A niche refers to a place, or a specialized and profitable corner of a marketplace. For online marketing we want to choose a profitable niche.
Within an ecosystem a niche is a population within a specific ecological community. It has a particular role it plays in the general scheme of things. The niche of a particular community occupies a unique and useful part of a whole that enhances and serves the benefit of the whole. A bricklayer builds the buildings that the whole of the people live in as example. Purpose is derived from a need supplied.
In marketing, a niche refers to a service or product that fulfills a special and/or necessary demand. It is a small corner in a larger market that responds to customer needs.
To attract a strong, solid market, the choice of a niche product or service should answer a need an audience is looking for and talking about. We also may be able to generate a specific market for a niche product we may be trying to sell.
A very rewarding aspect of niche marketing is the process of finding market segments that are small but still potentially profitable. To realize a profitable quantity of sales such a marketing strategy requires increasing the loyalty of customers through meeting their needs and solving their problems.
The quality of the product or service sold will create customer satisfaction and loyalty. No matter what you are selling and in what market, you must meet these basic requirements. The on-going profitability of your specific business area is reached by generating a solid market base that trusts in your ability to deliver products and services that deliver above and beyond expectations.
One of the benefits of niche marketing is that you consistently make offers related to your customer base and answer needs specific to their needs. Presenting offers that are targeted specifically to what the customer base is looking for and needs increases trust, familiarity and repeat purchases.
By nurturing and growing a dedicated customer base you are not competing against established marketers. You occupy a strong and secure position that ultimately wins you a real place in that market. Niche marketing differs from other types of online marketing strategies because you are able to operate almost autonomously without having to contend with corporate sharks that tear each other apart.
So you can see why it is important to fully investigate and choose a market carefully, for putting the time and effort into growing it to profitability must be worthwhile once you are up and running. It is essential that you consider seriously the niche you will settle into. It is an obvious advantage if you choose a niche you already know a lot about, you will have a huge advantage and will have a good head start.
If you are not knowledgeable about your chosen niche then you must do research on the internet, eavesdrop on the people talking about that niche and find out what their interests are in the topic. What problems are they trying to solve and what products and services are they selling and buying?
Building an Authority site or Blog in your niche will become your business’s home. Marketing that site can become very profitable once you have identified and satisfied a need within that group. Once you are established as a reliable resource in your niche, proven to be knowledgeable and to offer value, that you are aware of their needs and how to address those needs, you will find success in the products and services you offer them.
Will you find certain success by learning about a niche and offer the solutions and products they are looking for? Not necessarily. You must learn and follow through with business practices that attract customers to your offerings, learn how to promote, and how to guide the visitor to your site through a discovery and buying cycle that results in them finding what they need and telling others about it.