Choosing Your Niche Market
Choosing Your Niche Market
By Leon Carlson Founder of Mister Find IT
Choosing the right niche market is perhaps the most important thing you can do for your reselling business. Knowing your niche market will help you decide on a business name, the name of a website, and even some ideas for your logo, and business slogan.
Not sure if reselling is for you? If you look at this niche market article and the other articles we have written with an open mind, you may just find your future success.
HINT: Your niche’s keywords should be in all of these.
Meaning of a niche market means “finding a specialized, but profitable product or service, that appeals to particular small segment of the market.” You want to do something you love, than it won’t seem like work. And the niche you choose today, may be a totally different niche in the future, but ALWAYS focus on a niche.
It is best if your niche is something you’re already good at, or that you do for a hobby, because the amount of money you make will be in direct proportion to how well you know your market. Here are a few questions to ask yourself, to start a brainstorming session that will narrow down your niche market.
What are some of your hobbies or things you like to do? My friend Tom likes to make custom frames, this became his business.
What do people always ask you for advice about? Your niche might relate to a current or past career, or how you raise your kids.
What’s something you learned that you can teach other people? I’ve been reselling for over 30 years, I love reselling and teaching about it, but it’s challenging to teach it to my friends across the country. Some ask where I get my material for my blog? It’s easy for me because I know what I know, and I’m teaching it in baby steps. But everything I teach in my blog is from my own knowledge and experience with reselling, and I’m doing it because I want my friends to succeed at it as well.
What is something that you’re excited about, but had a hard time finding? Or solution to? My son had a hard time finding barn wood for his construction office, he now sells barn wood.
What broad topics are you knowledgeable about? Examples A.) Sports? B.) Raising Kids? C.) Finances? D.) Weddings? What are the sub categories of that? Your niche could be: A.) Team uniforms / t-shirts, B.) Best baby or child products, beds, strollers, clothing , cleaners, etc. C.) Best investment books, tools, ask yourself how can you profit from your knowledge? D.) Stationary, photos, flowers, party favors. Anyone of these can become a profitable business within itself, not to mention if you blend products and services. Let your imagination go and start writing a list of fifty different ideas, then settle on one or two.
Speaker? – What topic do you or could you speak on? Attend Toastmasters, and become a great speaker on almost any subject. Make YouTube videos and start getting invited to speak on your topic, you may end up doing some free speeches at first. You can also create a website around the topic, and sell items and books pertaining to the topic. I know of a very good handyman, he started a YouTube channel showing how to do the different projects, he was soon given promotional tools, and the opportunity to sell those tools as well. His website includes links to his project videos, and product pages to the tools.
How does your idea make others feel? Do others have good or bad emotions around your topic? Does your niche solve a problem? The bigger the problem, the simpler the solution, the bigger the opportunity.
Who are your targeted customers? It is very important to know who would be interested in your product, as this is where your adverting efforts will be most effective. As for us, it’s anyone looking to start a reselling business. That’s why our directory is set up to make that process easy for anyone looking to be their own boss.
Do famous people use any line of your product ideas? Many people go on buying trends just because some celebrity uses a certain item.
Are there magazines that mention the main category of your niche market? How many niches are there around sports? Your niche can be around a sport you love, or any other thing in magazines.
What about shows or conventions? Or Social media groups? One friend of mine found out about firemen’s conventions, then joined a firemen’s social media group, and soon produced print on demand clothing geared toward firemen. What can you imagine around groups you’re already involved in?
Still want more ideas for your niche market? Browse our resellers directory (it’s free) for some ideas. Also good for drop ship and wholesale suppliers of your products, once you decide what your niche is.
Many new entrepreneurs insist on trying to sell everything and anything they can on their internet store front or website. This becomes a huge mistake and a waste of time as well, but focusing on a niche market works best for internet retail success. With a brick and mortar store your success is related to three things; location, location and location. The locals soon know what type of product or service they can get from your store, and depending on your location nearest them, they will patronize your store.
With an online store your success is related to three things as well; relevancy, relevancy, and relevancy.
People find you based on your stores relevancy or expensive ads to get them there. That is, how relevant is your site to what they searched for? If you focus on a niche product, your company name will have the niche in it, thus relevant. Your website name will have some version of your niche, thus relevant. Your websites title and description will mention your niche, thus relevant. Your logo, slogan, and images will be named with your niche, thus relevant. All your articles and products will pertain to your niche, thus relevant to your customers search. Thus the search engines are able to give your site high rankings because everything is relevant to your customers search. Working with a niche narrows a broad category to a targeted sub category within that category, or even a sub category within a sub category.
If you had a hobby shop (this would be the outer ring of a target – very broad to many different hobbies), people that searched for “hobby shop” would most likely only find you if you were in their local area. If your hobby shop sold model airplanes and model trains, you automatically split your relevancy and chances of being found in the search engines, and you won’t be on the first page.
Thus these should be placed between the outer ring of the target and the bullseye, and thus it would be better to develop two websites (one for each sub category), and just have a single link to each other. If your niche is model airplanes, and EVERYTHING on your site, and every page pertains to “model airplanes”, the search engines would find everything relevant to “model airplanes”, thus give you natural high rankings, and put your site in the eyes of your customer. What’s best about using niche marketing, is you can know what your customers are searching for even before setting up your site or store. Just download Keywords Everywhere (a $10 investment for 100,000 search results), and name your business, and or website after something people are already searching for (your niche).
In order for you to compete online, you’re going to have to be different from everyone else. Your website or online store should have specific and specialized content on that particular niche market. You have to be able to offer what your competitors do not. And in order to get up and running as fast as you can and gain that competitive edge, then you’re going to have to focus on a niche product market. You can offer complete product specifications, features, multiple product images, comparison charts, reviews, along with tips, trouble shooting guides, user guides, “how to” tutorials and videos, free helpful articles and specific niche content for your website visitors.
Free content creates more targeted traffic and as a result creates more sales. Customers see niche market web stores as experts in the field and will always recommend your storefront to co-workers, family members and friends. So then you get free word of mouth traffic.
People want and need more information. If you can offer personal American speaking phone or text contact, do so, the big box companies can’t offer this, and customers seek it. If you can’t offer personal service, you might consider something like Live Chat. This is an AI chatbot tool that helps your customer feel like they are chatting with a live person. You can lead them to different answers based on their anticipated question. Example if they answered “yes” to a question you asked, it would lead them to one response; and “no” would lead them to another. You can even have the chatbot send the conversation to a live person, and then only handle the questions the chatbot couldn’t. Niches are pursued for one primary reason: they allow you to focus on providing information, products or services for a market that is neglected by more general websites or businesses.
If you enjoy reading books then you can sell books to a specific niche market. Instead of trying to build an internet superstore selling all books, you would be much better off choosing a sub-niche from one book category such as; books on writing books, computer books, clothing and fashion books, children’s books, business books, school books, educational books, finance books, real estate books, art books, home improvement books, internet business books, digital imaging books, web development books, books on specific hobbies and many more sub categories.
If you’re into fashion then you can sell certain styles of clothing. With clothing, you could choose a specific clothing niche such as work clothing, uniforms, business attire, exercise clothing, fashionable clothing, urban clothing, intimate clothing, sleeping attire, children’s clothing, baby clothing, pregnant women’s clothing, footwear, accessories and so much more. The list could go on and on.
These are just some ideas to get your mind to think of your niche. There are millions of categories you could choose for your niche, but sell what you love and enjoy, and the money will follow.
Next post I will cover Making your Business Legal
Until then have a Great Day!
(If you don’t think you’re having a great day, just try missing one.)
What’s your niche market main category?
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