What does a niche market look like?
The internet has grown so rapidly that hundreds of millions of people are able to go online, look up information, send emails and shop…
…and that’s just accounting for North America!
Now that doesn’t mean that everyone is going to start buying all their products online (even though they can)… but it does mean that just about anything you want to buy, but couldn’t find in the past, is now available to you!
The most successful online entrepreneurs have one thing in common: they focus on a specific niche.
So what is a niche market?
A niche market is a group of people who are searching for a solution to their problems on the internet and not finding many results.
Such as
- People looking to cure their dandruff
- People who want to train their parrots to play piano
- People who need an inexpensive hood ornament for their car
Niche markets are not huge, but they’re the perfect group of people to develop as a customer base.
That means that there are millions of new opportunities that weren’t there before, and those customers have never been served before! In fact, they’re going online everyday looking for new possibilities.
In a typical town, a business selling nothing but organic budgie food wouldn’t make it- there’s just not enough demand! But online… with over 2 billion people worldwide on the internet… even if only one or two people in every town want that specific, hard-to-find product, that’s more than enough to make up a market for a profitable business!
If you’re selling a product or service that satisfies your niche markets common need, you can build a profitable business, and that’s the ultimate goal
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Great to the point explanation of a niche... Great job!!
An interesting thing I heard recently, talking about finding whatever we want online. The amount of information that was created between the dawn of mankind to 2003 is being created every 2 days now!!
Incredible how fast things are moving and how much information is being created with the help of the internet!
Thanks for the comment, things are moving so fast in the technology world
It is crazy how fast they move... Being a cameraman myself I see it often with the new camera's being launched and then less than 3 months later the next big amazing camera is out again... It is never-ending wheel that turns.