What Is Niche Marketing and Why Should You Care?
Niche marketing is the bread and butter of small scale Internet marketers like myself. Niche marketing or micro marketing is the ability to market products online without competing against companies that have multi-million dollar advertising budgets.
If you are new to online marketing and intend to profit from your efforts you need to know exactly what niche marketing is and how to profit from it or you will end up discouraged and flat broke.
What exactly is niche marketing?
“A niche market is a focused targetable portion (subset) of a market.
By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. A niche market may be thought of as a narrowly defined group of potential customers.
Niche marketing is selling a product or service to those who
want or need the product the most.”
The Correct Niche Marketing Mindset
To have the correct niche marketing mindset you need to realize that you should not sell low-priced commodities like tee-shirts to the world at large. If you do, you will find yourself competing against the WalMarts of the world who can purchase tee-shirts for pennies on the dollar. The corporate mega sellers can’t be beaten at their own game of buying low and selling low. Unless you happen to already be a corporate mega seller – don’t even try.
No, a niche marketer doesn’t sell low priced items that people can easily purchase at WalMart, they sell higher priced specialty items that people can only get from them.
A Niche Marketing Example…
As an example, imagine that you are selling tee-shirts. Try and sell cheap tee-shirts that people can get anywhere and you’ll be out of business in a week. Instead, sell higher priced specialty tie-died tee-shirts to people who love tie-died tee-shirts.
Now you are on to something. Now you have a chance to promote this niche product with niche articles, for a tidy profit. Get it?
One problem with competing against the big boys is that they have a lot more money than you. They can spend millions of dollars on advertising without batting an eye. You probably can’t. Look at your last bank statement. Does your savings account have more than, say, a billion dollars in it? No? That’s only a problem is you are competing in mainstream market but not a problem in niche markets.
Niche marketers understand that small advertising budgets go a long way on the Internet.
Here is a two-pronged niche marketing strategy to get free targeted traffic to your website every time.
- Write articles of 300 to 500 words about your niche that you
place on a blog and also send them to various article directories like
EzineArticles.com. You’re sure to get some customers to visit your
online store. - Learn the ins and outs of using social bookmarking generate a
flow of traffic to your blog from sites like Twitter and FaceBook.
These methods only cost you the amount of time it takes to write and send articles.
To recap.
Niche marketing is selling a product or service not easily found in retail stores to those who want or need the product the most. Finding the right niche market for what you have to sell isn’t really all that difficult.
Just remember that you want to sell specialty type items, whether physical or digital, that can’t be easily gotten at local stores. Think about the people who would be most interested in what you have to sell.
If understand what niche marketing really is you have instantly improved your chances of earning an online income.
To your online success!
Mark
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