Definition Of A Niche Market – And How To Find Yours

Definition Of A Niche Market - And How To Find Yours

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.

A good niche market strategy is to always drill down into your niche market and get as narrow as you can.  When you’ve built up your business and become an authority in your niche, you can start to broaden out to other relevant topics.

 

Solution #1 – 3 Steps To Find A Niche

what is the definition of a niche market

The first step is to discover your WHY

People want to know why you are talking about or selling something. It’s how our brains are wired. You want to get your audience to believe what you believe. People don’t buy what you do, they buy why you do it.

If you could take 5 minutes to listen to “Simon Sinek: Start With Why”, you’ll see where I got my “why” inspiration from.

Simon showed you how to approach your audience to encourage them to buy your products or services. You can have the best product in the world, but if people don’t believe in you, they won’t buy. Tell them why you’re helping them, show them what you believe in, and they’ll buy!

From here, you need to find your passion.

You have to love what you do, or else you’ll never have a reason to put in those extra hours to get things done. This is why your passion should be your starting point. Think about all the things you like or would like to do, your talents, skills, and experience. Grab a piece of paper and focus on some questions:

  • What do you excel at that other’s find difficult?
  • What can you spend hours doing?
  • What would you do even if you didn’t get paid for it?
  • What do people ask you advice about?

Don’t think about the end product. Just write down your interests, like the things you want to talk about, or something you want to become an expert at. Now out of everything you’ve written down, which one stands out to you? Which one do you enjoy the most?

One of these things will become your core niche, something that people will actually spend money on. You need to be passionate about your niche to enjoy working on it. The more you enjoy it, the more productive you will be. The more productive you are, the more profitable it will be.

Passion + Why = Formula for Success.

Can you think of anything off the top of your head?  Maybe you’ve learned an important life lesson that you want to share with people?  A consulting business is a niche as well.  Your unique style, or approach, to solving a specific problem could create some successful niche market ideas for you.

 

The second step is the HOW

definition of a niche marketing how

Now you need to connect your “why” and your “passion” with what people need. In other words, how are you going to help people in the area you choose to market.

  • Put yourself in your audience’s shoes.  Getting your customers perspective on their wants and needs is very useful.
  • Ask the people around you what they’d ask.
  • Go to Google and search your niche keywords to see what comes up.
  • Visit forums such as Quora.  Ask your question and you will be able to see many related questions and answers you can use.

These are just some of the ways you can narrow down your online marketing niches.

For instance, I love internet marketing. I think it’s a fabulous way to earn money from home and be your own boss. I want to help others who would also like to be internet marketers. But this topic is very broad online. I can’t be all things to all people. In the end, I’ll reach no one.

A smaller, more targeted niche, is much more profitable. In my case, I focus on one service that I believe in, and that will help a new marketer on his/her way to success.

Don’t worry about not reaching as many people. Remember when I said there are two billion people online? I don’t think you have to worry about finding a smaller target, lol.  There will still be many people looking for exactly what you’re offering.

Let’s look at the “health” market.

It’s a popular search for millions of people online, but it’s much too broad a topic. There are millions of people searching for specific help or wanting to buy specific products in thousands of niches in this industry.

To test the numbers, I’m using my keyword research tool, Jaaxy, to show you how many people search for this term, how much competition you would have, and how easy you can appear (rank) on the first page in a Google search.  You want to rank on the first page so that your business will be seen.  Most people don’t look past page one.

Ideally, for easy ranking, you want the average search numbers (Avg) to be above 100, the quoted search results (QSR) to be around 100 or less (that’s the number of competing websites), your keyword quality indicator (KQI) to be green, and your search engine optimization (SEO) to be in the 90’s.

definition of a marketing niche is finding low competition numbers

As you can see, there 532,491 people search “health” each month, which is great, but it also tells me it’s a poor keyword to get ranked in Google.  Way too much competition!  So lets narrow it down to “weight loss”.

finding a niche market using jaaxy

OK, this is a little better with 208,125 people searching and a normal chance of ranking.  This will still be too hard to rank in my opinion.  The competition is 166 websites competing for the same term.  So let’s drill down some more.  How about “losing weight for seniors”.

advantages of a niche market with low competition

This is much better.  It’s much more targeted and a great chance of getting ranked.  You would have a 96 out of 100 chance of getting onto page one.   Sure, there are fewer people searching that term, but these people are looking for something specific, and are much more inclined to purchase what you’re offering.

The smaller and more focused your niche, the easier it is for that group of people to find you because you will have much less competition. You want to be the big fish in a small pond.

 

The third step is the WHAT

niche market strategy includes what your providing

The “what” is the product or service that you are offering. And this product or service is found online by using specific keywords. These are words that your search engine (Google etc.) uses to narrow down all the information online.

As you saw above, if someone typed in “health”, a vast number of sites would come up with everything associated with it. How on earth would they find your website?

But if you typed in something more specific like “losing weight for seniors”, your website has an excellent chance of showing up on page one, giving you an audience to connect with. It may seem like a very small segment of the population, but there are still millions of seniors looking for this solution.

I found a lot of sites online recommending that you

  1. Research your keywords to see how many pages show up.
  2. Google your competition to see if the market is too saturated with this product.
  3. Check the bestseller books on Amazon to see what areas of help many people are looking for.

Though these are intriguing ideas, it’s time-consuming, discouraging, and way too broad. Look at what Googling “weight loss for seniors” shows…

niche marketing examples can't be found with google searches

It shows over 46 million search results.  With results like that, how would you have ever known that it’s a great keyword to use.  Actually, this is called a long-tail keyword.

What you need is a tool that can show you exactly how many times a word is searched in a month and how competitive it is. Sometimes all you need to do is rearrange the wording or phrase, and suddenly there’s very little competition.

Wouldn’t this save you so much time and anxiety? What if I told you there’s a tool you can use online, and you can test it for free!

 

Solution #2 – Jaaxy

Jaaxy is used to find untapped niche markets

Jaaxy is free to try with no strings attached, to get the information you’re looking for. It’s a very powerful tool that I personally use all the time. All you have to do is sign up for your free account, and you can get:

  • The average number of searches for that exact keyword, per month
  • The average number of visits to your website if you get 1st-page ranking
  • The exact number of websites online with this keyword (competition)
  • A keyword quality indicator (great, normal, or poor)
  • An SEO score from 1-100 (the higher the better)
  • Any domain availability for that keyword

Many people think that keyword research tools are just for finding keywords.  But as you saw above, Jaaxy it also gives you great niche ideas.  And that’s just the tip of the iceberg.  This tool can do so much more.

It will show you where your blog is ranking in current time.  It has an “alphabet soup” method of coming up with more article ideas.  It will save all your great finds in lists to keep them organized.  It will show you your competition’s websites so you’ll know how to outrank them.  And more!

 

Thoughts and Recommendations

So don’t let the word “niche” keep you from starting your own business online.  Many entrepreneurs dread this step, yet it’s simpler than you think.  Finding your niche can be made easy with a little thought and a great tool.

my jaaxy review button

Are you new to online marketing?  This is a wonderful industry to make yourself a passive income, but without the proper education, tools, and support, you probably won’t get too far.  I’ve seen many try to do it on their own, only to get frustrated and quit.

That’s why I’m here!  To guide you in the right direction.

The creators of Jaaxy, Carson, and Kyle, created a wonderful platform to get your business up and running. They provide the best online education, will build and host your website and offer unsurpassed support. And if you become a member, Jaaxy is fully integrated into the platform.

I’ve been there for years and highly recommend them.  If you’re interested, please read my full, insider review.

my wealthy affiliate review button

 

So go ahead and discover your passion. Enjoy your business. Become successful!

I would love to hear about your choice of niche.  If you have any questions or comments, please leave them below.

If you think this can help someone you know, please share.

Your friend,

Suzanne

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