Finding a Profitable Ecommerce Niche You Can Dominate
A niche market is the subset of a larger market on which a specific product is focused. Its solely aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target.
Physically it is when you (Business Owner) are able to find the right audience and you also able to prove yourself to them too.
In today’s saturated business world, competition is everywhere – even in the narrowest of spaces. You’ll need to make sure that you’re delivering something incredible to your audience if you want to transform your brand into a household name.
By carving out a niche market and positioning yourself as the go-to brand for the few but influential audience not only establishes your credibility over other competing brands but it also sets you in a more focused business, from your unique value proposition to your content marketing, that makes it easier for the right customers to say "This is just right for me."
Nearly every market can be further refined, or divided, by the particular needs and preferences of its constituents. Some of the most common ways to define a niche are based on:
Price (e.g. luxury, moderate, discount)
Demographics (gender, age, income level, education level)
Level of quality (premium, handmade, economical)
Psychographics (values, interests, attitudes)
Geographics (residents of a certain country, city, or even neighborhood)
Choosing to focus on a niche is a strategic business decision to serve a certain customer base better than competitors who target the larger market.
In this blog post, we would be talking on how your small business capitalize on unmet needs and find and dominate a niche market? These four basic concepts are key to niche market success.
- Try offering a unique service or Product,
For every niche you can think of, there are online stores already selling its products. You will never beat down the big boys on the web with a general selection alone but you can fire-up your chances by adding extras that your competitors don’t offer.
The trick here is to come up with a unique product or service that sees to unmet needs. You can look into providing complementary products or a micro niche along with your original intended product or services.
Do not make the mistake of going for an over saturated market, because you might easily get frustrated before you are able to reach your goal. You will be competing with hundreds or perhaps thousands of other well-established sites with stronger domains (SEO) and more than likely get better pricing on the same products you are trying to sell. If you in for the quick glory, just go for a niche that is not over-populated. This should help to get rankings a bit easier and have less competition on pricing.
- Offer a Marketable Product or Service
You might come up with all kinds of creative and original products and/or services, but if no one wants what you’ve produced, they're of little use. Additionally, although you are targeting a niche market, there must be sufficient demand for your product for you to make a profit.
To determine demand, you must gauge your market and conduct extensive market research. If you want to know if there’s a market for your product, the best way to find out is to reach out to your target market.
- Choose an Available Niche Market
Niche markets tend to be small, and there is only room for so many players. Before you start a business yourself, make sure you know your competitors, the size of the market, and how much of that market might be available to you. If you have no competitors, and demand seems high, your business concept has potential.
- Market, Market, Market
Marketing is perhaps more important for niche businesses than for any other type of business because consumer awareness of your product is low. Your success or failure hinges on making the connection with exactly the right type of customer or client and making them realize that they need your product.
Through marketing, you can reach and educate your potential customers. Once you establish leads, build a relationship by making contact on a regular basis.
If you apply all of the four concepts above, your small business will enjoy the powerful competitive advantage that mastering a niche market provides.
If you want to start a business, there are many proven business ideas in existing traditional markets that can generate full or part-time income if you can:
- Deliver the products and services that your customers need
- Provide better customer service than your competitors
Once you've confirmed the viability of a niche, start developing a website or probably learn how to create a blog, and generate more traffic to your site to boost your revenue and scale up.
But, do keep in mind that there is no perfect process for finding a niche. You will want to do your homework, but if you do get stuck in the planning phase, you'll never actually get around to starting.
"Defining your Target market or Business Niche is the single most important decision you can make as a Business owner"