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What is a niche market?

What is a niche market?

What is a niche website/Business?

So, you could make a website, and you could look at a website that is already doing something you’d like to do.
Well you might just try to re-create that website.
You may fail for many reasons.
Websites on the internet can be very similar and close together.  A range of shops in a town centre for example.
If you offer the exact same product as a shop that is opposite you, how are you going to steal customers from them?
What are you going to do differently?  What will make you stand out from the guys over the road?

A niche or “niche market” is a market within a market.
What the heck does that mean!?

This means, for example, if you wanted to build a website within the technology space, there’s already 1’000s sites and business’s who come under this category.
They all have their own niche, in most cases, there is something specific they have different.  Sometimes, you might categorise websites as just “general” people who market at everyone.  These might be supermarkets, but even they have their own niche’s.  Or like to think they do.  Do Microsoft have a niche? They sell everything? It is kind of hard to define a niche that Microsoft as a company have, however they do in-fact have many smaller business’s who have niche operations.
You could say that Microsoft as an OS has a niche market that it is friendly for mass consumers as apposed to linux, mac or ubuntu.

So, we have discovered that a niche market is a market which is refined within a market.
This could be, a certain age-group, males or females, could be parents, who like techonology,
it could be busy people. It could be people who have a lot of disposable income but not much spare time.

The idea of a niche market, is to try to offer something that not so many competitors are offering.
You want to do research or at least have a reasonable idea as to how large your market is.

For example: You could refine a market so much that you don’t have a large enough market to sustain your website or your content.
You could have a market whereby you do not know how to present to the audience. For example, you are marketing to single mums, but you have never had a child.

So we want to feel confident in our choice of niche market. We want to know who our “target audience” is. What they want, how they want it. Do they want news simplified? Do they want discounted prices?

How can you be differnet to your competitors?
What can you do that makes you “niche” or “different” to the rest of the market?

This is the way to building a strong business. To find a market which you are comfortable, of which will not expire. FOr example, you offer a product or service that is only relevant when it is raining.
Or the market is so small that there is not much business to be done.
In this case you could build multiple small sites within different niches.

Some famous examples of niche’s
Argos (shop by catalog within shops)
Gaboom (online game swapping based on users likes)
Netflix (Have not tried, but from what I have heard, It sounds niche to me)

You do not have to make major changes to achieve a “niche market”.

You could for example make small differentiations to your business in relation to your competitors.
Such as, you might focus locally, as apposed to nationally. You might focus on quality over mass production.

I will give you a top secret, today I was speaking to a friend who is in the British army, he said to me.  There are many army guys who are always looking for army Kit for the cheapest price.

There are people selling army kit online, I did a quick search “cheap army kit”.  No such domain with those exact words.   You can usually find just adding a word before or after an existing domain name does the job.  Just by adding “cheap”, we have already made our selves different to everyone else because we have stated that we want to find the cheapest prices.

I hope this gives you an idea of what a niche market is, if you need any advise or support please feel free to drop by in our forum.

 

Written by OIiver

Oliver is a 20 year old web-enthusiast and entrepreneur from the UK. He enjoys Marketing, SEO, Technology and Business.