You wouldn’t try to sell comic books to a baseball card collector would you? They’re just not the same market. The card collector has no interest in comic books, so to set up your business to cater to the card collector would be a waste of time and money. Instead, you want to cater to the comic book collector. It’s common sense. It’s a niche market.
For the many people trying to work online, the right niche market is important. Sure, you could get 10,000 visitors looking at your site, but if they all want baseball cards, you’ll have zero conversion with your comic books.
Use anything as an example, and the results will always come back the same: you need to cater to your market. Traffic to people who are more likely to buy the products you’re selling. This is how good business is done, and if you want a good business, you need to learn how to find a niche market.
Ask yourself a simple question before you get started: what is your market? You want to narrow your base down as much as you can. You can always advertise to broader markets, but it’s a recipe for disaster in the long term. Instead of catering to those people who might purchase your product, you should worry about those who want it to begin with.
Basically, a niche market is little more than a group of people that all have the same interests and needs, a desire for what you offer, and those left out of broad-reaching campaigns.
The group will be large enough to make your business successful, but yet small enough that your competition may have overlooked them. Do these niche markets really exist? Yes, they exist and they’re relatively easy to find. It all has to do with numbers.
With so many people all searching online for products, there’s a group of people looking for what you’re selling right this second. By focusing on them, you can draw them in and convert your sales easily.
One of the ways you’ll find a good niche market is to set up your business first and try to traffic to a slightly broader range. This allows for a little trial and error. Instead of putting your focus into building a strong, small market from the beginning, go with a larger audience.
This also has to do with failure rates. With a larger audience, you’ll easily learn what does not work, and from there, you can custom-tailor your content and your keywords to bring in only those more likely to purchase the product. To put it simply, you won’t be able to do this quickly. It takes some time.
A good way to narrow your search so that it won’t be too broad is to list out every benefit your product offers and work to list the characteristics of the prospects you’ll be targeting. As you get further into this process, your niche market will become more clearly defined.
The most important thing to note is that you’re going to have to work hard to bring this market to you. They will not be able to find you unless your content is specifically tailored for their wants and needs. Do this and you’ll find your niche and be successful.