Find Riches in a Niche
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Issue 47
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Everywhere you go online or off, you hear the same thing: you must find a niche. If you are new in business this is advice you will do well to heed .
Every day thousands of people start businesses in search of wealth. Many jump right into the markets that are already completely saturated and then wonder why they are not making any money.
Given unlimited time, money and patience, they could succeed. For those who do not have unlimited supplies of these precious resources, aiming for a smaller niche market can be a much smarter way to start your business.
What is a niche?
A niche is a focused segment of a general market. A home decor company that offers a wide variety of furniture, accessories, linens, wall hangings and window treatment, for example, is in the general market. A company that specializes in window blinds is serving a niche market.
Focusing on a niche eliminates potential customers who don’t need this specialized service, but the customers who do need it will value it and pay for more for this expertise.
Small companies are at an advantage when serving a niche because they can serve specific needs faster and more efficiently than a big company that’s trying to serve a general market.
Who is buying niche items?
Customers who prefer and seek specialized and superb service buy niche gifts most frequently. They also tend to have higher disposable incomes. Take, for example, the pet market. This is a huge market that serves many niches.
Luxury pet accessories is a niche within the pet market, and serves a smaller number of consumers, but these are the folks willing to treat their pets like one of the family and see them as a status symbol.
When do customers order niche products and services?
Niche buyers are not driven by the typical calendar. Instead, they are most motivated to buy niche items when these purchases will best serve their business and social needs.
Of course changing laws and circumstances affect buying decisions. Pet owners who walk their dogs became subject to more than just annoyed neighbors when cities began to fine them for allowing their dogs to poop in public. Right along with this law came the trend to use not just leftover plastic bags for this task, but biodegradable bags that are safe for the environment too. A new niche of pet pooper scoopers and related supplies was created.
Where do you find niche markets?
Niche markets are all around you. The best resource available online is Wordtracker. You can find pieces of this program on different sites and software programs but Wordtracker brings everything together in one place for those trying to find a good niche to go into.
Using Wordtracker just type in the category you’re interested in and watch all the ideas that pop up. Each of these can become keywords that you decide you want to focus your niche on. Or you can pop in those keywords and keep defining your niche.
Using Wordtracker, what you will end with is a list of niche keywords upon which you can focus your business. Having a smaller niche will give you a much better shot at being successful then trying to build a site around a broad topic.
Remember, success in any business always comes back to supplying a product that the public has a demand for and that the market has room for. Find the right niche and you are on the right path.
Learn more do’s and don’ts about making money from niche corporate sales. Listen as I share how I captured niche lucrative sales in the gift basket industry on a newly released audio CD, Make Money with Corporate Niche Sales. I spill insider secrets and reveal some mistakes I made so you can avoid them. Your audio CD will be shipped via USPS.
Place your order by midnight, June 30th, and receive these bonuses by email:
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a special report, “Corporate v.s. Consumer Sales”
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a sample letter of introduction
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a sample proposal
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a special report, “How to Successfully Target Niche Markets”, that includes things to consider, who to contact and suggested niche markets
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