What is niche market is the million dollar question every marketer must ask if they plan on succeeding online. If you want to dominate your market, then you need to figure out what is niche market and how to make it work for your marketing career. If you want to open a successful brand online and want to build a solid affiliate marketing business, then you need to pay attention to this article.
What Is Niche Market?
So, what is niche market about? Niche market is a market of a targeted group of people who share similar characteristics, to which you can offer your product or service in a specific way because you know that you have the exact solution to their unique problem.
By serving a niche market, you specialize in or recommend a customized solution that will hardly be solved by another competitor, especially the big competitors casting a wider net.
It is usually presumed that being really focused implies lower sales or fewer opportunities to grow the business profitably. However, it is precisely the opposite. By focusing on a select few people with a target interest, you can provide and recommend solutions that they will better relate to. As an affiliate marketer, you need to be able to connect to your audience on a deeper level to do this. What is niche market offering you, if not this deeper connection?
Niche Market Examples
What is niche market’s first step? It starts with breaking down your interest into smaller niches. You have to see the smaller subsets and focus on the perfect sweet spot for you. Below, we will be showing you a few examples of how niche markets are reverse-engineered. You’ll find out that it is not really that complicated when you know what you are doing. Maybe you will get some ideas for yourself.
As you can see, it doesn’t have to be overly complex when you know what you are doing.
By breaking the niches down just, as shown above, you can then decide to pair your audience with different interests. Here are some examples:
- Online money making for students
- Home-based businesses for stay at home moms
- Stress reduction for busy workers
- Healthy nutrition for anorexic people
- Making marriage work for those in serious relationships
- How single men can find the perfect dates
- How single ladies can seduce their dream man
- Home decoration for stay at home moms
- How digital nomads could travel the world for cheap
You could still mix them up further. The possibilities are basically endless. What matters is that you know what you are getting into. Don’t go into a niche market where you have very limited information. Without enough knowledge, you would find it hard to establish authority. You also have to love what you are doing. These two factors are non-negotiable.
How To Dominate A Niche Market?
Let us be very clear here. Whatever niche market you try pursuing, you cannot dominate their main keyword, at least not at the beginning. This is because there are bigger, richer, and more powerful competitors going for those, and they have a lot of money to spare on research and marketing.
For example, it would be a huge mistake to focus on “health” as a niche. It is simply too broad and it might work for the Mayo Clinic. It would take you a lot to make it work for you.
Instead, find a smaller market to serve. Following the examples earlier mentioned, you can choose to focus on “weight loss”. Even that is too broad. You can go further by focusing on “weight loss for senior women”.
See what I did there? That is what we call long tail keyword!
Long tail keywords are those groups of words that refer to more specific searches and, therefore, do not have as much competition. Let’s say that they are keywords linked to more specialized market niches, with less traffic but also less competition. So, while the others battle for the bigger keywords, you can enjoy your long tail keywords with a lesser hassle.
This represents a great opportunity for affiliate marketers, given that having less competition and being more search-specific greatly increases your conversions.
What About Niche Marketing?
Niche marketing is the practice of taking advantage of your knowledge of the niche market and using it to target, promote, and recommend your products and services to a specific audience with specific interests. It should be your goal as an affiliate marketer.
Niche marketing is both a science and an art, deeply understood by experts. For this to be successfully done, you have to know exactly what your targeted audience wants and would pay for. Without the proper knowledge of the needs of your audience, you might find yourself promoting the wrong products and services to the wrong people.
To learn more, read our post on what is niche marketing about here…
Importance Of Choosing A Right Niche Market
Choosing the right niche market brings enormous advantages, especially in an era where a lot of competitors are aspiring to dominate large markets. That is to your benefit because the right niche market is a goldmine. Here are a few reasons why it is important:
It Attracts A Higher Price
Customers are willing to pay a higher price for those products or services from businesses that they consider to be more specialized than their competitors. It proves that your business knows their challenges, problems and needs. They would rather buy from you than from someone who doesn’t understand what they need.
Large Companies Miss It
Many of the major competitors have robust infrastructures that require minimum volumes and market sizes to be profitable. They work under the model of economies of scale. For these companies, it is not profitable to focus and move towards small segments.
However, for affiliate marketers like you, adapting to a small market segment is not only profitable but usually with little competition. Choosing the right niche market will save you the headache of a head-on war with Behemoths. And that is a great advantage.
When addressing a niche market with specific needs, you can communicate your message in a clearer and more effective manner. You will know the right words that will pique the interest of your target audience. And when a message is clear and concrete, people understand it better and it becomes a powerful source of specialization.
Focusing exclusively on attracting the ideal target customer, the one for whom what you can provide great value, is probably the most important decision for your affiliate business. It will bring you more clarity because you will better be able to measure the impact of your messages, instead of wasting time and effort in trying to convince the wrong client.
Focused Contents and Products
With the right niche market, you will find it easier to focus on a central idea in all your articles. You will be known for something. When you get big enough, you could even be invited to conferences to talk more about your idea. You can even create eBooks and sell to your target client. This is because you have chosen to keep the idea simple enough to grasp. You will find your business way more effective if you have the profile of the person in your niche market specifically in mind.
To learn more about choosing a niche market for your affiliate business, please read more on our earlier post HERE.
Focusing on the right niche market is undoubtedly a powerful strategy to have a prosperous and profitable affiliate marketing business. Leave the big ocean to the sharks and enjoy your food undisturbed in the niche market lake.
A lot of affiliate marketers have been burnt to try to dominate a big market they don’t have the resources for. Don’t make that same mistake. Enjoy greater conversions without crazy competition, and watch how fast your affiliate marketing business will grow.
To your success!