What Is a Niche Marketing Business?
As we begin the process of building a new business from the ground up, one of the first things to determine is what niche are we going to build our business around. In this article, “What is a Niche Marketing Business,” I will show you the some of the tools to assist in finding your own niche market.
So What Is a Niche Marketing Business?
Basically the niche is a small portion of a larger market. So for instance, if you want to sell food, what type of food are you going to sell. Let’s say I chose produce. Well that is a smaller part of the whole food market, but still quite broad with a lot of competition. So let’s narrow is down again.
So I’ve decided to focus primarily on fresh fruit as my niche, and begin my research. There are many options for researching your product or service, but I use Google search or keyword marketing tools to find out what type of fruit (in this example) people are looking for. And unless you grow it yourself, you will need to find a supplier of some sort.
So let go to Google and see what we can find:
There are several things I can do with this information.
- Research these sites and determine what exactly is being sold and for how much. (these are top ranking sites, so you might want to dig deeper).
- Ask if they have a partner program (affiliate) where you set up your own site and sell for them for a certain percentage. (Set up your own store with their products)
- Use these results to find a wholesale supplier or dropshipper so you can profit 100% off what you sell (less cost, of course).
Whatever you learn, be sure to drill down to what you’re comfortable selling, comparing it to what people are buying.
What Is a Niche Marketing Strategy?
Now that you have narrowed down your niche, what are the next steps? As with anything, we have to develop a plan or strategy.
This begins with determining who your market is. Who do you want to do business with. Do you plan to sell to businesses or consumers? Online or brick and mortar?
Then determine who in that market will want what you plan to sell. This is where you have to be clear on what you’re selling. Don’t try and do more than one niche at a time, choose one niche (fresh fruit), then add vegetables after this niche is set up and profitable. Start small and focus on that market.
Next, we need to look at your product from your customer’s view. What do they want.
Getting started you might want to do some online or phone surveys to your prospective clients. Research. There is a whole internet world, plus real world stores where you can observe what people are buying and why.
Basically you want to describe your marketing niche from your customer’s perspective. Speak their language and answer their questions.
With the customer’s perspective in mind, you can now develop your one-of-a-kind approach to any market.
Now we need to evaluate what we’ve learned and make sure it is inline with what we want of and from our business. So ask yourself these questions:
- Is this niche going to give me the objective I’m looking for? In other words, using fresh fruit again, can I get enough of the kind of fruit that my customers want at a price the customer is willing to pay and still make a profit?
- Is there a demand for my product/service? Are people/businesses looking for your product or service?
- Do I have a plan?
- How can I make it unique?
- Can the business evolve? In other words, can you develop other profit centers and still retain the core business?
Next is the testing phase. Now that you’ve found your product/service niche and a customer base. It’s time to begin testing what you’ve learned.
Customers like free, so offer a free sample or a free book to get people introduced to your new brand. Give them a taste of what you have to offer.
Now this is a very simplified version of niche marketing and what it takes to start any business. There are many programs out there that will provide guidance in starting your first business venture. Most of them are very costly, but do provide much of the information and access to tools and mentoring required to get started.
If you are interested in learning more, please feel free to comment below. I’m here to help you succeed.
Founder of Beth’s Marketing Tips