Introduction To Niche Markets Through Social NetworkingEveryone is familiar with the concept of a market, where a variety of goods, products and services are traded. A niche market is simply a subset of the market with a specific product focus aimed at meeting the demands of a particular target group, such as the price range, product quality and the demographics.
In fact, basically any product that is sold can be put into a specific niche market. However, because some products are aimed at a general target group because of the focus of the market subset (e.g. price), these are what is commonly known as the mainstream niche or high demand markets.
Not surprisingly, due to globalization and a world view of modern business, niche markets have found a very important advantage in the advent of the Internet.
Internet-based niche segments of larger markets can be tapped into by savvy entrepreneurs by the use of technologies to build websites, create blogs and other social network based marketing strategies. This allows the niche marketer to rapidly gain access and exposure, thereby better targeting their customer base to build loyalty and in turn a steady and passive income stream. The reproducibility of niche marketing allows the technique to be repeated across several other niche websites depending on the target income level one would like to generate.
As many niches become saturated with marketers, and the market share is divided amongst increasingly more competitors, it is important to find smaller and new undiscovered niches. Therefore, unlike traditional business, niche marketers also need to constantly evolve and adapt their business to the supply and demands of the current market.
With the advent of social networking sites like Facebook and Twitter researching niche markets that will practically buy everything you can throw at them has never been easier.
This guide will provide useful information for those who are interested in learning more about this cutting edge market and beginning a potentially lucrative career in niche marketing.
Throughout this book, you will learn about many of the benefits of niche marketing and how you can successfully start your own niche marketing business. Understanding the pros and cons of niche marketing can make going into to it much easier and less stressful because you know what to expect before you even get started for the most part.
Why Niche Markets are Important
It is only recently that niche marketing has started to make a serious comeback with the advent of social networking websites where you can study openly what thousands of consumers tell each other about that things that interest them and what they want. Before the Internet and the growing popularity of social networking, a niche populated by a total of one thousand people scattered all over the Earth would have been impossible to reach. Put those 1000 people on the Internet, and they all search Google for a keyword phrase associated with their own interest which lands them at the one site that caters to that interest. Presto! A new niche market is born.
The problem in the past has been discovering what niche markets would be most profitable, and what the customers in those niche markets want. Now with everybody tweeting all of their wants and desires all day long, or messaging each other back and forth on Facebook niche marketing research has never been easier.
You see many examples of "long tail" marketing all over the Internet, but the full realization of the power of this marketing method is just beginning to be understood. In the rest of this book, we're going to thoroughly explore the niche marketing strategy. Our studies will range from dry and scholarly to freakishly quirky, but always will be covering some very exciting territory!
The Importance of Choosing a Niche in Internet Marketing
Internet marketing has become one of the most profitable types of marketing available for any type of product that you may sell. The Internet has the capability of reaching a wide audience and those who take advantage of this widespread reach find themselves in a position where they can benefit greatly from potential clients from all over the world.
There are many people who are attempting to profit from selling products on the Internet but those who are truly successful realize the importance of focusing their efforts on a specific niche. This means the investor focuses his marketing effort on a specific area of interest. This enables the investor to have a more focused strategy for reaching potential customers.
Is Niche Marketing For You?
Why Cater to smaller groups?
Even though marketing logic suggests that selling products to a large group of people will yield more profits than selling to a smaller group, niche marketing has been the driving force of many large corporations. You are a small business trying to compete with not only these large corporations, but other small businesses as well. Since large corporations for the most part do not view niche markets as profitable in the long run, you have the opportunity of catering to these groups without having to worry about the competition.
Another benefit to finding niche markets and selling directly to them is that you will already be familiar to their needs. This makes creating a product, whether it is an e book, report, e course, or step-by-step guides, and selling it much easier because you do not have to convince niche markets that they need your business - they already know this because of the lack of information they have been able to find so far online in their interest group.
If you are the type of person who is easily bored by day to day tasks, being able to sell new products every few weeks or months to a different group will never become boring or old. Because of the research you will need to conduct, not only will you learn more about topics you might not have known existed, each day will bring different and exciting new challenges. You should be disciplined however, in order to thoroughly research niche groups, create email lists, correspond with customers, and create informative materials that they will want to purchase.
One final benefit is the ability to manage your own time. Working from home or a small office where you are your own boss gives you more free time to enjoy hobbies, meet with friends, and set your own hours so you can work when you want. There is no greater joy than being able to run your own business, help fulfill the needs of those who are being ignored online, and being able to decide which niche markets to follow and which ones not to.
Below is a short list of pros and cons that can help you as you begin your first niche marketing project.
- Small start-up costs
- Research is easy to conduct using Google, Facebook, and Twitter
- You can fit research into your schedule
- No 'hard selling' required because you find a niche first before creating a product
- Informational products can be sold and sent online to customers
- Easy to market
- You can have several products out there at one time
- Endless niche possibilities
- Can easily be a part-time or full-time job
- A little overwhelming at first
- Research can be time consuming until you create a routine for yourself
- Internet can be a daunting place filled with a lot of information overload
- You probably don't know anyone who is in this line of work, so you may feel isolated at first
- Profits will differ from project to project
- Some niche markets will become unpopular faster than others
BENEFITS OF NICHE MARKETING BUSINESSES
Now that you have learned more about the benefits of niche marketing for personal gain and financial stability, you should consider how easy it is to get started. Because starting a small business can be frightening, below you will find the benefits of selling products to niche markets as opposed to starting other types of Internet businesses.
These benefits include:
- Repeating the same simple routine
- Residual income
- Low cost of product delivery in downloads
- Ability to sell the same products re branded in other markets
Niche marketing is a business whose growth is determined by the amount of energy you want to put into research and creating a product.
Repeating the Same Simple Routine
Even though niche marketing has become more popular over the years, most people do not take the time to learn how it works because of these two issues: research and product creation. Since these issues imply hard work, being innovative, and imaginative, most people are scared to move beyond learning what niche marketing is to learning how to turn it into a profitable business.
While you will have to spend a few hours a week researching possible niche markets, once you find them, you can begin creating your product and selling it. You can use the same research techniques over and over until they become second nature. This will reduce the time spent researching. What most people don't understand is that once you have learned how to spot a possible niche, your work is almost done.
Once you present your product, you can move on to the next niche market. Unlike other products where you make improvements to increase sales, niche marketing is short-term meaning you will only earn a certain amount on one project. But while you are busy working on another, your current product will continue earning you money.
After circulating a few products to different niche markets, you will be able to sit back and enjoy the additional ongoing income. You can take your time finding the most profitable niches, or begin working on other business ideas. Residual income gives you the freedom to make better business decisions over the long term.
Low Overhead Costs When Using Downloads
Chances are the informational products you will be selling include reports, eBooks, audio programs, video programs, or guides that inform and educate. These days, you don't have to create physical copies of your materials. Customers can download them to their computers from your website. This is very easy and does not cost much in monthly website fees.
By allowing customers to download your products, they will be much happier receiving products in minutes rather than having to wait for their materials to arrive through regular mail. They call it snail mail for a reason ya know! Your customers will be able to download materials at any time immediately after their purchase. You save money on printing and shipping costs and don't have to worry about running out of books or DVDs to sell.
Ability to Sell Products in Multiple Markets
When conducting research, you may find that two markets share the same needs. This means you can create one product and sell it in different markets. Having the ability to increase your income from one product is another perk of this business.
To sell the same product in multiple markets all you need to do is make minor changes to the product's name and niche targeting. By doing this you can easily take the same product and target it to multiple niche markets over and over again without the expense of creating a new product for each of these markets.
Now that you have a better understanding of the benefits of selling products to smaller groups and starting a niche marketing business as opposed to other Internet businesses, it is time to learn more about how to go about finding niches and determining their value. Even if your Internet experience is limited, there are a few key websites to visit that can provide you with most of the information you need when choosing niche markets.
Benefits of selling in a niche product to a smaller group of people online include the following:
- Filling a need online that has been neglected in the past
- Providing a product to those who are already looking for it
- Endless amount of niche groups
- Low start-up cost
- Research, writing, and marketing requires less time than working a full-time job
- You can work whenever and wherever you please
- You can explore new topics at any time
- Endless income possibilities
Alan Kieffer has been involved in network marketing industry for the last 10 years and has been writing on online strategy. He had build a substantial income with his networking business. Alan is a successful internet marketer and home based business owner.
Author's site : ... http://www.01digitalstore.com/
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