Niche marketing occurs when you intentionally focus your marketing efforts on a targeted portion of the Internet or another similar market. These targeted portions, known as niche markets, provide a product or service for a defined group of customers who have very specific needs. Niche marketers address the need and market accordingly.
For example, many people sell clocks. But, how many of them sell clocks that are shaped like animals? Selling animal-shaped clocks is niche marketing. Of course, clocks are only one example. Once, you get thinking about the kind of products and services you want to offer, you will realize that the possibilities for niche markets and niche marketers are virtually endless. As long as there is a need for a product, there is demand and potential in the demand.
One of the biggest mistakes that new Internet entrepreneurs make is ignoring the concept of niche marketing completely and focusing on big markets that appear to be big moneymakers. Though this may seem like a good idea at first, it is usually not the best option. The problem with this tendency is the level of competition that is often encountered. Those who are already established in the market are experts at what they do, which makes it almost impossible to compete with them when you are still learning the ropes of running an online business.
With niche markets, you can significantly increase your chances of success. Because there is less competition, people will actually be able to find your website, and in turn, buy your product. Instead of being at the bottom of a search engine index, your site can be right at the top. This will increase your chances of getting new customers, and more importantly, new sales.
Niche marketing can also help you get traffic to your site in other ways. For example, when using pay per click campaigns, niche marketers can choose to use keywords that have less competition and in turn, provide consumers with more opportunities to click on the niche marketer’s site. By targeting a specific group of people, you can actually increase your odds of getting a sale.
Niche marketing can also lessen an online business’ advertising expenses. Instead of promoting your products and skills to a wide customer base, you are focusing on a specific group of people. This means that you can advertise and market your goods in places that these targeted consumers frequent. So, instead of wasting money on ads that none or only a few of your potential customers will see, you can pay money for an ad that will be as effective as an ad can be.
If you want to avoid one of the most common business blunders made by new marketers, consider niche marketing. Niche markets are everywhere, providing you with the ability to monetize your website in ways you never imagined. All you have to do is find your niche and act on it.
