Niche Marketing: Anyone who has a business has heard this term at least once: niche market. A niche market is a well-defined business segment made up of a small group of customers with common interests and needs. Most people know what that means, but few know how to find the right one for their business and ensure a solid foundation for successful climbing. Let’s do it together!
Go big with niche marketing.
Niche marketing is a form of marketing that focuses on a small group of customers. A niche is a limited group of customers seeking benefits from a product or service to meet their specific needs and wants.
Usually, niches are willing to pay high prices to ensure products and services that are difficult to find on the market or to buy large volumes at even lower prices.
The advantage of a niche over an extended segment of customers is less competition. In a very specific market, the logic of specialization, which is usually the property of a few companies, will win.
But are niches profitable for businesses? Certainly, yes, those who offer certain products and services can ensure a high level of quality because they know their customers thoroughly and know how to intercept their deepest needs and desires, offering them optimal solutions.
For example, the German market is characterized by small companies that have high market shares because they have specialized in some niches; solutions that would also be desirable in our socio-economic fabric are made up mainly of small and medium-sized companies.
Moreover, thanks to the web and to the many potentialities offered by e-commerce, it is possible to create online points of sale with an international reach. A specialization strategy can lead to really encouraging results if you know how to grasp the little-known and served niches.
What are the most profitable market niches?
Here are some examples of old or emerging opportunities and markets online and offline. If you want to make a list in no particular and random order, here are the main markets:
- Diets, Fitness and Beauty
- Pregnancy and childcare
- Earn and save (Finance, Economy, Financing, Mortgages, and Insurance)
- Sentimental relationships
- Personal growth
- Online Gaming
- Real estate sector
- Work and Education
Obviously, for each of these items, there are more particular and specific “ sub-niches,” and that’s where it is recommended to go and focus.
An example? Personal growth: do you know how many sub-categories there are and in how many specific aspects you could go to choose your battlefield? For example, speed up productivity, speed up reading, improve self-esteem, improve memory, etc.
As a demonstration, if you go and see, in many of these segments, you will find someone who has created his personal brand and business.
But how do we know if a niche is profitable? Simple, just observe these 2 points:
- Presence of affiliate programs
- Presence of sponsored ads on Google
If there are affiliate programs and paid advertising campaigns in a market, then you can be sure that the money is moving.
Strategies to find your niche and be successful
Before starting any business, you should be clear about your sector, who the competitors are, what the target is, and so on. To know and analyze these data, there are different systems and tools, the same that we will use to go down to a deeper level and choose a market in the market: precisely, a niche or sub-niche.
The best strategy to identify your segment can be made using three types of analysis and tools:
- Keyword research with SemRush, Google Keyword Planner, etc.
- Observe the trends with Google Trends
- Get an overview of the markets and their subdivisions with Amazon
Google Keyword Planner and SemRush for Keyword research
Keyword research is used to understand how people search for certain products/services through search engines and to what extent (thanks to search volume statistics). The tools like google keyword planner, semrush, etc. can help you in keyword research corresponding to your niche.
Google Trends is free and serves, in fact, to analyze trends. If a term related to a market segment is losing interest, it could be a wake-up call to avoid investing in something destined to end and vice versa. Not only that, but trends could also help you understand the seasonality of certain markets and plan all your strategies in the best possible way.
In Google Trend, you can enter terms and understand the trends regarding a topic with respect to a geographical area and a specific time window. You can also analyze associated research and related topics.
An excellent way to discover niches and sub-niches is to analyze the organization of categories, sub-categories, and search filters on Amazon. The organization and subdivision of Amazon’s products are not done randomly, and you can clearly notice macro-areas and sub-areas of the market. By looking at the advanced search filters in each category, you can get an even better idea for additional sub-categories.
Websites can travel to all four corners of the world. While this is great news for niche businesses with very small customer bases, it means more work for marketers trying to reach these audiences. A good strategy can help your business reach and connect with smaller markets. If you need help getting started, feel free to contact obiyaninfotech.com. Their talented team will help you in developing a successful niche marketing strategy that attracts more traffic and generates more revenue.