Define a niche
A niche marketing is a strategy to focus a group that have common interest. The focus group can be someone who likes sports, shopping, music, movies and so on and so forth. However, if you immediately jump start your online business venture by using the niches above, you are likely to have rather a hard time. Why? Those are too broad. Let’s take an example of music. There are pop musics, R&P, Raps, Hip-Hip, Gospel, Classical, Jazz, Rock, Christian, etc. Just to name a few. That’s why another more focused group called “micro niches” are come to play
micro niches
micro niches are narrower focused group that derived from the bigger niche itself Use the example, given above micro niches for classical music may be classified by composers such as Handel, Beethoven, Bach, Mozart and so on. However, as demand is limited, micro niches are saturated quickly, but they are generally have lower barrier entry points while bigger niche need more time to set up.
Finding a profitable niche
One way to find a niche is to find out what your friends, relatives, colleagues or other people everyday in their life or simply login to Amazon, eBay or Walmart to find out what are the popular categories or products that people like to buy. Once you define your niche, you need to find a micro niche or sub niches. One way to do that is using a keyword tool like WordTracker or keyword discovery. The keyword tools will give you ideas on how many times or search phrase or keyword being searched on engines like Google, Yahoo, or MSN. So that you will know how many people are looking for a product, service or information.
Comfortable vs Profitable
Some would suggest you find a niche which you like most doing, or interest on. Yes that’s true you can find your niche that way but your purpose here to earn money rather than developed it as a hobby. Thus you should find micro niches that are have business value rather than your interest in that business.
Later in the series, we’ll discuss how do you know your niche market works, so see you next week.
