How to Make Money with Niche Marketing
A niche marketing is a part of the market focused on a specific product.
There are two basic markets that you can venture into; one is consumer markets where you sell products such as clothes to people. The other is business markets (B2B) where you provide products and services to other businesses. Your business should be focused on a certain area because many businesses fail to succeed this is due to the fact that they claim they can do many things and end up not delivering.
Single mothers can venture into niche marketing by identifying a certain niche and marketing their products or services in that specific niche. A well-defined niche will give your business more strength, especially a niche with enough money and demand in it. You can turn your audience into buyers of your products and make them advertise your products if you define your market in your marketing messages.
Why niche marketing
The mass markets have changed due to new customer demands, motivations and individualization resulting in fractured and diverse markets. These fractured markets are mainly technology driven. Due to limited resources for single mothers niche marketing is a viable option because it targets small segments of the market. In niche marketing the competition is smaller; unlike mass marketing and you will be able to make some money. You will be able to build your own brand loyalty, as well as you may be able to create new lines of business by selling support or similar products to your niche.
You will be able to save marketing cost because your marketing strategy will be focused on your target market rather than the wider population and your marketing will reach a higher percentage of people who can easily become your customers. Your profits will increase because you will not spend a lot of time with customers who are not likely to buy to buy your products. It will give you a reputation as an expert in your niche and people will trust your opinions because you know what you’re talking about.
How to identify a niche market
Identifying a profitable niche market is not easy because, markets with high demand seem to be profitable, but that’s not always the truth. Your niche market should always be focused on where no other offers exist. You need to start by understanding your target instead of focusing on the particular product you want to sell. Knowing your target is beneficial because your target will mostly remain the same, but the products can change from time to time depending on their demand.
Tips to help you succeed
- Research on your target market and know all there is to know about their income, marital status and age range. These will tune you to their needs and be aware of the exact products that they require.
- You should make a wish list of the business you want and be as specific as possible. Be focused on what you want to sell.
- Make a list of the things you are best in and the skills you have in each by listing your achievements, important lessons you have learned in life and then look for any patterns that may arise from this list.
- Your niche should be based on your experience in your interest, for example, if you have worked in a consulting firm, and you have worked for a family-owned business start a consulting business in family-owned companies.
A good niche
Ideally, your niche should be based on your ideas and the needs of the customers. The niche should meet your long-term goals, and it should be in high demand. It should also be unique to the markets and be carefully planned so that it can evolve and include different kinds of products to ensure long-term success. Evaluate your niche to confirm that it meets all the requirements.
Test the market
Test-market your niche after you have matched it with a product by offering free samples such as a sample copy of your newsletter or a free mini-seminar. Your test should not cost a lot of money. Information products are good because there is no need for shipping, your customers will get the delivery instantly by downloading it from your website after making payments. Write a well, easy to understand product description that will explain what your key selling points are.
Identify keywords used by your target market
You should identify the keywords that your target market uses to search for products and services. Doing this will help you to know what customers want and the potential market opportunity for your niche.
You may start by using the free Google Adwords Keyword Tool to identify the keywords your target is using. This tool will provide you with useful data such as level of competition, local and global search volume and average cost per click (CPC) related to the keywords. Pay attention to the monthly search volume of the keywords because a higher volume depicts a bigger market. If you find a search above 1,000, make a note of it, but also consider that some niche markets have a smaller monthly volume, but they have a good profit depending on the level of competition and the demand.
Know your competitors
A potential niche profit can be derived from the level of competition in the niche. You need to check for the following to determine if it’s worthwhile to venture in. A lucrative niche should have a high average cost per click (CPC), ads on multiple pages that are targeted to your specific search keyword and have advertisement of the top 3 premium positions.
Check whether pay-per-click (PPC) advertisers are bidding to advertise on your specific keyword in Google Adwords. If the keyword lacks PPC advertisers, it implies that the keyword is not lucrative, and you should not venture into it because it will be tough to make any money in it.
Know where your niche market is heading
Research on the industry trend of your niche market and you can use the free tool Google Trends. Check the interest level of your keyword between a certain period of time. If the interest is declining, it indicates that the market for the niche is declining, and it means that you will have a hard time growing traffic to your website. To make a long-lasting business, you will need to venture into a market that is growing or at a stable level rather than a shrinking one.
Enter the niche market
Enter the niche market if it is worthy and has profit potential. Dig deep in a niche to identify the profitable keywords and the products and services that can make you money. If your niche market has highly targeted ads on multiple pages, with top brands constantly in the top 3 premium spots, know that it will be difficult to venture in that niche. This is because you will be competing with already established brands that have more money for advertisement. So you need to establish a web presence based on a less competitive keyword and target the audience associated with your niche market.
Give solution to your customer’s problems
You should be able to provide solutions to your customers in order to keep them happy. Your customers should always come first, interact with them on a personal level or through social media and show your appreciation for them as frequently as possible. Keeping your customers happy will allow you to develop a good relationship with them, and they will become loyal and repeat customers.
Devise a way to advertise your business
Niche marketing requires a unique way to spread the word about your products. These ways include social media advertising that has proven to be lucrative for niche marketing. Social media can sometimes prove to be costly, but a paid search can be very beneficial to you.
Overall you should advertise in a cost-effective way. Another successful way of marketing your niche is through writing an article that’s optimized with suitable keywords. Post these articles on your websites and also submit them to the article directories. Link the article resource box to your website using the keywords as your link, a process known as link building. You should also invest in PPC advertisement to get your message to the target market.
Here are five of the most popular article directory sites:
Keep tabs of your customer’s views
A good rule of thumb to go by is to understand that your customers know your business more than you do because they know what they want. Your niche marketing plan will fail if you do not listen to your customers and act on their views. Always remember to monitor your business comments online and respond promptly. You will not need to ask them, but they will tell you through the social media on the feedback of your products and services.