How to choose a profitable niche market : Okongeorge.com
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How to choose a profitable niche market





The term niche market and niche marketing can be confusing, and it's likely a contributory factors of 90% people who failed online, just as a result of delving into a business of online without proper understanding of the role and the particular marketing segment they are trying to capture.


The concept is indifference from the brick and mortar business out there. Take for instance, you go into the offline market, you’ll notice that all of the market are segmented such as, the food stuff section, provision or cosmetic section, build material section, bags and electronics section et al. These are all people selling products and services, but are grouped, and are given a dedicated segmented portion of the market area to occupy, all within the market.

Delving into all part of the market with your products and services may hinder the chances of selling your products and services because; you are simply trying to sell to everyone, including the wrong people who need a different products and services entirely from what you’re offering.


What is A Niche Market?
 
A niche market is a segment of the market on which a specific products and services is focusing. The market can as well be further divided into smaller segments with specific interest and demographic. Take for example, let say you want to create an eBook on “sales”; well, sale is a huge mass market. You might consider something like “sales for engineers”. You concentrate a generic title for your products but shape your massage to a specific audience. 

What is Niche Marketing?

Niche Marketing is an act of defining your particular niche and marketing your products and services to this niche. The better your can define your market, the higher the likelihood you can hone your market massage to resonate with this market, turn this audience into fans, who will buy and rave about your products.

Since you can’t sell to everyone, just like ‘generalist do not make much money as specialist does’, you’ll need to choose or define a niche category that best suitable and profitable for your own good. 




Top 9 Niche categories in the market now


1.  Entertainment - (Sport, news, fashion, entertainment).
2.  Relationship – (dating, sex and relationship).
3.  Health – (muscle building, loss weight, and fitness).
4.  Finance – (business opportunities, Forex, Real Estate).
5.  Business – (make money online, start up a business)
6.  Self help - (mindset, personal development, law of attraction, happiness)
7.  Survival (war, disaster, technology)
8.  Pet (Livestock training, teaching parrot to talk, training well behave dog)
9.  Spirituality – (visualization and manifestation, alternative belief)


7 questions to ask while choosing niche marketing


Here are the 7 questions you must find answers to enable you choose a best profitable niche marketing for your desired and expected business.

a)      What is your niche market? Ever heard about the internet marketing myth and misleading statement that state “follow your passion, the money will come”? Providing niche marketing with information you have passion and inclination isn't enough to build a profitable business out of it. You must make sure your market has enough profit potential to meet your financial goals, mostly as it requires investing some amount of money to take your business off the scratch.

b)   Who are your Niche audience? A sure path way for any upcoming entrepreneur looking for a reliable and viable ways of running a successful business is a proper understanding of his or her niche audience proper.

Do your research on your competitors and the areas they are most engaging with the customer. Forum, other blogs, communities and social media are the right places to start.

A tool like Alexa.com gives you the quantitative data about your audience that you can use to breakdown what your need to know about your niche audience. A tool like Quancast also gives you a level of identification of who is visiting your site and who those people are.


c)   Is your niche worth paying for?   Determining your prospective customer’s and audience who have both inclination to buy and the capacity to pay for your products and services, is a great advice or step for any entrepreneur seeking to earnest potential of his or her market. 

Do your targeted audiences demonstrate a strong ability and willingness to pay for your products and services? Do they have the means and the information to buy what you’re offering? Does your targeted niche have upward and downward trend line? Is your niche shrinking or expanding? If not expanding, then you need to be careful. Does your niche have a decent turnover? Are new people coming to your niche? Can you find them?

d)  What are your Niche marketing keywords?     It is necessary to identify what keywords your audience uses when they research topics related to this niche market, especially searches related to their problems, pains and desire. 

The best, fun and easy tool to help you identify rich keywords your audience is using to search products, services, solutions and information related to your niche market is the Google Adwords Keyword Tools. What we pay attention when using this tool to research industry keywords is the monthly search volume. The higher the search volume, the higher the market.

e)  What are the qualities of your competitors?  The level and the quality of competition in a given niche market is the determinant factors as to whether niche is profitable and worth taking or not.

To determine the viability and the competitiveness of your a specific niche is, first, you’ll use customer analysis to determine your target market, demographic factor such as age, gender, income level and the ethnic group that is likely to buy the products. Determine if there’s a specific time the customer would like to do business and the reasons the customer would like to buy your products. 

The second determinant is to research your competitors such as their offering, pricing as well as the number of visitors visiting their website. You might also want to access the competitors using keywords and links to site. Who rank the top for certain keywords? What’s their existing business duration? What make them stand out of the other competitor?

f)     What’s your buying unit?  The total number of buying unit constitute number of discrete entities (people, organization, company etc) in your niche market that can buy your products or services you provided. 

The key number to help you determine a viable niche market is the number of people in search of your niche market. If the number is low, it means that it may not be economically viable market.  

Google Adwords Keyword Tools is the best and recommended tool to give you a great insight about determining a number of your buying units. Getting involved with a minimum 20,000 buying unit is good rule of thumb. However, there are some niche markets with a smaller monthly volume but are very profitable as well, mostly occurred if the market is hungry and less competitive.

G)  What line of products do you create?  Why creating YOUR products and services, you should provide inline of products to fill each of several price points. That’s why front-end and back-end products meant a huge success to a smart marketer.

By providing a multiple products line, you satisfy your targeted audience with request to help them improve their skill. You’ll need to provide products in different format to include possible printed materials, eBooks, audio, video, software, seminar etc. The reason is because, different people learn through different media.

You’ll need all options so you could sell to everyone according to the media best suitable to them. For example, auditory – tapes, visual – video, read – paper, search feature – ebooks etc…… which help you build trust, credibility, traffics and sales.





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