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Dear Salesmen/Saleswomen, Marketer, #Entrepreneur, have u heard of NICHE MARKETING?
It is 1 of d most neglected,yet, impact oriented aspect of Sales & Marketing.
Ever heard d expression,jack of all trades,master of none?
@EntrepreneurHu6
@TosinOlugbenga
@myluvlies
@TeenMogul
Dear Salesmen/Saleswomen, Marketer, #Entrepreneur, have u heard of NICHE MARKETING?
It is 1 of d most neglected,yet, impact oriented aspect of Sales & Marketing.
Ever heard d expression,jack of all trades,master of none?
@EntrepreneurHu6
@TosinOlugbenga
@myluvlies
@TeenMogul
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It essentially means that a generalist can do everything decently, while a specialist does one thing extremely well. The same holds true when you’re selling online.
Carving out a niche market & positioning yourself as the go-to brand for a specific audience not only
It essentially means that a generalist can do everything decently, while a specialist does one thing extremely well. The same holds true when you’re selling online.
Carving out a niche market & positioning yourself as the go-to brand for a specific audience not only
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establishes your credibility over competing generalists but also results in a more focused business, from your unique value proposition to your content marketing, that makes it easier for the right customers to say, "This is for me."
establishes your credibility over competing generalists but also results in a more focused business, from your unique value proposition to your content marketing, that makes it easier for the right customers to say, "This is for me."
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If you’re racking your brain trying to think of your first product idea, starting with a niche is a great place to begin. There are countless niches you can pursue, with the opportunity to niche down even further.
If you’re racking your brain trying to think of your first product idea, starting with a niche is a great place to begin. There are countless niches you can pursue, with the opportunity to niche down even further.
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The key is to identify a niche market that u can master & has a viable audience of customers.
Now, we’ll go over what a niche market is, how to identify 1 & find in-demand products to serve it, plus a few niche market examples that are ripe for new players.
The key is to identify a niche market that u can master & has a viable audience of customers.
Now, we’ll go over what a niche market is, how to identify 1 & find in-demand products to serve it, plus a few niche market examples that are ripe for new players.
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What exactly is a niche market?
A niche market is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large.
What exactly is a niche market?
A niche market is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large.
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For example, within the market for women’s shoes are many different segments or niches. Shoes for vegan women would be a niche market, as would shoes for plus-sized women, shoes for nurses. These are all niche markets within the larger market for women’s shoes.
For example, within the market for women’s shoes are many different segments or niches. Shoes for vegan women would be a niche market, as would shoes for plus-sized women, shoes for nurses. These are all niche markets within the larger market for women’s shoes.
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Nearly every market can be further refined, or divided, by the particular needs & preferences of its constituents. Some of the most common ways to define a niche are based on the following;
Nearly every market can be further refined, or divided, by the particular needs & preferences of its constituents. Some of the most common ways to define a niche are based on the following;
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Price (e.g. luxury, moderate, discount)
Demographics (gender, age, income level, education level)
Level of quality (premium, handmade, economical)
Psychographics (values, interests, attitudes)
Geographics (residents of a certain country, city, or even neighborhood)
Price (e.g. luxury, moderate, discount)
Demographics (gender, age, income level, education level)
Level of quality (premium, handmade, economical)
Psychographics (values, interests, attitudes)
Geographics (residents of a certain country, city, or even neighborhood)
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Choosing to focus on a niche is a strategic business decision to serve a certain customer base better than competitors who target the larger market.
Choosing to focus on a niche is a strategic business decision to serve a certain customer base better than competitors who target the larger market.
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How to find your own niche markets in 2020
For both new and established ecommerce entrepreneurs looking for a niche market & product to sell, you’ll first need to establish an overview of the larger market & drill down from there.
How to find your own niche markets in 2020
For both new and established ecommerce entrepreneurs looking for a niche market & product to sell, you’ll first need to establish an overview of the larger market & drill down from there.
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Your niche will be a subset of that market and will help define everything from:
The product features you aim at your market's needs
The price range for your products
Production quality
Your positioning/branding
Your marketing strategy
Your niche will be a subset of that market and will help define everything from:
The product features you aim at your market's needs
The price range for your products
Production quality
Your positioning/branding
Your marketing strategy
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Choosing a niche gives your online business a competitive edge from the get-go. If you try to launch your online store in a crowded product category or market, you're going to face a tough uphill battle against the established competition. Focusing on a niche helps you
Choosing a niche gives your online business a competitive edge from the get-go. If you try to launch your online store in a crowded product category or market, you're going to face a tough uphill battle against the established competition. Focusing on a niche helps you
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compete not by selling different products necessarily, but by doubling down on a specific part of the market.
Although there's no single way to choose a niche, there are many methods you can employ.
compete not by selling different products necessarily, but by doubling down on a specific part of the market.
Although there's no single way to choose a niche, there are many methods you can employ.
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From simple Google searches, to building a mind map to using keyword research to help uncover great niches, there are many ways to build a list of possible niches and find product areas
From simple Google searches, to building a mind map to using keyword research to help uncover great niches, there are many ways to build a list of possible niches and find product areas
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Start with Google searches
The best place to start brainstorming niche ideas is to understand what other online retailers are selling in a product category or to a certain audience. Starting your niche selection with basic Google searches is a great way to get the lay of
Start with Google searches
The best place to start brainstorming niche ideas is to understand what other online retailers are selling in a product category or to a certain audience. Starting your niche selection with basic Google searches is a great way to get the lay of
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the land. Let’s use “cruelty-free makeup” as a starting point; from there, we’re able to find a goldmine of potential angles and rabbit holes to go down, from “vegan skincare” to “not tested on animals”.
the land. Let’s use “cruelty-free makeup” as a starting point; from there, we’re able to find a goldmine of potential angles and rabbit holes to go down, from “vegan skincare” to “not tested on animals”.
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Through trial and error, you can explore different angles and trends, until you find an underserved audience or demand in the market. Keep in mind that even if a competitor is targeting your niche, you can still compete by doubling down on a more specific segment of
Through trial and error, you can explore different angles and trends, until you find an underserved audience or demand in the market. Keep in mind that even if a competitor is targeting your niche, you can still compete by doubling down on a more specific segment of
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that audience. Remember: It's about being a specialist, not a generalist.
Build a mind map
A mind map is a great way to discover niches for your chosen product. Since mind maps mimic the way our brains think, they’re an intuitive way to organize your thoughts and expand on
that audience. Remember: It's about being a specialist, not a generalist.
Build a mind map
A mind map is a great way to discover niches for your chosen product. Since mind maps mimic the way our brains think, they’re an intuitive way to organize your thoughts and expand on
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ideas. Building a mind map for your product idea can generate ideas quickly while also encouraging you to explore different niche paths.
Here's what we came up with for our cruelty-free product idea:
ideas. Building a mind map for your product idea can generate ideas quickly while also encouraging you to explore different niche paths.
Here's what we came up with for our cruelty-free product idea:
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Use Google’s suggestions
Ever notice how when u start typing somethin into a Google search, it shows u suggestions b4 u even finish typing ur query?These are Google’s most-searched-for related queries, which u can use to your advantage to find a niche 4 your product category
Use Google’s suggestions
Ever notice how when u start typing somethin into a Google search, it shows u suggestions b4 u even finish typing ur query?These are Google’s most-searched-for related queries, which u can use to your advantage to find a niche 4 your product category
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How to evaluate your niche market ideas
Now that you know what to sell online, you need to make sure there’s an audience for it. At the start, your niche market and products are just ideas—a hypothesis of what you think will resonate with your target audience.
How to evaluate your niche market ideas
Now that you know what to sell online, you need to make sure there’s an audience for it. At the start, your niche market and products are just ideas—a hypothesis of what you think will resonate with your target audience.
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While targeting a niche as your focus will make it infinitely easier to find potential customers and convince them to buy from you, you need to be sure there are enough buyers in that niche to make it viable. If you determine your niche is too small to generate reasonable
While targeting a niche as your focus will make it infinitely easier to find potential customers and convince them to buy from you, you need to be sure there are enough buyers in that niche to make it viable. If you determine your niche is too small to generate reasonable
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interest and profit, consider pivoting to a different audience within that niche or promoting a different product. You won’t really know what will resonate until you try.
Even if you do achieve success early on, niches change and it’s up to you to evolve with your audience
interest and profit, consider pivoting to a different audience within that niche or promoting a different product. You won’t really know what will resonate until you try.
Even if you do achieve success early on, niches change and it’s up to you to evolve with your audience
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and adjust your positioning over time. You might even introduce new products to your line as new opportunities present themselves.
and adjust your positioning over time. You might even introduce new products to your line as new opportunities present themselves.
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Here are some ways to evaluate your niche market idea:
Build your audience first.
Kickstarter campaigns generate buzz and awareness about products before they’re even developed. While this may not be the route for you, you can still introduce your idea and gain
Here are some ways to evaluate your niche market idea:
Build your audience first.
Kickstarter campaigns generate buzz and awareness about products before they’re even developed. While this may not be the route for you, you can still introduce your idea and gain
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followers before the idea has come to fruition through email opt-in pages, social media campaigns, and other online tactics. This way, you’ll have an engaged group of potential customers ready and waiting for when you do launch.
followers before the idea has come to fruition through email opt-in pages, social media campaigns, and other online tactics. This way, you’ll have an engaged group of potential customers ready and waiting for when you do launch.
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Test before you invest. Start with a small batch of products and run a campaign to your targeted audience. Solicit feedback from customers who’ve made the first purchases, or send a few out to influencers and ask them what they think. It’s important to get feedback early on,
Test before you invest. Start with a small batch of products and run a campaign to your targeted audience. Solicit feedback from customers who’ve made the first purchases, or send a few out to influencers and ask them what they think. It’s important to get feedback early on,
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especially if you’re developing a new product, so you can perfect it before it goes out to the rest of the world.
Dig deeper into your niche. You already did the keyword research to identify your niche market, but you can go even more in-depth. Analyze blogs, social media,
especially if you’re developing a new product, so you can perfect it before it goes out to the rest of the world.
Dig deeper into your niche. You already did the keyword research to identify your niche market, but you can go even more in-depth. Analyze blogs, social media,
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influencers, and other key areas in your niche to gain insights. Can you solve a problem that repeatedly comes up?
Research consumer trends in your market. It’s important to be up-to-date with what’s happening in your chosen niche.
influencers, and other key areas in your niche to gain insights. Can you solve a problem that repeatedly comes up?
Research consumer trends in your market. It’s important to be up-to-date with what’s happening in your chosen niche.
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When it’s time to actually market your product, remember to hone in on your specific audience’s needs and commonalities. What makes this niche market different from the broader market, and how can you appeal specifically to their wants, needs, and preferences?
When it’s time to actually market your product, remember to hone in on your specific audience’s needs and commonalities. What makes this niche market different from the broader market, and how can you appeal specifically to their wants, needs, and preferences?
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Handbags offer a huge market, for example, and there are many niches with many different uses for a handbag within it. You might have new moms who want a handbag that can be used as a diaper bag, you might have college students who need a bag to hold their books,
Handbags offer a huge market, for example, and there are many niches with many different uses for a handbag within it. You might have new moms who want a handbag that can be used as a diaper bag, you might have college students who need a bag to hold their books,
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single women in need of an evening bag to hold their phone, keys, and credit cards, vacationing moms who want a large beach bag to hold their family’s gear, and many more.
single women in need of an evening bag to hold their phone, keys, and credit cards, vacationing moms who want a large beach bag to hold their family’s gear, and many more.
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Understanding the unique needs of each niche makes it possible to speak directly to them in your marketing—you’ll have a greater chance of attracting a buyer’s attention and winning their business by making it clear that your product is specifically for them.
Understanding the unique needs of each niche makes it possible to speak directly to them in your marketing—you’ll have a greater chance of attracting a buyer’s attention and winning their business by making it clear that your product is specifically for them.
