Saturday, October 9, 2010

Niche Markets

If you are attempting to start a business online or if you are simply trying to increase your traffic and revenue, focusing on a niche market can give you the edge that you need in order to reach the high goals that you have most assuredly set for yourself. There are so many different niches in the overall market that any web site on any topic can find a niche and fill it. When you specialize, you are more likely to succeed.

The most powerful tactic in the history of warfare is the classic divide and conquer routine. You can make an obscene amount of money if you can take over one niche market and then another and another. Focusing on smaller groups of people and dominating their needs in a particular area is the best way to effectively spend your resources.

When you attempt to evaluate your market keep in mind that there are people in your market that you wouldn't normally associate with it. There are a small number of people who live in the suburbs who would like to wear cowboy boots. If you can target your products at groups such as these you are more likely to sell to them than someone who would target the cowboy boots to... well.. cowboys.

Finding niche markets can be a daunting task. Basically, you can ask yourself a few questions that will assist you in finding the niche market that is right for you.

1. What experience do you have with the products that you are selling? If you are an expert in the field of your sales, you are more likely to succeed than most. Try to come up with the reason that you got interested in the products that you sell. Figure out what kind of people are most likely to be interested in your products and then try to come up with some groups that aren't so quickly thought of but that may find it fashionable or interesting to purchase your products.

2. Who was the product that you are selling designed for? Cowboy boots were designed for cowboys. There are people who have never stepped foot on a farm who will wear cowboy boots, but they were designed for cowboys. Try to think of what group of people the product was designed for and what other groups can be cut out of the same mold. I.E. country folks, suburbanites, city dwellers, inter-city dwellers. You are not as likely to sell cowboy boots to inter-city people as you are to suburbanites.




3. Are any of these groups already targeted for your product? If somebody is already targeting the niche that you came up with, you may be able to decipher whether or not there is still room in that market for you. If your competition has been selling the cowboy boots like hot cakes in the suburbs there may still be time for you to make some money off of them.

4. Can you target your niche better than anyone else? If there are already companies selling your product to the group that you wanted to select as your niche market, you still may be able to be the most successful. Just because you are not the first doesn't mean that you can't be the best. If you can target a group of people better than anyone else due to some experience, tendency, or inborn characteristic, go for it. Competition is important, without competition nobody would ever become successful.

5. How well can you optimize your niche for search engines? You may be able to come up with an excellent niche market that you can provide for better than anyone else. This niche may be completely original, and you may have the resources necessary to really get it off the ground. But does it have the potential to top any search result sheet? Will anyone ever come looking for it? If not you may have to start off by advertising on pay per click advertising services such as adwords before you get a chance to really thrive on your fresh new niche market.

If your niche market can fill up a few slots for key words you are in better shape than most. It is normally very difficult to come up with good, comprehensive key words for your web pages. The best situation that you can encounter is one in which your key words are more or less laid out for you. If you have a catchy little gimmick or a highly targeted niche market you should be able to come up with a good set of relevant key words. Having relevant key words is most of the battle in the whole SEO game. Any SEO that can come up with a good, comprehensive list of key words will probably do quite well in the world of business.

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