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Great Niche or money hole ?
Fast growing amongst the popular terms being thrown around by online marketers is the term Niche Market. It would appear to be dominating their every conversation and for good reason. It is actually where the money is.
So, to the heart of it - what is Niche Marketing ? Is it another of those overhyped terms or does this fad have some legs?
Perhaps its best explained by first discussing what it's not. Niche marketing is not marketing to a mysterious marketing segment called niche, nor is there a product called niche that a huge underground swell of people are clamoring over insurmountable walls to get. Nor, is there usually a department within any major corporation that has a position open in their niche marketing department. So don't call Human Resources at your local City Council and ask for a position in their niche marketing department. Sorry, just had to get that one out of the way, lol.
Niche Marketing - An example
I am going to make up a definition on the fly here. Niche marketing is marketing that is directed very specifically at a very narrow vertical market segment. So, let's try this one.
Marketing to those that - buy running shoes. Niche or not? Not - buy Nike running shoes. Niche or not. Not (What did that surprise you?) - buy marathon capable Nike runners. Niche or not. Uhmm you're getting warmer. - buy high arched marathon capable Nike runners. Niche or not. Yes absolutely!
This last example sounds like a niche for sure. It has a narrow focus and we have eliminated several wider approaches to our target audience. So, should we run out and stock up on these specialty running shoes in anticipation of the demand?
Not by a long shot. If you are reading this now, thinking that I am holding back, stop, don't do it. Our research hasn't even begun yet.
The little questionnaire is not the process used to find a niche market product or service. You really need a tool for that. It can be done manually but searching hundreds of ideas manually isn't anyone's idea of fun. That was merely an example of what a niche market might look like, but for any number of reasons, I would never enter that marketplace - and I don't much care if 4 of my marathon running friends ask me for those specific shoes next week.
So was that a poor example of a Niche Market ?
So, that was a poor example right? Honestly, we dont know yet. People search using specific key phrases. A lot of people end up using the exact same key phrases. To determine whether this product is a niche product or not we need to plum information that only search engines or search engine tools similar to wordwatcher normally possess. To further quantify all of that data really quickly, we would then need to go beyond even the search engine tools, to a new kind of product that combines the functionality of a search engine tool with niche marketing information
If we know how many people are searching for the product and how many competing websites there are, isn't this enough information to quantify this as a niche product? Wasn't this what groups traditionally used to make their decision in the past? Well, it was, but its not enough anymore. There are tools out there now that can make a newbie 10 times more efficient and powerful than the traditional analysis used just 6 months ago.
You may be someone with experience with keyword usage based on several of the great tools out there like wordwatcher or the excellent google adwords tool that gives you exact number of potential clients for broad, phrase and exact searches. Perhaps even you were like me, thinking that I could use those excellent tools to find Niche Market products. Well, you probably can if you have an enormous amount of time, but a total newbie using specific niche software would blow us all out of the water due to the specificity of those tools now.
Competitive Niche tool products go significantly further than just how many potential clients are searching and whether the competition has the keyword on their site. They use algorithms that use several additional variables for ranking competition. They can immediately open affiliate sites like clickbank and others with a related product already found and ready for you to use. They can find articles from Private Label Sources for reprint. And this is less than a 1/10th of their abilities.
At this stage in online marketing, it no longer makes sense to find Niche Market products the old way. There is a list of products on my site. Have a look.
About the Author Uncover lots of Excellent Niche Market information on Trevorweir.com. Follow the link and get free niche marketing reports weekly on tried and true established Niche marketing areas that people are making money from right now. |
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