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A Niche at its most basic form is nothing more than a group of people with a common interest. The Niche Market is all about the customer.
For example, retailers like Wal-Mart, JC Penney and Sears target Middle Class Shoppers, but Wal-Mart has a Niche market with groceries and Sears has a Niche for tools.
ESTABLISHING and RESEARCHING a NICHE
✔ A Niche Is Not The Same As A Line Of Work
For example, Real Estate is not a Niche but a field. A more specific Niche catering to home buyers would be “single family homes in urban locations.”
✔ A Niche Market can offer the same product to a larger market.
Ford has an Hybrid Model that can get 36 miles to the gallon for the economy minded buyer, while at the same time producing a separate model with some of the same functions such GPS for the SUV buyer.
✔ Small Business and The Niche Market
By Focusing their marketing efforts on the unique needs, a small but specific and well defined segment of the greater market, the small business is able to grow without the budgetary issues of dealing with the masses. It’s like being the only game in town.
So by understanding the Niche is a subset of the general market you realize the Niche not only defines and aims to satisfy needs, but price range and quality well as. Factors that may have been previously overlooked.
✔Affiliate Marketing Is An Internet-based Niche
By developing websites to service a targeted customer base the affiliate has a potentially endless source of revenue. This process can be duplicated as many times as desired by simply addressing market needs that are being poorly met.
After you have established a Niche and researched the market enough to effectively communicate the needs your product will satisfy, you want to test your approach by determining the following.
1. How passionate are you about your Niche? Work with love and love your work!
2. How will your Niche interact with your overall business plan? It should be compatible.
3. What is your target market? Know who and who not to target.
4. What will your clients think you stand for? Establish authority early.
5. Is your Niche constant or in a state of evolution?
6. What is the life cycle of your Niche? You don’t want to Niche a Fad.
7. Can you expand its product list. Repeat business is the life blood for growth.