There is one question which embodies the secret to your success on the net. That question is, what is niche marketing?
One of the most common mistakes made by marketers is to believe that everyone wants his product. So many start out hoping to cash in on the millions of prospects, or end up waiting for months on end as their dreams fail to materialize.
Usually, there is one vital factor they failed to consider. This type of marketer typically is attempting to be a man for all seasons, everything to everyone. Sure, you're enthusiastic about your product, but are you reaching your audience? Is there an audience for you to reach? What is niche marketing? Again, the question.
Let's say you sell herbal products. You've got lots of content, great products and a beautiful website. The problem is, you're not making a living! So what's wrong with this picture? There are millions of herbal product sites out there – do a Google search on “herbal products” and see.
You'll need to target a very specific need within that audience – a need that is largely unmet, that has not been addressed – at least by only a few – that fulfills a specialized aspect of your business.
So now we have part of the answer to “what is niche marketing?”. Niche marketing is a strategy that seeks to have little, or ideally, no direct competition. That can be a tall order, but that's essentially your goal.
In the case of our herb products business, you need detailed demographics of people with a specific and difficult to satisfy need.
Which brings us to part two of the “what is niche marketing” question. In the U.S. alone, there are 50 million people with arthritis. That's a lot of potential customers. However, there are entire non-profit organizations devoted to this subject. That's not a niche!
However, let's say your personal specialty is essential oils. You can mix up a perfume or a medicinal ointment on a moment's notice.
Perhaps you have a niche here. How many other sites are specializing in custom ointments and perfumes? How many people are looking for such products? For the sake of argument, let's say there's a lot of interest and you don't see anyone specializing in this niche market. With some advertising in the right places, you'll have an eager following, willing to pay what your product is worth.
There, in a nutshell is the answer to that all important question – what is niche marketing? Don't go for the whole market. Go for a segment that is currently overlooked, their needs unmet.
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