What Is A Niche Market In Business?

What is a niche market in business?
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What Is A Niche Market In Business?

To understand what is a niche market in business, let us consider everything everyone can buy in the entire world as the “market’. Unless you are the owner of a company such as Amazon, you would not have much success trying to sell everything to everyone, you just wouldn’t get noticed. Anyway, with billions of people using the internet every day, you don’t need everybody, you only need a small part of everybody, you just need to address a small section of the market.

This is where niche marketing comes in. To successfully earn an income on the internet you need to specialize just on a small, specialized section of the market and earn the reputation of an expert in this field, or niche. Once you have established yourself in your chosen niche and have become a success you will have some authority with the search engines which will then give you high rankings. People will know that you are there. You can then start branching out and expanding, making your niche broader. You only have to look at Amazon again for an example. They started off solely as an online bookshop; now look at them!

Finding Your Niche

Bow and arrow targeting a niche market.
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So, to find a niche market you need to pick a category from everything everyone can buy in the entire world, but which one? To establish a thriving online business you do not have to be an expert in your chosen niche to start with, you can become one as your business develops, however, your chosen niche has to be something you have a passionate interest in. To become successful online, your business needs to rank high up on page one of the search engine results pages (SERPs) and to achieve this you need to write post after post of keyword focused content which is of value to your audience. You will need to write 50 to 100 or more of these posts averaging out at 1.500 words or more each. You will find this very difficult to do unless you have this passionate interest in your subject.

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For example’s sake, let us say that you have a general interest in domestic pets. To choose “Pets” as a niche would be a mistake. Although you have cut the size of the market down considerably from “everything everyone can buy in the entire world”, “Pets” is still too broad, your audience will not be focused enough and there will still be too much competition.

Continuing with our example, let us say that out of all pets your favorites are cats. Will “Cats” make a good niche? Well, perhaps, but there are a lot of people writing about and making videos about cats, so competition will still be high and your audience needs to be a little more focused yet. So, you need to narrow down your niche a bit more. You can look at things like focusing on one particular breed of cat, raising show cats or cat health and well-being.

In our world of hypothetical example, you have kept cats before and you know a lot about how to keep a cat at the peak of health and what it takes to do that, in your mind you believe you will have no problem writing article after article on the subject, you may even have some articles outlined in your head, so you choose cat health and well-being as your niche.

Is this still too broad? Well, competition will be lower, the audience more focused and if you were to narrow the niche down any more you would have to pick one aspect of feline health, such as treating your diabetic cat or keeping your cat worm free. These would make good articles, subject to keyword research, for your cat health and well-being niche but as niches on their own they are too narrow, you would soon run out of ideas for valuable content.

Do Your Research First

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The above example is designed to help you understand what is a niche market in business. You need to delve down deep inside a general subject category until you find the right balance between being too broad and too narrow with your niche. Too broad and your website will disappear into a sea of competition, too narrow and you will not have a big enough audience to write for and eventually sell or recommend products to.

To help give you some ideas, here are the top 10 most popular internet marketing niches. If you pick one of these you will, of course, have to narrow it down two or three levels.

TOP 10 INTERNET MARKETING NICHES
1Health and Fitness
2Personal Finance
3Dating and Relationships
4Make Money Online
5Pets
6Personal Development
7Weight Loss
8Beauty Treatment
9Travel
10Hobbies

When you think that you have found your niche, do some research before committing to searching for and buying a domain name. Make sure you can find enough low competition, high search volume keywords that you can use to base your valuable content on and look into whether there are enough affiliate programs or products to promote. If all is well, buy your domain name, select your host and get writing!

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If you have any further questions or thoughts on this topic, please use the comments box below, or you can contact HWA here. Your details will be held securely on this website and never revealed to anyone else.

Until next time,

Stephen Annett

Home Wealth Adviser

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