What Is A Niche?Knowing This Information Will Help
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As an example, a market would be dog lovers; a segment would be Chocolate Labs.
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The Advantages
The advantages of having a well defined niche are that you have the potential to capture a segment of a market that no one is going after, or at least doesn’t have a lot of competition.Larger businesses may not want to bother with a smaller segment while other businesses may not realize there is a market for what you have to offer.
By narrowing dog lovers down to Chocolate Labs, you can actually capture a larger part of the market. The logic does seem backwards, but in reality, if you go after a smaller segment, it’s actually much easier to create an online home business than if you were to just go after dog lovers, or Labs. It’s also much easier to focus on one segment of a market.
If you were to start a website about dog lovers, that could become overwhelming. You can become an expert by focusing on one area, and become the ‘go to’ person for that area.
Defining Your Niche
What Do You Do Really Well?
I was driving around one day doing errands and saw a van go by that had the company’s information painted on the side. The one that caught my eye, and stood out from the rest, said, "Doing one thing well since 1942."
People are looking for experts, people who "do one thing well". If you owned a Chevrolet, you wouldn’t take it to the Toyota dealership because they don’t work on Chevrolets, they work on Toyotas.
The same holds true for your business. You want to become the expert that people are looking for when it comes to your area of specialty.
Once you’re known for your expertise, that’s when repeat customers come back and referrals start showing up. Nothing gives your business the stamp of approval more than a referral from a satisfied customer.
Look at something you do really well, what is your passion? Do you love crafts?
As an another example, crafts is a huge market. One segment of this market is polymer clay. Another is beadwork. Yet another is wood burning. Do you see how trying to go after "Crafts" would just be overwhelming?
To be successful, you must choose one aspect of the craft industry that you’re passionate about or really interested in, and go after that one segment. That is how you define your niche.
Choose three or four ideas, then think about the target market for each of them.
Who would you be selling to?
Is there a need for what you have to sell? Could you create a need?
What would your USP or unique spin on it be?
Why would someone want to buy from you?
When you’ve defined your niche, you "do one thing really well."
Research
Research is a critical step before starting an online home business; but once you find that golden nugget, and become an expert in your area, all the work will be worth it.Some excellent tools to help with your keyword and niche research are...
- SBI's SearchIt! is an all in one research tool. You can use it to do keyword research, advanced searches and everything in between.
- Google Insights is a another free research tool. This tool shows you graphically who’s searching for your keywords by country, state, and city. You can also see what the top searches are and which ones are on the rise, as well as which ones are on the decline.
- Word Tracker is a keyword research tool. You can sign up for free and get 100 searches or, if you want a more in depth search, you can sign up for their monthly fee.
- Brain Storm It! (which comes with your SBI website and in our opinion is worth the price of the whole SBI package all by itself)
as does the planning of any new business.
Just as the company who’s opening a new store took the time to research their new location, you need to research your niche to see if it’s going be a profitable one.
Find your niche, find your target market and unique selling proposition and it has the potential of becoming very profitable for you.
The most critical part of this is to be interested or passionate about the subject to create an online home business out of it. You can do this!! When you’re passionate about what you do, creating a business is not work, it’s fun!
Your Next Step
Let’s next take a look at affiliate marketing. If you don’t have an actual product to sell of your own, sell someone else’s!Affiliate marketing is a great way to start an online home business without a huge investment of money.
Click on the link - What is Affiliate Marketing to take your next step.
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