Niche marketing is one of the most effective ways to make a living online. People from across the world are looking to spend money on their particular hobbies, so you can always find a way to meet the demand.
Niche marketing is perfect for beginners and more advanced marketers, but deciding on a niche is often the biggest impediment to progress.
Niches do not necessarily exist already, but are created by identifying particular consumer wants or needs.
Think about solutions to problems, services and products that are currently unavailable, and certain demographical and geographical boundaries that may contain your niche market – this is your opportunity.
Why should you identify your marketing niche?
- It’s easier to identify clients and partners to grow your business.
- Easier to become a trusted expert and influential in your chosen niche.
- Uniqueness! If you have identified your niche area, you’d expect to have a low volume of competition.
- Marketing is more focused and even a little easier, since niche products and services are targeted at precise and particular individuals.
- Great customer return rates. If you’re doing someone nobody else is, and are doing it well, you can expect repeat business.
The following seven methods are all proven ways of discovering the niche you should move forward with.
Working in a niche you are passionate about is one of the best ways to maintain interest. For a passion project, most marketers are already close to being at expert status.
When you are knowledgeable and passionate people tend to flock toward you, making traffic something easy to acquire.
The major obstacle is that you may choose an unviable niche, so you need to ensure you closely research data based on traffic, keywords, advertising costs, and monetisation.
The popularity of a niche will usually correlate to the amount of profit available to you. If there are lots of products and services available, it usually suggests there is a high demand.
While some people are put off by an overly popular niche, you don’t have to let it intimidate you.
Approaching a popular niche requires out-of-the-box thinking, with many of the obvious marketing methods — such as Google ads — being prohibitively expensive.
The Long Tail Keywords
At the other end of the spectrum from the popular niches is the long tail. Long-tail marketing involves finding small, targeted niches to focus on.
You should find far less competition in these niches, but they usually have fewer buyers to target.
If you can find a few long-tail keywords without much competition, gaining a foothold is relatively easy to achieve.
Rather than finding a market first, many marketers prefer to look for a product. A quality product will usually find its audience with the right marketing campaign.
Whether you find an affiliate product or see the potential for creating your own, starting the process with a product ensures you are only promoting quality.
However, before you move too far along into a niche, ensure that there are hungry buyers in the market.
Regardless of the competition, if there is a way to differentiate yourself you can make a profit.
In most niches, advertisers are all following a similar strategy, so differentiation makes you stand out from the crowd.
Finding a unique selling point allows you to offer something your competition cannot. The uniqueness might be related to your product, branding, or even yourself as a personality.
Most marketers assess the current marketplace before moving into a niche.
In most cases, you should choose a niche based on existing factors and data. However, there may be occasions where you notice the future potential of a niche.
There are countless new trends being created, so getting a head start on the competition can put you into a strong position.
Staying close to internet trends, popular culture, and niche forums can help you spot what may be coming down the road.
If marketers are spending a lot of money on advertising, you can be sure some people are making money.
It may be that only a small number of advertisers are actually profitable, but it is still a sign that a niche is worth investigating.
Services like SEMrush allow you to gain valuable data about advertisers and competitors, so you don’t need to enter a market using guesswork.
By using one or more of these methods, you should be well on your way to finding your perfect business niche.
Whether you want to be driven by your passion or by the profit potential, you can uncover a number of niches that will fit the bill.
Many beginner marketers procrastinate over a niche, but the important thing is to make a considered choice and move forward with your marketing campaign.
How did you identify your area of business? Did you research the market thoroughly before investing your time and money? What did you learn throughout the process?