Fast growing amongst the popular terminologies being thrown around by online marketers is the term Niche Market or Niche Marketing in its various forms.
It would appear to be dominating their every conversation and for good reason. It is actually where the money is.
So, to the heart of it – what is Niche Marketing ? Is it another of those over-hyped terms or does this fad have some legs?
– It isn’t something you can buy
– It isn’t something you can make ( well not directly )
– It’s not a new job opening so don’t ask your boss for a transfer
– And as usual, the hordes of people taking a stab at it are nearly all probably going to fail.
Niche Marketing – An example
Here is my own quick definition : Niche Marketing is an examination or sales analysis of a very narrow marketing segment that is being under-served by the competition. Let’s see what this looks like.
– runners. Niche or not? Not
– Nike runners. Niche or not. Not (What did that surprise you?)
– Nike marathon capable running shoes. Niche or not? Feeling the sun yet ?
– cpu enhanced marathon capable Nike runners. Niche or no Niche? Jackpot !
So, the warmth of the sun is shining on our face, its going to be a great day. We can now see the light, yaddy, yawn… So where do we go from here? We have accurately identified a niche right? And isn’t that what everyone is talking about? Do we stock up now or wait for Christmas?
Not even! You have heard this street english before right? No, I am not keeping this niche area for myself, I wouldn’t do that to you, so don’t think I am holding back. Truth is, our premise of a niche marketplace sounds good but is still yet unproven.
The prior example was just that – an example. An niche marketing example of the narrowing market segment that a niche market might end up in. That wasn’t even close to the process used to find a niche market so please don’t jump on that phrase just consider it dead in the water, lol.
Even if half a dozen sports friends asked me for that product next week, I would neither stock nor drop ship this product for reasons that you will soon know.
So, did I just give you a really bad Niche Market example?
It might be and maybe it wasn’t but we don’t know that yet. When doing this kind of research one has to remind oneself that people use specific key words when searching for a product or service. Only the search engines, search engine tools ( like wordwatcher ) really know what is being searched for. And unfortunately only niche marketing software tools can give one the market intelligence needed in order to make a business decision.
If we know how many people are searching for the product and how many competing websites there are, isn’t this enough information to quantify this as a niche product? Wasn’t this what groups traditionally used to make their decision in the past? Well, it was, but its not enough anymore. There are tools out there now that can make a newbie 10 times more efficient and powerful than the traditional analysis used just 6 months ago.
Perhaps you are experienced and know that this was not the process used to find niches. Perhaps you are still using the tools inside google adwords, or google trends or wordwatcher.
They are time tested and have worked wonderfully for the past few years but a newbie using a niche market tool and having little or no knowledge of the existing search tools from Google could blow you and I out of the competitive water in less than 5 minutes.
Competitive Niche tool products go significantly further than just how many potential clients are searching and whether the competition has the keyword on their site. They use algorithms that use several additional variables for ranking competition. They can immediately open affiliate sites like clickbank and others with a related product already found and ready for you to use. They can find articles from Private Label Sources for reprint. And this is less than a 1/10th of their abilities.
At this stage in online marketing, it no longer makes sense to find Niche Market products the old way. There is a list of products on my site. Have a look.
P.S. I would NOT stock or drop ship a product like that because it has no upsell whatsoever and I would have worked my butt off just to give walmart or Nike or someone like that another customer that will never come back to me.