The World Wide Web has captivated my attention ever since I was introduced to it by my mother (another WWW freak!). That was about 10 years ago, and ever since that time, my interest in all the different things that can be done through the internet has continued to grow.
For the last couple of years, I have been grappling with the idea of making money online. Although I searched and found a lot of information, most of it was vague and did not give me any concrete answer to the most important question: what to do to make some money on the internet.
During my quest to get answers, I came across a very informative video on the internet, which gave me a lot of information about internet marketing and gave me some pretty good food for thought. The video discussed “ Niche Markets” what they are and why they are important to any person who wants to make money on the internet by selling a product or service. In fact, the concept of Niche Markets applies to any business or service provider, whether they operate on the internet or otherwise.
If you look it up in the dictionary, the word “ Niche” means “ A situation or activity specially suited to a person’s interests, abilities, or nature”.
A “ Niche Market” is a group of people with a common interest or ability or nature, who would all be interested in a common product or service. These people’s common interests can be anything ranging from a common hobby, a common problem, a common cultural background, to any common desire they might have. Let me explain this to you with a few examples:
- A niche market of people who have a hobby of scrapbooking
2) A niche market of people who have the common problem of lower backache
3) A niche market of people who are all Hispanics
4) A niche market of people who have a common desire of learning plumbing
People with common interests tend to cluster, and you can easily find pockets of such people online, in forums and groups, or visiting websites of their interest.
It is best to direct your marketing to select niche audiences for maximum benefit to you and them. It is always a waste of time, effort, and resources to market your product or service to a niche audience that is not interested in selling. For example, if you try to sell scrapbooking materials to a niche audience who wants to learn plumbing, you will not get any customers. Granted that you will find a rare plumber who also likes to maintain his scrapbook, but you will not make a profit! Similarly, marketing a new and effective acne product to a group of people with lower backache will only lead you to lose the money you spent on marketing your innovative acne solution to them.
Niche Marketing is very cost-effective and powerful; the world’s most successful businesses use this concept to maximize their profits. Therefore, if you have a certain product or service that you want to sell, concentrate your marketing efforts on the Niche Market that it caters to. Conversely, if you do not have a specific product in mind that you want to sell online, it is advisable that you seek out large Niche Markets and then think about what they would be interested in buying and then provide them with that particular solution/product/service.
I wish you great achievements and prosperity in all your endeavors.
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- Summary:
This article talks about the concept of Niche Marketing…what it is, and why it is important
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