Internet Marketing Strategies And Tips
 

How To Uncover A Niche Market Online

Running an online business has become fiercely competitive now. In fact, it’s almost impossible to succeed online without identifying a niche market to target.

It’s no wonder then that you will repetitively hear that the only way you can succeed online is by finding a niche market.

Before we delve into how to uncover a niche market, we need to understand what a niche market is. If you don’t understand what a niche market is, you won’t be able to uncover it, simple as that.

What’s a Niche Market?

Let’s get the two separate definitions first.

A niche is a broad area of interest, a passion or hobby. It’s basically the stuff people enjoy doing. A niche can be big and broad, such as health or travelling, or very small and focused, such as monkey spotting.

On the other hand, a market is a group of people with a common need. They usually share similar characteristics, for instance writers, drivers, art collectors, and so forth. They have many similar traits.

From the two definitions, it’s clear that niche and market are two different things. Many people’s confusion stems from this point.

Now, just because people like to do something doesn’t mean they will pay for it, as in a niche. In fact, a niche can be something without a useful purpose. There’ really no pressing need; it’s just a hobby.

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As for a market, it represents people in need of something and are willing to pay for it. Broadly speaking, every market has the same needs. But when you break down the market into segments (not niches), each segment will have different, more specific needs.

For instance, you can have a broad market of car buyers. However, average earners that are barely scraping out a living will need a basic car probably for commuting to and from work. Then you’ll have those people who buy and collect the latest sports cars. These are both car buyers but what they want from cars is very different.

A niche market is a segment of a larger market. When you join a market with a niche, you hope to get a particular group of people whose needs are not addressed by the major players. A niche market consists of a small group of individuals with a common interest but without anyone addressing that shared interest.

In uncovering a niche market, you’re looking for these small groups. So let’s try and uncover one.

Let’s take a market for ‘property buyers’, and then break it down to ‘property buyers in the Bay area, San Francisco’. We shall then pick a niche area of interest, for instance, ‘rare property hunting’.

When we bring the two together, something immediately clicks, as in ‘property hunters looking for rare properties to buy in the Bay area, such as houseboats ’.

Do you realize what happened there? A niche (rare property hunting) and a market (property buyers in the Bay area) combined to form a niche market – rare property buyers in the Bay area. This is a small group of people who seem to have no one addressing their need.

This is all there is about uncovering a niche market and it is what you should apply online. When you develop this skill, you will be uncovering niche markets online every week.

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