In simple terms a niche market is a group of people sharing common characteristics. But more specifically, a niche market is a group of people who are searching the internet for a solution to a common problem – and not finding many relevant results.
But when looking for a niche market, many people try to go for huge general markets where they can’t hope to compete. Golfers for example, middle aged people, pet owners may seem like good niche markets but they really are way too big. Try entering the word ‘golf’ into a search engine, you’ll get millions of results.
Narrowing your focus to a small niche market gives you the following advantages;
- There’s way less competition.
- Small markets are much easier to dominate – so you can become the main source for your product or service online.
- Since niche markets are close knit communities, your reputation can quickly spread by word of mouth – providing you with an ever growing base of potential customers.
- You can easily gain the loyalty of your customers – which gives you plenty of opportunities to expand your offer with related products and follow up offers.
How to find a niche market
By now you should have a list of a few general topic areas that can get you started on defining your niche market. But now you have to narrow this down.
Think about what you do when you’re looking for information. You go to a search engine and enter a few words that describe what you are looking for. You can find what people are searching for, and what keywords they are using, how often, and the results they’re getting. That means that you can also find groups of people searching for solutions to their problems. And with some further research, you can find some problems that are not getting many relevant results. And that’s a niche market.
Keyword research tools have been developed to help you make sense of all that search engine data such as Keyword Discovery and Wordtracker. If you find that the learning curve is a bit steep, then check out the simple online version in built into Bebiz.
So the process is like this:
- Start with a word that describes one of your passions, skills, or interests in hopes that you’ll find a good niche that’s close to your heart. For example the word “horses.” Just one word.
- Next step is to combine the interest word with “how” (ie: how horse) and see what comes up in the keyword research tool. Use the Legacy Version of Google Adwords Keyword Tool for keyword research (since it produces real Google search results and its free).
- Once results are in, review the WHOLE list. *Don’t skip this step.
- Get a pen and paper and start writing down ACTION ORIENTED searches that regularly show up in this list. This critical research step reveals searches where the “majority” is trying to find out how to do something — in other words, solve a problem.
- Then you can make a decision about which of these action oriented subjects you wish to explore further. You must validate the market next. Then once confirmed viable you can go to town with product development, salescopy and web development.
But wait…if you are asking how you explore your potential niche ideas further, let alone validate them and get the site up, then here is the solution:
You can do all of this through SBI!. It’s a simple “point and click” tool to creating a professionally designed website, complete with a content creation system and the right amount of SEO to encourage plenty of qualified visitors to the site…
It’s incredibly easy to use – – even if you have no business or computer experience.
SBI! automates all the necessary stages of building a new Internet business:
- Identify lucrative markets eager to buy whatever you offer them, then find hot products to sell
- Instantly create a professional-looking website that’s designed to sell
- Easily create content that will turn the maximum number of visitors into paying customers
- Start accepting payments on your website instantly