Marketing is the activity that gets business done and profits earned today. How a company, or an entrepreneur, chooses to approach marketing is often what makes the difference between their success or their failure. Those that want to earn online or anywhere else really do need to make sure they understand what their options are because there are a range of possibilities out there for anyone interested in getting involved in marketing. What we want to cover today is a type of marketing known as niche marketing, one of the hottest ways of reaching out to an audience and making sales.
This is a type of marketing that has a solid history behind it both on and offline. In fact, some say that it is more or less the only way to make real, solid income on the web today. Learning about this approach to marketing is going to expand your horizons and we’ll cover the details of how it works for individuals running their own small business as well as companies of different sizes. We’ll also give you the details on how you can best prepare to enter this field and earn the most from doing this kind of marketing right away.
The Definition of a Niche and It’s Use in Internet Marketing
A niche is essentially a small segment of an overall market, and niche marketing is marketing that takes a product or service and makes sure that it meets the needs of a specific niche. The niche audience is defined different ways, depending upon the commonalities that audience members share. Sometimes a product developed for a niche market needs to have certain features which meets the needs of a niche audience. These might include its price point, the quality of the product, the amount of products produced and so forth. Niches are usually a segment of a demographic, defined by marketers who are attempting to get sales from that specific audience.
An example of a niche focused company would be Nintendo. The company focuses on the gamer niche market, designing products of different kinds to meet the needs of this powerful market and, most likely, developing strategies to create smaller niches within the gamer niche so that it can create even more focused products.
Nintendo is not trying to sell to everyone these days because the gamer audience is now clearly defined. A more mainstream company such as McDonald’s or Wal-Mart would be focused on reaching out not to niche audiences but the broadest audience they can possibly bring together. While both McDonald’s and Wal-Mart likely practice aspects of niche marketing for certain product categories, their primary focus is on pleasing large and unrelated demographics in order to bring in their profits.
Niche marketing esencial
An important part of understanding why niche marketing is so crucial to businesses today is understanding the history of marketing. During the era of publishers of newspapers and magazines, as well as powerful television networks, marketing to niches was much less important. When watching TV or choosing a publication to read, consumers had very little choice and were essentially forced to look at ads or sit through commercials.
This meant marketers needed their products to appeal to very large audiences in order to be successful. While niche media outlets did exit, they had very tiny audiences and it was generally not profitable to sell products to them with the exception of very small businesses.
The arrival of the Internet changed things in a big way, handing consumers much more choice over what they consumed and also allowing for higher levels of competition as brands of all kinds had to do battle online where footing was more equal.
More brands, more products and more choices were in front of consumers and they began to rearrange demographic categories, with people forming relationships and organizing themselves around things they cared about. Today, niches dominate marketing theory and, thanks largely to the web, niche marketing exists and is a lot easier for a small business or entrepreneur to get involved in than ever before.
Why Niche Selection is Essential to Business Online?
If a business is developing a product or service, they have to think about how that product or service is going to be used by its target audience. They need to know what their audience wants and then they can develop something to sell them based on this knowledge. It is no longer a case of developing something for the whole country or whole world to use, consumers expect more specifics today in almost all cases. This is why businesses have to understand the principles of niche marketing.
A business will need to do research to discover the right niche for their product. Marketing messages must be custom tailored to the needs of the niche audience based on what marketers know about that particular audience. This helps avoid spending huge amounts of money marketing to demographics that are simply not interested in what is being sold. So a business today will need to look at existing niches and decide how competitive they can be at delivering what the niche audience wants before they begin marketing.
Businesses that succeed in selecting an intelligent niche for their products or services are very likely to succeed. For the most part, niche marketing works because niches are less fickle and more stable than mainstream audiences which have a tendency to change their tastes at seeming random. Once a business knows the niche for its product or service and focuses on doing the best niche marketing they can, profits are the likely result and, if they have done their research thoroughly enough, they should have a solid idea of about what they will make in return for the time, energy and money expended on that niche marketing.
Is Niche Marketing Something Solo Entrepreneurs Can Do?
Yes, and this is why it is so widely touted as a smart way to go for those who want to start their own business. There are thousands, if not millions of niche markets online today and they are being created at a fairly rapid pace, as well. While some niches have a very high level of competition that has been there for a long time and has huge budgets at their disposal – such as the weight loss products niche – other niches are just developing and have a lot of room for newcomers.
When an entrepreneur decides to get started in niche marketing, they are doing themselves a favor because it is much easier to study a niche, learn about the consumers who are a member of it and discover how to marketing something to them successfully, than it would be to try to launch or even sell a mainstream product. With niche marketing, there is often a lot less monetary investment needed up front and this makes entering the field a lot simpler. Even an entrepreneur without their own product can help sell products from others as a way to raise capital. Affiliate marketing is one solid way they could approach this, for example.
Advantages from Niche Marketing
There are other advantages to niche marketing, as well, including the fact that a person with passion about a specific niche will have advantages over other marketers in many cases. They can create a personal brand involving their own personal identity, if they wish, and take the niche by storm. This alone accounts for much of the reason why niche marketing is so attractive to many who have a serious passion or hobby that they want to earn a living from.
So, yes, niche marketing is definitely something a person can do on their own. They can use outsourcing to take things to the next level in terms of their earning, but they can start out by producing quality content on their own if they have the needed skills. This is a type of marketing that provides a lot of opportunity to those who take it seriously and go in with a real commitment to learn and to work diligently at earning the money available.
How an Entrepreneur or Company Marketer Locate the Right Niche to Pursue?
Niches come in all different sizes and involve many different types of people. Companies and solo entrepreneurs alike would be wise to do their homework and perform thorough research on a niche before entering it. This can be done by running online searches and starting to get a sense of what all the competition is for specific keywords associated with a niche, for instance. Having a look at Facebook Groups, online forums or sites dedicated to the niche is another smart way to do research.
Keywords are a big part of marketing today and they matter even for those who are not particularly focused on getting search engine traffic. Tags and #hashtags are essentially the same concept so you need to know all the words used to describe any niche you want to be involved in so that you can research it.
Researching a niche
When researching a niche, take note of the competition as well as how well established they are and what size audience they have. Examine what makes their products or services more appealing to niche audience members. Get a sense of the niche’s size and the volume of sales within it. Decide how you can cater to that niche and deliver the results consumers are looking for within that niche when they make a purchase. Product review sites can often be a great way to see what consumers actually want from the products they buy.
Developing products will cost you, so if this is what you have in mind you will need to do much more research than someone who is engaged in marketing a company’s products via an affiliate marketing network, for instance. Still, most marketing done online today has a solid foundation in content marketing and you will need written content, videos or other ways of reaching out to your niche – you can’t just give them a link to click to go buy something you’re selling. You’ll also need to use social media heavily to get the best results.
Can Niche Marketing Be a Sole Source of Income Online?
It absolutely can if you have a loyal niche that buys product after product as many niches do. You will need to learn your niche very well and keep introducing them to products and services they derive solid and consistent value for. You will want to, if at all possible, make yourself an authority within your niche. Building authority is crucial in niche marketing if you plan to have it one day become a sole source of income for you.
That said, you might want to think about expanding your niche marketing, if you succeed at it online, into offline areas, too. All too often online marketers get overly focused on the online component of a demographic and do not look to expand it in all the ways that are accessible to them. Looking for other ways to widen your audience is a smart move and is likely to pay off in dividends.
We need to make a distinction here that there are 2 kinds of marketers who succeed with niche marketing. There are those who are totally committed to one niche and who develop that all the way to push it past its full potential and continue to get the most from it. There are, on the other hand, those who do niche marketing in a serial way, jumping from one niche to the next and primarily focusing on marketing rather than on a specific niche. The first group mentioned are generally going to do better these days. Serial niche marketing efforts tend to flame out quickly and it can be hard to derive a consistent income from those types of efforts.
Is It Possible to Learn Niche Marketing From Those Who’ve Succeeded?
This is actually an excellent idea because there is a lot more to niche marketing than any one article could cover. Often, specific examples and case studies are going to be a huge help to you and in order to get those, you might think about enrolling in some video courses or perhaps purchasing a few books. Education is important and learning from those who have had success at niche marketing is a good idea.
There are many different niche marketing courses on the web that are, generally speaking, low-cost and offer both training and support. This is a good way to go because it is affordable and also because you will pick up things that might otherwise take you months or years to learn. If you really want to get the most from your niche marketing then you are going to need to put an effort into learning all that is possible with this type of marketing. You might even think about getting some one on one coaching to help enhance your education and take things to the next level.
Before You Begin Niche Marketing Develop a Strategy & a Plan for Success
You are going to need to lay out a plan and use strategy if you want to succeed in any kind of niche marketing today, no matter what your particular niche happens to be. Those with experience know they must do this and they put a lot of work into it, but those who are new may not realize how important it is to lay out a strategy before they start. The truth is, if you do not do this then it can be very tough to get where you want to be.
Your plan will need to have clear goals in terms of how much you want to make and the time frame within which you expect to reach each way point along the route to your goal. You need to set aside a certain amount of time each day or week and stick to it. You also need to invest in educating yourself, even if that means reading blogs, engaging in forums and watching helpful videos. Each year, niche marketing evolves and you want to know where things are headed so you can make the most of your opportunities.
Strategy is your approach, the way you will execute your plan, and it is essential. You need to be honest about what you are willing to do to earn your profits and you need to think about the best ways to appeal to your niche. If you do things right, keeping profits coming in is not going to be hard and you can expect to earn a very substantial living from doing niche marketing. Of course, that means you have to stay committed, realistic and put in the sweat equity.