When beginning to think about becoming an internet entrepreneur, the first thing you will look for is a Product to Sell. You will spend quite some time deciding on the perfect product which will withstand market changes and not become a dinosaur before you make your fortune on it. This is a waste of time for the most part as the market will be constantly changing – what is hot today can become obsolete quickly, leaving you without a viable source of income.
What you want to do instead, is think of your website as a store. If you open a store with only one or two products, chances are you are not going to have a continuing business at all. But if you think of an overall market for that TYPE of (and related) products, when one product sales wane, you have others that are still viable. Think of a niche market like this – everything related to say babies. This could mean pre-birth furniture and newborn clothing to personal needs for pregnant mothers and continue on into toddlers and pre-school. Thus, when the pre-natal market comes to shop for say crib mobiles, they will see your other products and return again and again to buy from you. At the same time, you can construct other related sites all back-linking to each other and quadruple your sales. This will ensure a long term viable business which will not only survive, but thrive in changing markets. I have heard the process of choosing a product first as being much like choosing your furniture before you build your house.
So what exactly is a Niche?
In a nutshell, a niche is a distinct segment of a market – One slice of a big pie. You can slice a niche from a greater market in several ways. Your niche market could describe…
- A demographic group (e.g. pregnant women aged 20-35)
- A psychographic group (people with specific activities, opinions, interests I.e. yuppie females looking for trendy baby things)
- Particular needs (e.g. needs everything connected to upwardly mobile trendy baby care products)
The groups mentioned here are examples of niche audiences. A sub niches the one that meets all of the above conditions. Products that meet these needs enter the market quite frequently. Some become obsolete, and some become uncompetitive but the actual niche is always present. That is why when you start an online business you will be well served by picking a niche, and not a product.
Focusing on a Niche Audience is the Best Way to Build a Sustainable Online Business and here’s why:
When you focus on the needs of a niche audience you won’t be left stranded when the product you’ve been promoting becomes obsolete or suddenly becomes not-competitive – you simple find another product in the same market to promote! This is because niches have multiple needs whereas products do not. So as in our previous example you begin your business within the ‘new mother’ niche, you are able to attack that whole market by listing all the needs new moms will have:
- Baby clothing & furniture
- e-books on parenthood
- Weight loss programs
- Time management advice
- Sleeping aids (new parents have to be up and down all night)
Kids’ videos and books (essential as the child grows)
- Marriage advice and help (newly attained status as new parents is a great strain on marriage)
The ultimate advantage is that by building a network of sites serving a niche audience, you will be able to cross-promote these sites which will give you even more sales per money spent. This works equally well when your sites are in different product categories. The reason it does is although your sites may be in different categories, they still target the gamut of needs of your niche audience.
Related: 3 Rocking Affiliate Marketing Tips
When working within a niche market, consider yourself as a guide for that niche and your job is helping the folks within that market to solve their various problems. It’s a win-win situation for your customers and you will build a viable, ongoing business and not just a one shot product gamble.
Author:- Martha is a part time blogger who likes to update people about the latest coupons and discounts. She regularly contributes at her coupons blog where she shares Omnis web hosting promotion code and Hostpapa web hosting promotion code.