If I could go back and do my online marketing career over again, the one thing I would change is what I marketed, and how I found the best items/ services to market online. As a rookie, what I usually marketed was stuff I liked, or was already sold on. It took me a long time to figure out that good marketing is finding out what OTHER people like, and marketing to them. Duh.
Then, determining sub niches within big niches didn’t make sense to me until I hit it big in the HCG diet space. So, to be clear, let’s use “oceans” and “ponds” as examples, with the ocean being an entire market category, and the pond being the niche within the category. In my case, “weight loss” was the ocean, but the money was made with “hcg diet,” a tiny sub set of the ocean, or my pond. Big enough to generate millions, mind you, but still a pond.
So first, some definitions:
“A niche market is the subset of the market on which a specific product is focusing. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment.”
Our Radio show episode on the subject:
“Concentrating all marketing efforts on a small but specific and well defined segment of the population. Niches do not ‘exist’ but are ‘created’ by identifying needs, wants, and requirements that are being addressed poorly or not at all by other firms, and developing and delivering goods or services to satisfy them. As a strategy, niche marketing is aimed at being a big fish in a small pond instead of being a small fish in a big pond. Also called micromarketing.”
Advantages of niche marketing:
1. You can quickly develop a website and quickly promote your products and services online.
If you’re able to find “untapped” and “hidden” niche markets, there will be less competition on those niches, allowing you to dominate this niche faster than saturated niches.
2. in Niche Markets can dramatically improve your traffic and conversions.Targeting Long Tail Keywords
These long tail keywords might have less search volume, (traffic is lower than big chunk keywords) but they are easier to rank in the search engines, and they also convert a lot higher than other keywords
Great resource: http://www.entrepreneur.com/topic/niche-marketing
Best automated tool that does all the heavy lifting for you is Keyword Demon, watch the video here.
Sexy vs Ugly Niches.
Now, don’t think the sexy equals good, and ugly equals bad. Not necessarily. For example, a sexy niche is one that is hot, with huge potential for virality, while ugly niches usually involve push marketing, or more expensive clicks/ harder rankings. But… those ugly niches may make more money, for longer.
Still, the sexy niches are the easiest, fastest, and cheapest to tap into, so for a lot of people, it’s the best place to start. And if a sexy niche is also a long term niche, you can really hit a home run. Examples include:
Sexy: puppies, viral niches, hot trends.
Ugly: health products, offline business, make money online
Advantage of sexy: Cheapest clicks, most viral growth.
Disadvantages: may be harder to monetize
Advantage of ugly: often longer term, can still generate an ROI but harder.
-Insurance, dentistry, landscaping…
Elements of sexy niches:
-Social (will they wear it on a t-shirt)
-Controversial (likely to get comments, natural virality)
How to find sexy niches
google trends: http://www.google.com/trends/hottrends
Amazon best sellers: http://www.amazon.com/Best-Sellers/zgbs/
Think: “Long term irrational passion.”
Case study: leagueoflegendsplanet
This is a Facebook page I started a few weeks ago. The fan base is rabid, they speak their own language, and most of the gamers are between 19-25 (purchasing power.) It grows virally (check out some of the high likes and shares on posts) and likes are cheap, about 7 cents right now, and dropping. We will monetize the page through affiliate marketing (gamer keyboards, training guides from Clickbank.com, and t-shirts from teespring.com.)
Ocean: Video Games
Pond: A single game (league of legends, grand theft auto, halo, etc.)
Ocean: Dogs, cats
Pond: Breeds (I love German Shepherds- Facebook)
Ocean: Politics (leave it to CNN and Fox news)
Pond: Gun rights, school choice, social issues generally.
Hopefully this post gets your mental wheels spinning about the importance of niche marketing, and some great resources to get you started. Make sure and check out our premium back office for specific training and guides that will help you take it to the next level here.
List of popular niches (not all inclusive, there are THOUSANDS!):
dogs (by kind)
Types of dancing