A niche business market consist of a targeted audience and a business that have the same needs and interest, which is easily identified and can work well together.
Niche marketing in general is to find a business niche that has a great product to offer and providing that product to a highly targeted prospect.
Advantages and ways of finding a niche business market:
1. Find a specific product that you are knowledge about or even passionate about – your chances of becoming successful will be greatly improved. This will keep you focused on building your business and generating a reasonable amount of income while you manage your time and effort into it. You will actually love waking up in the morning to look forward to a business that you love.
2. Can you define niche marketing? – You can define your niche by doing research on the product and the niche business market before you even begin to promote anything. You need to be able to answer certain questions and get the right answers if you are to succeed in niche marketing.
a) Is there enough demand for the product or service? – If you select a broad field such as weight loss, which we know has a great demand; you will have too much competition. So you would narrow down that niche to possibly choose something like “lose fat belly,” or “lose fat gain muscle.” You are now targeting those who want to specifically lose a fat belly or gain muscle.
b) Do a research on appropriate keywords - use free research tools to find good keywords such as the Google Adwords Keyword tool. You will get lots of suggestion of what people are looking for.
At the time I am writing this article, overture had they keyword phrase, “skateboarding,” searched 34, 890 times in a one-month period. If you searched on google, you would find 32,600,000 sites show up. That is a lot of competition.
Here is how you would narrow this niche business market down so you can have a piece of the pie: You would dig deeper and when we did, we found the keyword phrase, “skateboarding tips for beginners,” which resulted in 45, 700 competitors and 1,500 searches for the month. This is a better outcome and reason to market this niche.
Having a niche business market that you can dominate without much competition is certain to succeed.
To learn more niche marketing strategies and how to define a niche market, I highly recommend the book, Niche Business Market Success.