Category Archives for Niche Markets

Five ways to make money online

Make Money Online  Niches

1. Affiliate Marketing

What is Affiliate marketing?  It's selling products for a commission that are created by other people. One of the most popular affiliate networks is ClickBank, they offer high commission rates on the digital products. Other affiliate programs can be found at Commission Junction and Amazon Affiliates, these are popular for physical products.

Pros – You dont have to create your own products. Start up costs are very low. You can easily scale up the business and can operate the business from anywhere. No need to buy, ship or store products. Affiliate platforms have their own payment processing and customer support so you don't need to worry about setting these up. There are NO LIMITS to the monthly sales. When you have a subscriber list that you have built a relationship with, e.g. your subscribers know like and trust you, the rewards of promoting a new affiliate offer can be huge.

Cons – The company you represent or have an affiliation with can go out of business, or suspend the program any time or pay less commissions. You need to find new offers to stay current. You are paid commission after your marketing costs on the initial sales, unless it is a continuity model. (Commissions on a monthly basis) If you are only referring people to the company they are not your customers.

2. Create a Product

If you are creative you can design your own product that you can market and sell online. Some good examples would be, a DVD information or training, your own e-book, monthly training program, if you are passionate about a subject you can create a product around that subject. Creating your own products means  you get to keep more of the profits in your pocket, rather than it going to someone else.

Pros– Relatively low start up costs. No need to create huge quantities of physical product in advance. You control the quality of your products, you can ensure they live up to your and your customers  expectations. You have the ability to control the price, and control your brand and marketing.

Cons- Creating your own products could be time consuming. It could be weeks or months before you have a product ready to launch. Your choice of product is limited to your own knowledge and skills plus the resources you have availble to produce and market the product. If your business or product takes off, you could have issues  in fulfilment of physical items or it could prove difficult to scale.

3. Create a Membership Site

A great way of  building an ongoing income year after year is to create Membership sites.  To add authority to your site  interview experts in your field. It can really give your Membership site some credibility and great content. Types of membership sites including ongoing coaching courses of 6 to 12 months.  Education and personal development where access to membership content can be indefinite or until the person unsubscribes.  Niches include health and fitness, wealth, relationships and education like music tuition, online education, and marketing training.

4. Flip Websites

Buy and sell digital real estate.  This can be a lot of fun. Purchase a cool domain then build it into an amazing site, then sell it. What you make will improve even more if your site is earning a profit. Some top level domains can be sold for $5,000 – $10,000. Places to check for research are sedo.com, empireflippers.com, and flippa.com.

Pros – The sale transaction and transfer of the domain or web business is often quick and simple, its a lot easier than selling a brick and mortar business. High-traffic, high-revenue, high-profit web businesses command the bigger price tags, anything from $10,000 to 250,000.

Cons – If you are new to the online web business world there can be many pitfalls not all domains are appropriate for flipping. Brochure websites don't make money and are only valuable to the business itself.
Another risk is a web business that is in an over served market niche.

5.  Print On Demand – Dropshipping

Print on demand is a form of e-commerce, it involves physical products. However you don't need to have a warehouse or even know how to create the products. There are a number of companies that you can partner with to promote niche products that are relevant to your business model or target client and customers. You might run a health retreat and already have a customer base of people who love Yoga, Personal development or the Law of attraction. By joining a print on demand, T-shirt manufacturing company, you can promote T-shirts and other apparel that would appeal to your market and clients.

Pros –  Low start up costs, you never need to carry inventory upfront. You are not staking your money in advance of finding customers. No risk of having items you cant sell so low risk. You can manage this type of business from anywhere where you have connection to wifi. The drop ship partners manufacture, supply and fulfil your orders. You don't need to have a merchant processing system set up.

Cons –  There are high levels of competition, because dropshipping is low barrier to entry in the market place, unless you are very niche specific. Low margins on individual items sold mean you need to sell high volumes to make a decent income. You have to have your marketing budget for paid advertising set at a realistic level, or already have a market/ customer base that will love the products.

Write Your Way to Success

Find Success in Writing

Are you ready to learn how to become a successful writer?

Until you are a successful writer, the first thing you need to realise is that your editor doesn’t care  who you are. The only concern your editor has is that your writing is at the acceptable standard.

In order to achieve this standard you will need to be serious and committed in your writing. The first thing you need to do is develop your writing style and technique in a way that gives value to your audience. You can achieve this “success in writing” technique by reading books on a wide array of subjects, by observing what is happening in the world, by taking notice of people’s opinions, and by analysing attitudes of the people you meet on a daily basis.

Become an expert

Next you need to recognise the importance of being an expert. To become an expert writer you are going to need the help of an expert writer. Start by submitting articles to a number of article sites. They will accept or reject your article. If they reject it, they will let you know what your mistakes were. There are tons of these sites. Just do a search. Although, I do recommend using ezinearticle.com as it is considered one of the leading article banks online.

To begin with don’t write in just one field. Instead try your hand at a number of different areas so you can begin to recognize where your potential lies. Never restrict yourself. Finally, have some fun and enjoy your writing experiences.

Here are 5 tips to help you get started:

1. Use your life experiences to help you write.
2. Put your thoughts into mini writings
3. Sharpen your observation skills
4. Always have a professional attitude
5. Write – write – and then write some more – that’s how you learn

You can become a successful writer if that’s really what you want to do. It’s really up to you.

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Sixteen Must-Have WordPress Blog Plugins

WordPress Blog Plugins

Some of you may not know that I have been using WordPress since 2005. The main reason I started creating websites with WP was to market my Property Lettings Business. I started out in a niche market for Student Lettings in Sunderland. For a while our business was probably the only “Student Lettings” Business in Sunderland that had a searchable website to showcase the properties.  I tried lots of WordPress Blog Plugins over the years and the list below is some of the most useful plugins I'm using now.

WordPress Blog Plugins

Here is a list of some of the plugins I have installed on my websites.

Akismet Anti-Spam –  Akismet is quite possibly the best way in the world to protect your blog from spam. Your site is fully configured and being protected, even while you sleep.

Shareaholic – share buttons for your pages and posts, help you and others to share your content around the web via selected social media networks. I also like the print PDF of web page which I found very useful in my property business.

Facebook comments by WPDevart – This Facebook comments plugin will help you to display Facebook Comments box on your website. You can use Facebook Comments on your pages/posts.

Pixel Caffeine – Quickest and easiest way to connect your Facebook Advertising account. Install the base code pixel on your web pages so you can build custom audiences from your website / blog for your Facebook marketing.

Pretty Links Marketers Edition – Shrink, track and share any URL on the Internet from your WordPress website.

NextScripts, Social Networks Autoposter – This plugin automatically publishes posts from your blog to multiple accounts on Facebook, Twitter, and Google+ profiles and/or pages.

WP InstaLegalPages – A helpful and time saver premium plugin to auto-add legal pages on your sites. (you will need to check and edit where required to fit with your product or service, but very handy plugin.

YouTube Advanced by Embed Plus – Uses an advanced YouTube player to enhance the playback and engagement of each YouTube embed. Just paste YouTube Links!

Note the White Screen of Death

OptimizePress – OptimizePress plugin for marketers. Create squeeze pages, sales letters and much more with ease. This plugin has caused me some headaches (note “White Screen of Death”) a few years ago.

Yoast SEO – I use this on all of my websites. The all-in-one SEO solution for WordPress, including on-page content analysis, XML sitemaps. It helps you to optimise your headlines and post copy so that it is search engine friendly.

Google Sitemap – This plugin will generate a special XML sitemap which will help search engines like Google, Yahoo, Bing and Ask.com to better index your blog.

W3 Total Cache – Improves the SEO and user experience of your site by increasing website performance, reducing download times via features like content delivery.

WP Email Capture – Captures email addresses for insertion into software such as Aweber or Mailchimp

WordPress Editorial Calendar – The Editorial Calendar makes it possible to see all your posts and drag and drop them to manage your blog

WP Content Copy Protection & No Right Click – This WP plugin protects the posts content from being copied by any other web site author, if you don't want your content to spread without your permission! There will be no copy and paste function.

WP Property – WP- Property is a leading WordPress plugin for creating and managing real estate sales and property rentals and management.
This last WordPress Blog plugin I used to showcase the student rental properties. I don't use this now, but it is still available to transform WordPress sites into Property Marketing websites.

WordPress for Niche Markets Top 3 Reasons

Niche market website or blog

Multitasking is a skill which can be really beneficial in a number of situations but not always. Multi-purpose themes may suit certain businesses but not all of them. WordPress is a great content package which can be perfectly utilised to suit the needs of every niche website of blog.

Still wondering which platform to choose for your latest niche market website or blog?

A simple and effective way would be to understand what exactly you need to get started. Once you consider the topic carefully, there would be two good options. One would be a comprehensive content management system and another a simple website or blog platform, but the truth is that one clear answer comes up organically: WordPress.

With 32 versions of WordPress released till 2017 and over 72 languages supported, WordPress is versatile and modern, and it can be effectively used in virtually any niche market. A proof of its power and flexibility is the fact that WordPress is embraced by some of the  biggest names  in the web hosting industry as a product that is well-worth special attention.

Introduced in 2003, WordPress started out as a humble blogging platform and then evolved rapidly into a wholesome content management package. Built on PHP and MySQL, WordPress can be self-hosted by choosing a third party hosting company or outsource the hosting, customer support, and services to WordPress.

Whichever you choose, you can’t really go wrong. Not every content management platform can say that 28% of all websites across the world are powered by it.

WordPress can.

51 Amazing Facts You Probably Don't Know About WordPress

Launching Investment & Value

At the time of launching a website or a blog, there are some considerations to be pre-decided before implementation.

As a rule of thumb, niche themes on WordPress are cheaper and easier to install compared to themes available for the mass market. It helps that the niche themes come with unique and innovative functionalities. Most themes likely be used by fewer number of your competitors as they are suitable for a specific target group and not for mass market consumption.

Nature of Business

When making the decision on picking a theme for your website or blog consider first the nature of business. It makes more sense to go with a niche theme when a business is going to be limited in scale and scope.  Niche themes are more compact and suitable for the purpose. A business which is starting small with good prospects to expand on either product lines and markets would need a more wide-ranging mass market theme with greater functionalities to scale according to the increasing scope of activities.

Skills Inventory Available

A small but often overlooked aspect of the entire WordPress theme selection and installation process is the level of user skills.

 A simple skills inventory of the user who will be involved in the entire process is useful.  If it is going to be you, see how capable or experienced you are with identifying, customising and installing a particular theme.

The SEO potential of WordPress make it very good for targeting niche markets.  Topics such as magazines, businesses, ecommerce, online communities, photography, affiliate websites, nonprofits and job boards, among others.

With amazing and effective user management system and powerful SEO plugins, WordPress is a world leader in creating diverse niche websites and blogs.

Honestly, WordPress is just waiting to be discovered.

Go ahead and innovate today!

Visit our friends at Websitebuilder.org for more amazing facts you probably don't know about WordPress.

How to Choose Your Niche

Choosing your niche is dependent on several important factors.

You might want to spend several days on working through these factors when thinking about how to choose your niche. If you give these the desired consideration they will play an enormous role in building success for your business. Don't allow choosing your niche to become a huge challenge for the business.

Follow five simple steps in thinking about what it is you are going into. There are no hard and fast rules that need to be followed for identifying the profitable niche market. It can take a great deal of time, energy and cost to identifying a suitable niche market for your business. The fact of the matter is that instead of focusing on the customers who are keen to purchase the products, it is better if you concentrate whether there is a substantial demand for your service or product. However, it should not be the sole focus for selecting a niche market. There are some important guidelines that can make a positive contribution in choosing your niche.

Five Steps on How to Choose Your Niche

Step 1 – Start by listing everything that you do. All the services or products you are providing.
Step 2 – Identify your high value goods & services. Then identify the products or service that is most frequently requested or purchased.

You will want to position yourself as a specialist, with a well defined target market and a well defined set of products or services.
Step 3 – Identify your customers or clients problems. What common problems, goals needs, wants and desires do your target niche share?

Step 4 – Identify your customers. Who most needs what you have to offer? Who do you want to serve or work with? Who have you already helped?
Step 5 – Refine your offerings. Promote the product or service that people purchase most frequently, then position your higher value offerings as upgrades and upsells, remember it is easier to sell to an existing customer than it is to find a completly new customer…

The niche must be interesting to you.

It is believed that apart from the niche being profitable, it has to be interesting to you in order to sustain it for longer period of time. The niche requires your perseverance and motivation for it to be converted into a profitable niche for the future. When you have interest , your work tasks are fun and fulfil your passion in variety of ways. On the other hand, if the niche is purely identified on a profitable basis, it will not take long for the rivals to creep in and take away your share of the market. Your dedication and commitment has to be there all the time to keep your niche safe and profitable for longer term.

The niche must have a reasonable life span.

While doing the in depth analysis for the niche market, you will observe varieties of niches considered to be “golden nuggets”. These types of niche markets have the potential to attract many businesses. However, you need to be keep in mind for how long will they be attractive? The time span of the niche market is very important. For example, if you select the football world cup event as your niche market, sales will only last for few weeks. The popularity of this niche market will soon be the thing of the past. You need to make sure that the niche that you choose will have consistent sales over a good period of time.

Choosing a niche is art as well as science and it takes a considerable amount of experience from an individual to correctly analyze the business niche’s true potential.

Analyzing your Niche Potential

Analyzing your niche potential is very important for the business.

The tasks involved in researching and analyzing your niche potential market are very demanding and challenging.  If the intention of targeting a niche market is derived from a hobby, then it is a significant matter.  Where your business has a purpose of selling products or services, then it is important not to repeat the
mistakes that other businesses have made. As eventually you can become disgruntled and discouraged to continue if you do not see results.   To avoid this scenario, it is advisable to follow certain guidelines that can assist you in your research of the niche potential.

Drilling down into analyzing your niche potential

It is obvious that any product you want to sell in the market has to be appealing to the general public. To gauge its true potential, the easy and most economical way is to search its attractiveness on the internet. Make a list of three to five niche ideas and type them in the search box of Google Trends, Amazon.com or Adwords. The graph will appear that will reflect from the most popular ideas to the least popular ones. This is just the first step in he  process.

The next step is to visit the Google Adwords webpage and type in your niche idea in its search box. When you do this you will see the paid sponsored listings at the top and the bottom of the page. Through this you will know which niche ideas are being financed by paid ads, giving you more insight on the niche potential. Last but not least, type the niche idea in to the search box of Amazon.com. Here, you will locate books on your niche market and niche products, if any, to give a more refined conclusion on your niche decision.

Fads on analyzing your niche potential

The next method to determine the niche potential is by matching it with the possibility of it being in a fad or short lived market trend.  This is the issue that is rarely touched on by many businesses. It has a major bearing on the outcome of your decision.  You will need to be vigilant and guarded, irrespective of the amount of consumers purchasing, make sure the niche market idea or product is not a fad.

Market trends and Fads

For example, in the business of property investing, a good number of investors jumped into the HMO niche market, letting properties as houses of multiple occupation with Students as the target market, a solid niche market.  However, I witnessed the introduction of higher student fees and restrictions on overseas student visas which resulted in a fall off of student numbers, many of these investors with large HMO's jumped into the next property fad “serviced apartments” as a way of holding on to their investments and creating higher returns.  However, their appeal and attraction may be short lived as the Government determine how to restrict the market.  So you need to be aware that the niche you are pursuing does not fall into the fad domain.

Does the niche have competition

Last but certainly not the least is the competition method. There are two thoughts on this method. One group of people believes that the niche identified is not targeted by any business. In other words, there has to be zero competition which is very unlikely in today’s world. The other group of people is of the opinion that the niche market has to be competitive.  A niche with competitors will provide you with substantial profit compared to niche market with zero competition. Hence, the competition map has to be studied well in order to have a conclusive outcome on the niche potential.

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Niche Products That Sell

Niche is a term that has been used by the majority of the businesses in recent years. Let us discuss its actual meaning.

Niche Products That Sell

  • is not a product of mainstream.
  • a product that is not easily available in the regular shops of the society.
  • a product that incorporates an important application and interest to a particular segment of the society which creates a desire for purchase for that particular segment only.
  • a product that is assured of dependability and forecasted selling power due to its specialist attraction to that segment.

It may appear odd to many people but its reality that when discusses and make strategies to find niche products, they are actually promoting a strategy of “playing safe” or “follow the crowd strategy.  For instance, your business decides to aim a promising established product category, but for selling purpose, you choose a specific narrow band of products. In addition, you procure its raw material from the same supplier as your rivals, but you make innovative changes while marketing this product to your niche that earns you success.

Your Competitors

The other method of identifying “niche products” is by getting ahead of your competitors by discovering a specific demand that is unique and special in the society and is under-supplied. As soon as the special demand is identified, you can start searching out the supplies that can cater to this demand. The supplies can be searched in ways not followed by the majority.

  • Identifying foreign markets or much localized markets that are ignorant of the regular products.
  • In-depth internet search to unearth suppliers who possesses promising products but ineffective marketing tools.
  • Exploring new products at various trade shows.
  • Making close relations with the manufactures to come up with innovative designs, feCustomer group nicheatures and functions for the niche products.

Customer group niche

When it is also observed that the product you are selling may not be a “niche”, but the market spot to which you are promoting. In other words, you can shift from “niche product” strategy to “customer group niche”. A strategy that enables you to earn revenue from non-niche products.  For instance, markets that are renowned as enthusiasts markets will contain ultra-specialists products. There is also a high probability to sell generic products to the same segment at a much higher price. To be more specific, people who love fishing will normally buy fishing rods and lines, but they will also be paying attention to non-specialist items that may consist of drinks, flasks, bags, camping chairs, outdoor clothes etc.

Try to save the customer’s time by placing the related products besides the specialist items which have a higher chance of consumers willing to pay higher prices. It will be convenient for them as it provides the element of “one stop shopping” as found in large supermarkets. Hence, people with the enthusiast mindset, can be easily targeted with the non-specialist items at a slightly higher price and can earn you substantial profits.

Analysing the Competition

Analyse Your Competition

The number of direct competitors  is a deciding factor between the success and failure of any niche market.  A niche market can be very small, if it contains only one or two products that can be offered into a small market, with high competition, then your profits may be low, unless the item you are selling is of a high value and high ticket price. However, if the market is strong and you can create more than two niche products; it is very likely that your niche market may not become saturated with competitors.

You really need to do the research into the size of the niche market, it is advisable to determine your risk level in order to help you in confronting the competition all ready out there.  When I started my niche student lettings business there was not much competition at all.  It is believed by many experts that if you are passionate about the market niche you are a part of, then the task of dealing with the competitors will be easy and you will be enjoying your journey and don't even consider the competition.  That was the way I looked at my business to be honest. If on the other hand you are not enjoying the process of selling in the market you are in, it is better to switch your business to some other niche market.

There is never a right or wrong time to get started.

The 20th century has witnessed some incredible niche builders, they made their way through tough economic and social changes. For instance, in 1920s, the Walt Disney Company laid the foundations of its huge empire on the unknown art of child-like sketches which later came to be known as cartoons. The business was started during a very harsh economic environment that included the Great Depression, the Wall Street Crash and World War 2.  It was beyond the expectations of the experts that the business of cartoons, being considered as silly, would prosper and grow through some of the toughest crises in the world’s history.  Don't delay starting your niche business because you consider the economy is stale.

Basic Questions

So you see, it is advisable to spend a great deal of time in studying, researching and analysing the competition.  You should consider both bricks and mortar and online business in your research. Start by asking the most basics questions that are outlined below.

  • Ask what –
  • types of products are they selling
  • range of prices have they adopted for their niche products?
  • are their major and minor strengths and weaknesses?
  • In which ways can your business compete with the rivals?

In the case of your business, you can ask yourself the following questions.

  • Is the product or service you are selling a good fit for the niche market right now?
  • Have you refined the market down to a potential niche that you can cater to and something that is relevant to 2016/7 and into the next three to five years?
  • Who exactly are you selling to?

You should certainly be thinking about the type of people in your niche market, and create your ideal potential client or customer, then go out and market to them directly.

TOP TIP – Find the competition and also your customers

The best way to discover who you can market to is to use the Facebook graph search function. Facebook rolled out a search function in 2014, which allows you to search for people, places and things.  Try typing your niche into the search bar and see what Facebook suggests for you. If you are targeting people who like to Scuba Dive just type – scuba – into the search bar and you can find pages and groups with perhaps people you already know that are in that target group.

Click the image below for more on Social Media Marketing Training's

Socialmedia#marketing training

Sometimes finding your ideal target market is an easy task, my customers and clients came in two forms, one group was young college or school leavers who were entering Sunderland University, the other was property owners who were looking for the students to stay in their Sunderland student rental properties.   A good rule of thumb states that rather than competing with your rivals on the same strategy, think out and implement a different and fresh angle that the competitors are either lacking or you believe you can capitalise on ten times better.   In this way, you have a better chance to rise higher than your competitors.  For me I was one of the first student letting agents in Sunderland to have an online presence.

Personal Branding

Last but not the least, try to use personal branding. In today's world, winning customers and overcoming the competition is straightforward.  The direct and indirect, local and foreign, online and offline competitors still focus on old advertising mediums. You should focus on making more close and personal relationship with your targeted or niche customers. In other words, you have to “own” your product or service and make it stand out from the crowd. Compared to the past this will be an easier task because of the growth in social media. It is now 100x easier to engage with and reach out to people who are not directly known to you.

The combination of the above-mentioned strategies will lead you to business  success in the long term.  We should all drink to that, Cheers.

Profit Potential for Your Niche

There are many businesses in the economy that find very promising profit potential for your niche markets products and services that will tackle existing problems.  For example starting out in 2005 in the “Property Management and Lettings” in a small niche market of “Student Rentals” offering shared housing and flats for University Students and helping long distance landlords with their property investments.

Profit Potential for Your Niche

Many business entrepreneurs have been restricted in their endeavours by thinking about failure before they invest huge amounts of time, energy and money into the niche segment. Usually this thinking results in the outcome of failure!  This is a very important consideration for the business owner, it demands a process which is skipped the majority of the time.  It is the process of validating your niche market in its entirety. This is a crucial step in the identification of the profit potential for your niche market.  Although there is no hard and fast rule that can guarantee you success, nevertheless, there are certain steps that can be followed in order to give your business a promising chance. As well as being positive and focused on success. These steps are briefly mentioned below.

Is there a demand for your product or service?

This involves the calculation of the total number of potential customers that will be purchasing your product.  Have the customers in the segment overcome their problems or are they still suffering with them?   This information will provide an idea of the amount of people interested in the niche product solution or service that you have to offer.

A lot of surveys have been conducted on various products and people’s taste and preferences.  You can take the advice from these surveys in order to analyse your niche’s profit potential.  Again, the internet has become one of the most economical commodities in the modern world.  The web contains vasts amounts of information on variety of issues and subjects out of which the majority of them can be accessed freely.  When typing your niche product keyword in the search box of any popular search engines you can get a fair amount of information and gain an idea of how much profit can be earned for your niche product.

If the niche product is an online product and you will be promoting this on your blog or website, you can check out whether it involves the advertiser’s base keywords in PPC (Pay per Click) with in advertising networks.  It is known that Yahoo Advertising  and Google AdSense are the two most popular PPC programs on the internet. You can make use of the above programs to track down the amount of traffic and the average CPC (cost per click) for your most  important keywords within AdWords and AdSense.

Is there any competitor that is already targeting your niche segment?

It is very important in business to know in advance what products  are being sold by your rivals.  If you come across competitors that are already selling your niche product or service,  it is advisable to analyse their business and products more deeply rather than switching your niche product. This strategy involves the SWOT analysis of their product in order to identify the elements that you can improve, enhance or modify. This move will put you ahead of your rivals and would give the customers a good reason to switch to your improved niche product.

Does you niche product have a high lifetime value?

The term “lifetime value” implies the sum of the value of each consumer buying your product as they will want to buy from you on a regular basis. The questions that you need to ask yourself are the following:

  • Is it easy for you to transform one-time buyer into regular buyer?
  • Any related products beside your main niche product for your customers, can build long-lasting and valuable relationship with them?

It is important to understand, that when you are selling just one product,  it is not at all inappropriate to come up with other related niche products, as it is much easy to sell to an existing customer or client than to find a new one.

In my case it was easy to keep the landlord property investors as long term clients with year on year contracts while promoting the rentals to the University students each year and when the students had enjoyed the first year in a property they would often book for a 2nd year to the end of their studies.

Disclosure: Some of the links in this post are 'affiliate links.' This means if you click on the link and purchase the item, I will receive an affiliate commission.

Identifying Your Passion

“Our passions are the winds that propel our vessel. Our reason is the pilot that steers her. Without winds the vessel would not move and without a pilot she would be lost.”—Anonymous

Passion plays a vital role in the activities we are engaged in our daily lives. The identification and development of a niche market is heavily related with your passion.  It has been said by many people and experts, that instead of finding a niche market with a sole reason to make money, instead identify the niche that you are most passionate about. This will automatically increase your chances of success in the long run. There is a very strong logic behind this statement. When you are passionate for something in your life, it is obvious that you will give the maximum time, energy and cost to that particular thing. The other daily activities would take the back stage in your life. Your entire focus and dedication would be on achieving the objective you are very passionate about.

The same is the case for the niche market, your passion would enable you to devote your maximum time, energy and cost in identifying and analysing the important variables that will lead you to success in that niche market.  Similarly, if you are searching a particular niche on the internet, your passion would force you to pull together the research for a significant website,  then be able to generate substantial traffic of users and make considerable revenue for your business from customers. When your passionate objective is being accomplished, it gives you heaps of joy and happiness.  While on the contrary, if you do not show interest in the topic you are studying, there is a less chance that you will arrive at the desired goal of a successful outcome.  In the case of an online niche, you will be unwilling and unenthusiastic to continue the work on your website and will devote less than the required time in monitoring and maintaining the website or blog.  If you have genuine and considerable passion, then the outcome will match your true expectations.

The most important thing that you should take into consideration during the process of researching the niche market is your preference expertise and comfort in the subject.  It is certain that a person who is proficient in “creating websites” for instance will be fully aware of the ins and outs of that particular niche market or any other topic he is engaged in.  It is the level of interest and commitment that increases the amount of creativity shown in the work.  Once the interest is there, the task becomes simple and spontaneous to you.  On top of this, it avoids the biggest barrier that most people find and that is the creation of original and innovative ideas and thoughts. When you are passionate about the niche subject, the task of regular input and updates from your side will prove to be easier. This is of course only possible if your interest and passion continues with consistency in doing the work.  You will be in a stronger position to be creative and more effective in your tasks.

So in conclusion, the most important thing here is the level of passion behind any work you do in your life.

Targeting with Niche Products

It is quite obvious that when a company has a product or service to offer, it is very unlikely that every consumer in the society would purchase that product or service. In the domain of niche market, your entire marketing efforts are focused on a specific segment in the society. This is the segment that reflects promising demand for your product. Hence, before targeting that particular segment of the society, it is always better to implement niche research which will assist you in exploring the different characteristics of your segment. With this knowledge at hand, you will find your product in strong selling position.

There are various things that need to be considered while analyzing the niche market. First and foremost is the identification of the important demographic variables that may include gender, age, income level, ethnic groups of the market. The next step is to focus on the 3 Ws which are outlined below:

  • Who you are marketing your product?
  • Where are they located?
  • Why are they considered “very likely” in purchasing your product?

As far as the advertising is concerned, the accumulated information on the market can give you the right direction and assistance in carving out the strategies for your niche products. If the products are offered online, it demands thorough research on the keywords that will be used for the niche goods. It may include words as well as the phrases that will play a vital role in promoting your niche products. Targeting will niche products would be beneficial in two ways. First, it will increase the revenue for the firm. Secondly, it can give you the option of being selective in the advertising program you want to pursue. This becomes easy and achievable when you are aware of your target segment. In addition, you can also make use of the affiliate marketing. With the support of the affiliates, it becomes easy to pull more users to the website. At the same time, the content on the website has to original and interesting for the users. Apart from this, you can also implement the interactive approach whereby you use social networking sites such as LinkedIn, Facebook and Orkut. These websites enables you to create associations which have the potential to convert into future customers. Another important platform for the niche products is the various discussion forums on the internet which can provide you valuable information on the potential niches and the targeting strategies.

Once the niche market has been identified or the niche products have been developed, it is imperative to attract them with the medium of advertising. In this way, they will become aware that you have the product that they are looking for. On top of this, once there is healthy and strong interaction with the target market, they will know more about you and your niche product. This will increase your customer base due to the exposure of your niche products in the market place and in the minds of the targeted niche.

Niche Product Ideas

“Your wealth is in the wealth of your knowledge. Transform your uncommon wisdom into uncommon wealth because nobody has your unique experience. Turn your thinking process into your word processor. Then take your packaged information to the marketplace where your good ideas make the cash register ring.” -Uzo Onukwugha

Good advice – but not always followed.

The task of launching niche product ideas can often be difficult.  However, there are some fresh  ideas that can provide you a stepping stone to move forward. Hence, you should start by taking into consideration the obvious, which is that every individual is confronted with problems. It is with these problems in mind that you can get started on your first product.  People are always caught up in one problem or the other in their lives. The best way to think about this is to be helping and solving their problems, and delivering something of value to those people.

Solve Problems First

The most important thing that you need to do is come up with the unique product ideas that can provide relief to their problems.

  • Health Problems
  • Money Problems
  • Relationship Problems

If this task seems too demanding, then the next idea that you can think about is the latest trends that have taken centre stage in the market place.  Try and update yourself with the latest trends, you can use assistance from the internet, television, magazines and newspapers. Once you become aware of the newest and hottest developments in the market place, you are in a better position to invent a product that is associated with the existing trend.

Look at existing trends

  • Fashion Trends
  • Digital Trends
  • Nutrition Trends

Another great idea from which you can create a niche product or products is exploring the old products.   All you have to do is catch any old product, analyse its features and benefits and to which segment it is targeted at, then identify any weaknesses.  The next step would be to come up with the ways though which the old product can be improved, modified or enhanced.  Finally, give it a new brand name along with the novel features and promote it in the market.

Segmented Niche Product

There can be another idea whereby you create a niche for your product that is entirely different from the previous targeted market. The development of this niche requires experience and a great knowledge of the different brands in the market. When you have a separate niche for your product, it will automatically make it easy for you to differentiate your product from the regular products and would be highly valued in this new segment.  Take for example Money Problems a product on helping and providing useful and valuable information would be different if you were to segment your target audience.

  • University Students
  • Stay at home mums
  • Retired people, over 60's

Yet another idea that can be capitalised on is by adding related products to an existing product.  For example, if your product is in the dieting niche, you can add related items like, keep fit routines and body and mind programs to keep people on course.  With creative styling and branding, you could be on to a winner, exploding sales of your product.

Apart from the ideas mentioned above, there are many others that can be researched. You can then make improvements to older products by making changes in its design.  You can reach out to consumers with surveys and questions in order to know their likes and dislikes. Then look at new features they would like to see in a product. This exercise will help boost your ideas about more niche products.

Disclosure: Some of the links in this post are 'affiliate links.' This means if you click on the link and purchase the item, I will receive an affiliate commission.
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