A niche market is a group of consumers for a specialized product or service. The difference between a niche market and a normal market is that niche markets cater to the specific needs of a distinct group of people, while a normal market caters to generalized needs. Niche marketing is profitable because most businesses cater to larger markets, thus businesses catering to niche markets tend to have less competition. Here are some ways of researching your niche market:
1. Have an objective and enumerate your priorities in niche marketing. This is the most crucial step to govern all other steps.
2. Define your niche. Specify the unique characteristics of your target market. If you make your definition too broad, you will not have a niche market, and you will have to compete with numerous businesses that cater to the same consumer needs. Also, be sure that there is a reason why your consumers would want to avail themselves of your products and services. If you don’t have a specific niche market in mind, do some research for ideas. There are plenty of resources available online; look for are niche market research sites.
3. Research your niche market. Know what their needs are, their common activities, where they can be found, websites they visit and how often they visit, their spending patterns and the size of your market.
4. Research products and services you could provide. Study whether these would be viable, what resources would you need, how much production, distribution and marketing would cost, and how your niche market would react to what you have to offer.
5. Determine whether there is a demand for your products and services. One way of doing this by making use of online market research sites and seeing how often a product or service is researched on Internet search engines. These would take the form of entered keywords. In market research sites, you could see a graph measuring the frequency of a keyword according to time and place. There are also sites that provide additional information such as news related to the keyword and how often these news items have appeared online.
6. Another thing to research is the supply for your chosen products or services. You could make use of market research sites, and see how many online pages are available per keyword, thus giving you an idea how many businesses are catering to your niche market.
7. Research your competitors: their marketing strategies, their sales, their rate of progress, the pattern of their activities, and how many of them are competing against you.
8. Know whether your niche market is willing to pay. Again, you could refer to market research sites for insight into how often and how much consumers are paying for items and services that are similar to yours.
9. If you prefer, you could supplement your online research with surveys and interviews or publications such as books, magazines, periodicals, research reports and college papers.
Armed with information gathered from your research, you would now be ready to formulate your plans for your own niche marketing. Best of luck to your endeavors.
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By Staff Writer
source : howtodothings.com
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