Home » Business » Strategic Planning

Find Your Niche And Profit From it

Jun 4, 2008
Conducting your business in a market niche may seem the perfect environment. A niche is the name given to a segment of the market which faces a high demand and a low supply. Because there are a lot of potential customers and few competitors, it is often a good place to do business. This article is meant to shed some light on the subject of niche advertising. If this article does not provide you enough information on the topic, you can always search on the internet for an interactive video.

What is a niche? Finding a niche is about discovering a hot segment of a certain subject, then capitalizing on it. It means finding that particular area in your market where you can stand out amongst others. There are thousands of artists, graphic logo designers and cartoonists on the Internet. But how many of those creators deal almost exclusively in just cartoon logo design?

What makes a niche? By definition, a niche is a particular area that is in need of a product or service that isn't being fulfilled by the mainstream market. For example: If you live in a town where there are thousands of area residents but no store for twenty miles, a general store will do exceptionally well. If you try to fit a general store into the middle of a city, you'll find business really doesn't thrive because people have too many options. The same is true with the Internet. This is what finding a niche is all about.

Bringing customer and business together is important to any market. No matter what you plan to offer as a product or service, you will run into obstacles if you cannot tap into a strong customer base. When you sell products or services online that customers do not need or easily purchase from other online companies, your business or service idea is bound to fail. Logically, you are only going to buy a product or service if the price is right.

The more competition you have, the lower your prices must go. Finding a niche makes your company stand out and eliminates the possibility of drastically reducing fees or prices to the point you are not gaining revenue. Competition, saturated markets and supply and demand remain important components in finding your niche.

If you find a niche that has little to no competition, you are far more likely to become a success. But keep in mind that the lack of competition could also mean that there isn't a market for it, and with no market, there's no money to be made.

Once you have an idea for your business you will need to find out if there is a market for it on the Internet. If you already know that there is a shortage of information on a product or service that you have searched for, you know that other people are also searching for that information. You can supply that information or product to them! If you can improve on an idea or make something better you may also find a niche market. You must find an area that will set your business apart from your competition to be successful!

The key to finding a great untapped niche is research. You have to know where to look and what tools to use for the search. Start by brainstorming ideas. Try to think of things you are passionate about but don't really see online too often. Once you have a list of possible niche markets, it's time to do your homework. Remember - a niche is very specific. Dogs is not specific. Basset Hounds is more focused. Products or services that appeal to working professionals who own basset hounds (such as doggie day care) is better still.

Start with those you know the best,your own needs. Look inside your expertise to find what YOU wish YOU had. If you are the "go to person" for a skill or a service, a missing piece is a niche worth looking into.

Finding your niche is easier than you think. Make a list of your favorite hobbies or activities. No matter what the hobby, put it on the list sewing, computer games, reading, cooking, baking, etc. State those hobbies that you feel you are exceptionally good at. Use this list to come up with business ideas.

It is important that you find a niche market online that can act as your customers or clients in the future. If you plan on making money for your Adsense site (of course you do!) then you have to make sure that you find people who share your interest on the niche you have chosen. 11

Industry or business type: Many businesses prefer to hire specialists (consultants, attorneys, designers, etc.) who focus on their industry. Focusing in on an industry makes it easy to market (for example, taking a booth at an optometrist trade show) and increases credibility with prospective clients.

No brand, no corporation, no startup can achieve 100 percent of a market in the face of competition. Once you accept this reality, finding a niche is greatly simplified. You don't have to face those demons that keep telling you, "Let's not give up any part of the market". The truth is that all businesses are a niche business. The only difference is that the leader's niche is bigger than the niches owned by others, but it is still a niche. Nurturing the specific needs of the niche users has become the prevalent theme for most successful startups.

Another way to select a niche is to focus in on a specific aspect of the work you do. Were there fewer businesses that needed business plans than overall management consulting?

Web content is a particularly hot field right now for freelance writers, so simply being able to write effective, SEO-rich content can give you an edge. It is important to stay abreast of the internet world and how websites market their materials in order to compete. It certainly isn't glamorous, and you probably won't send links to your whole family when you write the introductory page for a wedding ribbon retailer, but if you can write the kind of material that will get hits on Google, you will become a pretty hot commodity.
About the Author
Todd Ash Is An Entrepreneur and A Master Of Network Marketing.To Find Out More About Succeeding Online Click Here To Visit Toddash.com For Free Information
Please Rate:
(Average: Not rated)
Views: 244
Print Email Share
Article Categories