Being able to research a chosen niche is essential for any Internet Marketer. The strategies and online ideas you find will be very beneficial, and put you in front of your competition.
If you don’t do your research correctly or thoroughly it will be detrimental to your online business, and cost you time and money. Below are a few niche marketing solutions I have compiled for you.
1. Are you already involved in a particular market area?
It is easier to market something you already know about, gaining an understanding of your area of expertise is paramount to the success of your marketing campaigns.
2. Does size really matter?
The larger the market does not mean it is the best to get involved with. A niche should be chosen that is big enough to market and has a need for clearly defined prospects. The problem here is finding the right balance between size and potential. If you discover a niche which is massive for example then try to find a sub-niche.
3. What are the prospects of the niche?
Many businesses these days are struggling to stay afloat, so you must assertain exactly how desirable the niche really is. You want to be in a strong developing niche and not a sinking ship. You must research this in the right way.
4. Where is the niche market based?
Many marketers prefer a world wide audience to sell to, others like a more localised area. Another thing to watch out for here is, how popular the niche is in certain areas and just how many other marketers are out there.
5. Who will become customers?
Distinquish exactly who you will be targeting; men, women, children, animals ect.
With this in mind, you need to consider exactly how much someone will spend. It goes without saying that you will be better off selling to people who have money rather than those that don’t. In some markets people are willing to spend more money than others. Your pricing, with that in mind is of paramount importance.
6. How do customers think?
Consider this, does the market lend itself to the impulse buyer or is it one based upon lengthy descision making. Do they only buy offline, in which case you may need to change the way you market to them.
7. Does the customer need to change their habits?
Many people want a lot of things, but not everyone is willing to change and do something about it, no matter what they say in order to convince themselves. You need to develop your customers into the mind set of wanting to change, if the market warrants it.
8. Play on emotion?
People buy on emotion and then justify their actions with logic. This is a key strategy and one that you as an internet marketer must develop over time. Play on the fact that you are there to change lives for the better, get inside their heads and make them want to listen and purchase from you.
9. How do customers respond to advertisments?
Some markets are just no good for direct response style advertisments, which is understandable. You need to find out the best way to advertise your business, so knowing your targeted prospects is essential for any advertising campaign.
10. How to set your price?
Deciding on what is too much and what is not enough to charge for a product is very important. You must get the balance right. If you go too low then people may think that it isn’t worth purchasing. Similarly, if the price is too high then you risk not making as many sales.
11. Is it a seasonal market?
Will your business be able to cope with a product that is governed by the seasons of the year? If so then how are you going to survive out of season and compete?
12. Are there comparable products?
How many people are selling related products, find out and model what they do. Take what works and leave behind what doesn’t. Don’t chase shadows here.
13. Is there potential for continuity income?
Within the chosen niche market can you create renewable and continued income, another words is the product repeatable enough for the customers to keep coming back. Having a constant flow of re-occurring paying customers each and every month will ensure your success in the long term.
It is true that there are more research options available to the internet marketer, but if you analyse these key factors listed then you will get a clear idea of what to expect in your chosen niche. At first glance the market may look great, but when you look deeper into the marketing aspects it could look awful.