Archive for September, 2007

Identify a Market

So how do you find market niches that are profitable? There is no fool proof formula to finding the perfect niche. It’s a mix of research, research and research – with a dash of instinct and passion thrown in.

Passion - because it doesn’t matter what niche you pick, if you are not passionate about the topic, the site is doomed to failure. After you learn the game, your passion can be the GAME – then it doesn’t matter what the topic is. Your passion will become being successful at what ever topic you pick. While you learn the process, you really should pick a topic you know something about.

Instinct – is what your gut is telling you. Whats your immediate reaction to the niche? Did you find the topic or product and say yuck or did you have a wow moment where you said to yourself “I didn’t know you could…….” (get these, buy these, etc -you fill in the blanks).

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The term niche means a smaller, focused section of a particular group. For example, earrings are a niche of jewelry. Clip on earrings are a niche of earrings and pearl clip on earrings are a niche of clip on earrings and so on.

You can drill down any market to a very specific niche.

If you have a business online, you maybe looking for a Niche Market to get into.

Wikipedia.com defines a Niche Market as follows:

A niche market also known as a target market is a focused, targetable portion (subset) of a market sector.

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.

A distinct niche market usually evolves out of a market niche, where potential demand is not met by any supply.

Such ventures are profitable because of disinterest on the part of large businesses and/or lack of awareness on the part of other small companies. The key to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already.

Sounds pretty good doesn’t it?

Marketing Tips

Once you have settled on your business, it’s time to start your market research. Again, this step falls into the category of strategy and preparation. Keep in mind that strategy, not investment, is your ticket to success!

OTO (One Time Offer) Marketing

You’ve seen examples of this strategy if you’ve ever taken advantage of a freebie offer. The OTO theory is simple and straightforward: give away a great product for free, and immediately offer another valuable product along with the freebie for a deeply discounted price.

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