Niche [nich] noun:a distinct segment of a market.
In a nutshell, niche marketing involves serving one part of a market, not just promoting a single product.
A niche can be sliced out of a larger market in many different ways. A niche market can consist of:
- A certain demographic group (for example: women aged 25-35, men aged 55-65, etc.)
- A certain psychographic group (“psychographics” identifies people by their Activities, Interests, or Opinions – for example: golfers, Democrats, etc.)
- Specific needs (for example: people who need a solution for back pain)
When a lot of people first get into Internet marketing, they’re often told to pick a product and start promoting it (usually by going into the Clickbank Marketplace and choosing a product that has high gravity).
There are a couple of BIG problems with this technique:
What if that product suddenly gets pulled off the market?
What if a new (cheaper or better) product comes on the market, and the product you’re promoting suddenly stops selling?
On the other hand, if focus on serving the needs of a whole niche you won’t get burned when a product you’re promoting disappears or becomes uncompetitive – you can simply find another product to promote!
Just think about it for a minute: niches have multiple needs, but products don’t.
So if you start your Internet marketing business by focusing on the “new mother” niche (for example), you can attack that market by first making a list of all the needs that new moms have:
o Baby clothes
o Parenting e-books
o Weight loss programs
o Time management advice
o Yoga gear
o Sleep aids (if you’re a parent of young kids, you understand this one!)
o Kids’ books and videos
o Marriage help (the arrival of kids often strains marriages)
When approaching a niche market, look at it this way:
Your job is to serve as a “guide” for your niche, helping them solve their problems.
And what will you get in return for your role as “niche sherpa“? Well, if you do it right, you’ll get a thriving online niche business!