According to Collins English Dictionary: A Niche/ Buying audience in marketing is a specific area of marketing which has its own particular requirements, customers, and products.
In business, there are several kinds of Niches/ buying audience that one can venture into. But for the benefit of this article, I’ll be focusing this discussion to online marketing.
In online/ Internet marketing, we have several kinds of niches/ buying audience of which chief among them are:
. Mini-importation
. Sexual enhancement
. Love & relationship
. Weight loss, health &
Fitness
. Digital products (ebooks,
audio, videos, podcasts).
. Software as a service
(Saas)
. Affiliate Marketing
. Membership platforms
(especially for paid
Courses and coaching)
. Forums
Etc.
These are different markets that one can comfortably find a niche/ buying audience within in the online market place. In the convention/ offline market, small companies and brands can do extremely well if they can fill a specific market niche.
What is Niche Marketing/ Buying audience?
This is the practice of dividing the market into specializedareas for which particular products are made.
Once you discover your niche market/ buying audience, you stick to it. Even in the offline market, you cannot operate a pharmaceutical shop and a restaurant under one business name and under the same roof (I mean in the same shop).
You must define what you are selling and don’t divert focus else you’ll appear highly unprofessional and confused.
So, how do you define your own niche/ buying audience?
Some people know exactly what their niche/ buying audience is whereas others don’t; and if you’re in this class tonight, this is one of the very reasons why you’re here now.
Finding one’s niche/ buying audience can be a little bit more of hardwork for a lot more people (to discover exactly what space you’re trying to fill, what value you’re providing with your product or service, and identifying who your target audience is).
Finding your niche/ buying audience in online marketing is the first step to making money online. In it, you’ll discover yourself and your innate abilities.
The best niches/ buying audience that you can discover are those that aligns well with your personality. If you build a market on that, your business will grow with you as you increase in knowledge.
This is a very important step towards building and growing a successful business online.
What is a Niche market?
Often business owners view a niche market as narrowing their sales or cutting into a profit margin, so they fear it. The truth is: A niche market could be defined as a component that gives your business “power”. A niche market allows you to define who you are marketing to; this is just the plain truth.
What does it mean to find a niche?
One finds a niche when they discover a place where they fit in properly and feel comfortable with the situation there.
A writer can find a niche in writing romance novels, an entrepreneur can find a niche in “niche blogging” writing ebooks, selling organic products for men’s sexual health, developing a coaching website for computer programmers etc
What is a niche for a business?
This is a small but profitable segment of a market suitable for focused attention by a marketer. Market niches do not exist by themselves: note this, but are created by identifying needs or wants that are not being addressed by competitors, and by offering products that satisfy them.
What is a niche strategy?
This is a marketing approach for goods or services with features that appeal to a particular minority market subgroup. A typical product marketed using a niche strategy will be easily distinguished from other products, and it will also be produced and sold for specialized uses within its corresponding niche market.
How to carefully choose your niche
By now I’m sure you understand why it’s highly necessary for you to choose a niche?
Let’s see how we can help you find which niche is right for you based on your interests and the demand in the market.
The first thing you need to do now is to make a list of all the major ideas you have for your intended business. Just write them down like a mere draft now. Consider the following questions, they’ll help you brainstorm fast:
What niches are you fascinated the more about?
What are your biggest passions and interests as a person?
What are your hobbies?
What business do you love the most and would love to venture into if you have your way?
Do you have any previous work experience that could potentially turn into a business?
Write down your answers to all of these and let’s narrow down the whole stuff to get a specific direction for your intended business.
The next thing is to pick your top five (5) niches. Focus on the ideas you would most enjoy as a business, one that truly aligns with who you’re and what you can do easily. These lines of niches never fails. You must be passionate about it. If you intend building a real business, I’ll advice you to do this.
After picking your top five (5), you have to examine them closely and determine what their profit potential looks like. To set up your business online, the two key things you need to do is find a good niche that you’re very passionate about, find out its profit potential by researching online how lucrative it is.
Check also few people who are already into it online. Ask questions if need be (one of the major benefits of working online is that you can connect to just about anybody anywhere in the world; no matter how high or low they may be).
How do you narrow down to that one winning, powerful niche that is right just for you?
This is what you must do, you must run a search for each of the independent topics that you listed out during your brainstorming period.
How?
Follow the under-listed steps:
Do a Google search of all keywords related to your niche. First of all, run a search on the broad topic, then break it down to the narrowest level of it.
Eg, I want to sell Viagra as an organic product on my website.
What I need to do should be to go straight to google and enter “Health” as a keyword which is a very broad niche on its own and will most likely come back with millions of search result to show that it is highly dominated.
If I decide to go ahead and set up a blog or web presence on a niche called health, there’s a very high possibility that my business will never be found online.
So what do I do in this case?
I will take the next step forward by streamlining my search to men’s health, then from men’s health down to men’s sexual health, then to men’s sexual enhancement, from there to men’s sexual enhancement drugs, and then to men’s top 10 organic sexual enhancement drugs/ supplements (that is if Viagra is an organic stuff). I don’t know much about it because I’ve never sold one.
Also make use of “Google AdWords Keyword planner”.
It’s 100% free
Although you need to sign up for “Google AdWords” first before you can use it.
Run your search in there for any niche at all after you’ve narrowed them down.
Any niche that gives you above 10,000 searches per month for your main keyword search and 50,000 for other related butspecific keywords, then it means it has a high profit potential and you can go for it.
Another way you can also be sure you’re on the right track is to go straight to amazon.com
search for related niche or the kind of products you intend to sell. If you find thousands of result from the search, it simply means you’re on track.
After all this process Boom! You’re there with your perfect niche.
