clamoring over insurmountable walls to get. Nor, is there usually a department within any major corporation that has a position open in their niche marketing department. So don’t call Human Resources at your local City Council and ask for a position in their niche marketing department. Sorry, just had to get that one out of the way, lol.
Niche Marketing - An example
Some would say that the definition of Niche marketing is narrowing down a broader need in the market places until one derives at a much more focused segment that has little or a smaller but reasonable number of competitors.
Marketing to those that - buy running shoes. Niche or not? Not - buy Nike running shoes. Niche or not. Not (What did that surprise you?) - buy marathon capable Nike runners. Niche or not. Uhmm you’re getting warmer. - buy high arched marathon capable Nike runners. Niche or not. Yes absolutely!
Congratulations on accurately identifying a niche market area. And it really was a niche, not that broad definition or a marketplace need that we may have had in mind earlier. So, like most others, we could use some extra cash, whats the next move? Do we buy inventory now before the rush?
Not by a long shot. If you are reading this now, thinking that I am holding back, stop, don’t do it. Our research hasn’t even begun yet.
The prior example was just that. An example of the narrowing market segment that a niche market might end up in. That wasn’t even the process used to find a niche market so please don’t jump on that one. Even if half a dozen sports friends asked me for that product next week, I would neither stock nor drop ship this product for reasons that you will soon know.
Was that an inaccurate Niche Market example ?
It wasn’t necessarily a poor example, but the truth is - far more research is required. To start off with, are those actually the keywords that people use to search for this product? In the past, only search engine statistics could tell us that. Then there were great search engine tools that could help further filter that information. But to help determine whether its a great Niche product, even search engine tools like wordwatcher can only go so far.
So, what kind of additional information does one need beyond how much competition is there and how many possible clients are searching for the product? This isn’t even the base of the 20 or more variables that a strong Niche software tool can hand a newbie in under a half a minute.
Save yourself some time. Don’t try to manually analyze whether or not you think you may have found a niche market product. If you have been in internet marketing or online marketing for some time, its likely that you have used Google’s excellent search engine tools hidden in the adwords product. Perhaps even you have used freekeywords from wordwatcher. Thats how I and many others use to start our search for Niche Market Products - but not any more. These battle tested tools are not nearly enough for this area of internet marketing.
Competitive Niche tool products go significantly further than just how many potential clients are searching and whether the competition has the keyword on their site. They use algorithms that use several additional variables for ranking competition. They can immediately open affiliate sites like clickbank and others with a related product already found and ready for you to use. They can find articles from Private Label Sources for reprint. And this is less than a 1/10th of their abilities.
Finding Niche Products is now so easy, even a newbie can do it. It does not require the in-depth type of intelligence that former adwords professionals used to use. Follow the links back to my site for lists of possible tools that you can use.