Can you identify your niche market?
If you want to start up your own business and market it online, you’ll need to find your niche market. One of the biggest mistakes that new internet entrepreneurs make is trying to get the general public to notice their website, and not being specific enough with their target audience.
Another big mistake is to find a niche market without a lot of competition. If there’s not a lot of competition, chances are you won’t make a lot of money. You need to find a happy medium – a market that is specific enough, and that has a good amount of competition.
A niche market is made up of your target audience or ideal customer. For instance, someone selling swimwear may wish to try and reach out to lifeguards, college and university competitive swimmers, and swim instructors. An individual who is looking to offer daycare in their home should look to get the attention of single parents, pregnant women, and working parents.
Once you’ve decided on a product or service that you are excited about, establish your target market. Ask yourself, within this niche market, is there a demand for your product or service?
Using Keyword Tools
One way to determine demand is by taking a look a keywords people may use to search for your product or service. A quick search using the Google keyword tool will help you determine the demand of your market and may even help you find keywords that you hadn’t thought of before. With this tool you’ll be able to look up the search volume for your given keywords. You can narrow down the categories of your chosen topic, and research the amount of times people search for those terms. You can also use Market Samurai, Ubersuggest or Moz Keyword Tool.
Ebay and Amazon for Product Research
If you are looking to market a specific product, eBay is a good tool you can use to find what aspect of your product gets the most attention. You can also do a similar search on Amazon by sorting by the most popular in a given area.
Niche Market Magazines
Another more basic method of finding a profitable niche market is to find out if there’s a magazine published that caters to that market. In an age where paper publications are declining, the ones that survive have a strong audience behind them. If there’s a magazine out there catering to that audience, then there is money to be made with that niche market.
I hope these tips help you to identify your niche market!