Let’s Discuss Niche Markets

Ask five people for their definition of a niche market and you will likely get five different answers. Some authors look at the term “niche market” from the point of view of the owner of an article that may be ready to take that item to market, just as soon as the niche is figured out.

I prefer to look at the niche market from the view of the market looking outwards in search of the product to satisfy a need, want or desire.

My definition of a niche market: a niche market is composed of private and public markets that share a common position within a much larger market and by that unique position demonstrates a measurable difference to any other market segment. The members of a niche market share a measure of very narrow common interests or knowledge, and seek a similar unique fulfillment for their needs, wants or desires. That “unique fulfillment” article is the item, service or product that is the focal point of the niche market.

One authority says that every item for sale has its own niche market. The trick is to identify the members of the particular niche, then to determine if that group is able to afford the product or service in question. A second authority suggests that a niche market can be defined by the group of customers who are desperate for the solution your product or service can provide.

Substantial market size will justify expenditure of resources to market to that niche. Do an Internet search for the Google AdSense keyword tool where you can get valuable information of the volume of searches for a particular keyword or keyword phrase. Use this free tool or you can go to www.wordtracker.com, a pay to use website, and look at the number of “hits” for a particular word string. Locate a substantial market size before you start your niche marketing campaign. There has to be enough members of the niche to make marketing to them worthwhile.

Niche members are accessible through typical advertising/marketing channels. If for some weird reason the members of the particular niche only read the newspaper for their product information, your marketing to them online is not going to work!

The various attributes of the niche (group) can be identified and are measurable. Now you know that the group is of sufficient size where marketing efforts can be measured. You need to keep track of where you place your articles, advertising and similar promotional efforts. You will want to apply more resources to the advertising medium that shows positive results.

Components of the niche can be documented, are not imaginary and generally affect the niche market equally.