Do you find this word confusing, intimidating, or just plain scary? If you are, you’re overthinking it. I know I have in the past, to the point of it paralyzing me.
I would get so wrapped up with finding the “perfect” niche. I wondered if that niche would be profitable or if I would have a large enough (or too broad) audience.
I would follow the advice of these internet “gurus”, only to end up not starting a new online business, or starting the wrong one.
Then I found two solutions that helped me get to where I am today. And I would like to share my steps with you to help you along as well. It’s not as scary as you may think. In fact, it’s quite easy! This is where I learned all about niches.
The Definition Of A Niche
The Business Dictionary defines a niche as: “Concentrating all marketing efforts on a small but specific and well-defined segment of the population…”
The definition of a niche is simply a small segment of the population or a group of people – your audience. That’s it in a nutshell. Just a specific group of people looking for information or a solution to a problem, and willing to spend money on products and services to fix that problem.
Simpler yet, it’s a group of people looking for stuff!
The trend is moving towards smaller niches. Smaller means more highly focused. This is great for you because many businesses don’t, or won’t, address these specific needs. These people are often overlooked. This is where you can succeed in an area that’s lacking.
Every market can be refined down to a smaller one. Here are some common ways to narrow down your niche:
- by the level of quality (are you promoting Walmart or Tiffany’s)
- by interest (shoes for nurses or shoes for plus-sized women)
- by geography (your local area or a winter environment)
- by demographics (gender, age, or income level)
- by price (high end or discounts)
There are many ways to narrow down a niche. Trust me, you want to be as specific as possible, and I’ll show you why further down, OK?
So, What’s A Niche Market?
There are about 2 billion people online looking for products, services, and information. It’s becoming the largest marketplace in the world. So a niche market can be absolutely anything. Think of the things you love. Look at your surroundings. Everything you see and love can be a niche.
Your niche market is something you create by identifying a specific need or want that isn’t widely found on the internet.
Because it’s a subset of a larger market, you can start meeting the needs of this smaller niche.
For instance, fitness is a very broad niche market example. But is there much information for those restricted to a wheelchair? Or how about for seniors with brittle bones? You have a much greater chance of gaining customers when your promoting products and services to help a specific need.