Big Time Earning Through Niche Marketing

You can earn big by starting a niche marketing concept it can be a product or service, all you need is proper research and innovation. Niche Marketing Strategy is Designed to attract a specific subset of customers; a niche marketing strategy considers the narrow category into which your business falls. It focuses on a small group of buyers, instead of the broader market. In other words, niche market is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large. For example, within the market for women's shoes are many different segments or niches. Shoes for vegan women would be a niche market, as would shoes for plus-sized women, shoes for nurses, and shoes for transgendered people.  A niche is a specific portion of a market that is united by a common interest or demographic. For example, if you're operating in children's clothing, specific niches could include athletic wear or outerwear. Examples of niches include handmade items, pet food or pet owners, trendy t-shirts, eco-friendly products, beauty products, gadgets, or other trending products. By narrowing down how you look at a market, you are able to find areas and sections that haven't been tapped into.

Five-step niche strategy that entrepreneurs should follow if they want to enter into Niche Marketing.

1.       Select your target audience.

2.       Define an unmet or underserved need.

3.       Research your customer base.

4.       Create your business plan.

5.       Market your business to your specific audience.

Remember that carving out a niche market and positioning yourself as the go-to brand for a specific audience not only establishes your credibility over competing generalists but also results in a more focused business, from your unique value proposition to your content marketing, that makes it easier for the right customers to say, "This is for me."

A niche market is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large. Nearly every market can be further refined, or divided, by the particular needs and preferences of its constituents. 

Some of the most common ways to define a niche are based on:

Price (e.g. luxury, moderate, discount)

Demographics (gender, age, income level, education level)

Level of quality (premium, handmade, economical)

Psychographics (values, interests, attitudes)

Geographic’s (residents of a certain country, city, or even neighborhood)

If you are thinking to start something Niche than its quite under stable that you might have specific trending product ideas already in mind, you can increase your odds of success by starting with a niche market and then drilling down to find niche products with a possible market-fit.

Some of such ideas where you can hit big earning by tabbing a sub set of already existing market segment and then transform that segment into a niche lover.

The rise of the conscious consumer has paved the way for vegan, eco-friendly, and cruelty-free variations of conventional products. If there is a product that is frequently purchased by the mass market, there is likely a niche of conscious consumers that will embrace a greener alternative.

Bee’s Wrap, Reusable drinking straws, Cruelty-free cosmetics, Vegan-friendly apparel can be other example of this segment

As all of us know that most people own fish, dogs, or cats, therefore we can hit this market segment big time with ideas like, Pet cameras to watch and interact with pets while you’re not at home, GPS pet trackers, Personalized products with pets’ photos, Organic pet food and treats

As we are very well aware of the fact that travelling habits is increasing day by day as all of us wants to relax and free ourselves from daily routine workloads and tensions by opting for travel to some relaxing places within our own country or abroad.

Even the way consumers approach traveling is evolving. In fact, travelers are becoming more environmentally conscious. According to Booking.com, more than half seek sustainable options but have difficulty finding them. This segment can be targeted by niche marketing ideas like, Smartphone accessories for traveling content creators, Scratch maps for people who love collecting travel experiences.

With the rise in the cost of living and salaries that can’t keep up, people are no more in a position to own home. Beside that the definition of being a homeowner is also changing. Homes are increasingly being turned into investment properties or shared spaces which generate additional passive income.

This paved the way for renting for specified shorter time periods, converting your home and apartment into hostels and room rentals. For all such property owners Home security cameras (in-home, doorbell, smart home devices, etc.), Furniture/home decor for small apartments, Home solutions for renters (such as no-drill blinds)

Another Niche concept is the rise of remote workers, there are many reasons for this. For one, allowing employees to work remotely increases job satisfaction and productivity. These workers are also more engaged and two times more likely to work more than 40 hours a week. This leads to Freelancer serving this niche market of freelancers with products that can help attract potential clients. Keeping these remote workers’ motivations and lifestyles in mind can help you identify product ideas to help them and the companies that employ them to achieve their goals. These ideas include Desk toys/decorations, Decor for home offices, Laptop accessories for people who like coffee shop work sessions.

Few important things that a niche marketing entrepreneur must keep in mind includes,

·         The price range for your products

·         Production quality

·         Your positioning/branding

·         Your marketing strategy

In short while targeting a niche as your focus will make it infinitely easier to find potential customers and convince them to buy from you, you need to be sure there are enough buyers in that niche to make it viable. If you determine your niche is too small to generate reasonable interest and profit, consider pivoting to a different audience within that niche or promoting a different product. You won’t really know what will resonate until you try. if you do achieve success early on, niches change and it’s up to you to evolve with your audience and adjust your positioning over time. You might even introduce new products to your line as new opportunities present themselves.

Niche Marketing ideas should be put to following test before launching it fully:

1)      Build your audience

2)      Test before you invest.

3)      Dig deeper into your niche.

4)      Research consumer trends in your market.

5)      Incorporate your specific audience’s needs and commonalities.

6)      Finally understanding the unique needs of each niche

In short, now that you know how to choose a niche market and generate product ideas your target audience will buy, it’s time to turn it into a reality. Here are a few resources to get started, whether you plan to make it yourself, work with a manufacturer, or dropship:

 

GOOD LUCK

By: Ovais Asad Khan