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The Magic of NICHEMARKET.COM!
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The Niche Market CompanyPlease take our survey at the bottom of this site.
Company Description
Launched in 1997, at the onset of the internet rush, the nichemarket.com website was often the first stop for thousands of average people, new businesses and marketing students who understood the significance of the niche market concept in explaining the tremendous popularity and profit potential of the internet. Many people will inevitably end up here after wondering what sort of valuable information or service might exist at this location, or because they realize how valuable the domain name is and want to grab it for themselves. (Sorry, it's not for sale!) As long as the internet exists, there will be visitors to this site! If not the most valuable, this domain name is arguably the most significant when it comes to explaining the success and appeal of the entire internet phenomenon. Walt Goodridge, business author, consultant and entrepreneur, is owner of this valuable domain. Walt is author of 15 books (including the seminal Turn Your Passion Into Profit), hundreds of articles, over 450 inspirational life rhymes, and conducts PassionProfit workshops and coaching that have helped thousands earn money through their passions. His online and offline niche marketing expertise has been distilled into many products (books, cds and videos) available at his passionprofit.com site. Walt maintains this site as a service providing just enough information to explain the niche market concept, and to get you started on what will hopefully be a profitable and sustainable journey into target marketing! p.s.(If you appreciate any of the information provided, then plea$e click on any interesting link on the side bar or at the very bottom of the page.)
![]() What is a niche market?"niche market" refers to the concept to which the Internet owes its tremendous success!A niche market is a focused, targetable portion of a market. It's like a little slice of a pie. (See the niche market logo above?) By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. You can think of a niche market as a narrowly defined group of potential customers. The Internet makes it possible as well as profitable to cater to "wide thin" niche markets that previously were too geographically dispersed to be lucrative. In other words, a store in the physical world selling a product that appeals to a small yet defined group (7-foot tall left-handed golfers, for example), could not get enough visitors in one city to make such a business viable. With the Internet, however, golfers from all over the world can visit, and purchase products from an internet site.
Finding a nicheIn advertising terminology, niche market refers to a group of consumers sharing a common background, interests and consequently buying habits. The commonality may be age, race, hobbies, sports, gender, or any feature which creates a recognizable and quantifiable preference that result in unique spending patterns and habits. The successful marketing campaign is one which effectively speaks to the interests of the individuals in a particular group and capitalizes on those interest in order to sell them something they want or need. In one form or another, every business is engaged in niche marketing. Some niches are bigger than others. Since there's no product that EVERYONE needs, your target audience will tend to be a segment of the larger population. Every business owner is on the eternal quest for customers. Here are several strategies you can use to get your share.
Go after emerging or unnoticed niches.
Go after existing niches
Create your own niche Finding and understanding your niche market will be the key to creating wealth for yourself in this rapidly expanding marketplace. Your mission is to find your 'Guatemalans,' get into their minds to find out what they want, how they think, and how to sell to them. You must establish a brand identity in their minds. It's a task that requires a change in the way you think, the inclination to acquire new sensibilities, and the patience to hold on until the big payoff. Following is an article by fellow niche market entrepreneur Bob Leduc with some tips on how to do just that.
Target A Niche Market To Increase Your Sales And ProfitsCopyright 1998 By Bob Leduc
Contrary to what you may want to believe, the whole world is not your market. Even if everybody CAN use your product or
service, there is a specific group with an intense need or desire for the benefits you offer. Find that "niche" market and
commit your efforts to getting business from it. You'll soon discover how profitable your business can be.
A niche or target market is a group of potential customers who share common characteristics making them especially
receptive to your product, service or opportunity.
I have a good friend in the life insurance business who happens to live near two large US military bases.
Almost all of Frank's sales are to career military personnel at these two bases. He tells me the US military provides
an excellent group life insurance program for military members but no life insurance for their spouses. This
creates a potential financial problem for military families with children. If the service member's spouse dies,
it will be expensive to provide care for the children when the member is on remote assignment or on extended
training duty. By targeting active duty military families and providing a solution to their "special" life insurance problem,
Frank became one of the top sales agents in his company.
Benefits Of Targeting A Niche Market
For example, one of the books I wrote is a manual about how to use simple postcards to generate inexpensive sales leads.
The information and examples in it apply to all businesses. However, one of the most profitable target markets for this
manual is businesses that use a network marketing or MLM distribution system. The promotional material I developed for
that market emphasizes the special advantages postcards offer for recruiting new independent distributors. That's
the #1 concern of every network marketer. I identify their biggest problem and offer a simple, low cost solution to it.
As a result, a high percentage of the orders for this manual come from network marketers.
How To Find A Niche Market
Start by listing all of the benefits offered by your product, service or business opportunity. Be sure you're listing benefits, not features. You must know the difference between benefits a features to market anything successfully.
A feature is what something is. A benefit is what it does. For example, my favorite donuts are now delivered in a re- sealable box. That's a feature. The donuts stay fresh for a week after I first open the box. That's the benefit. Understanding this difference is important. People never buy something to get a feature. They always buy to get the benefit produced by the feature.
After listing all the benefits you can think of, list some of the characteristics of prospects whose current situation would be dramatically improved by those benefits. You should begin to see a definable group emerging as a niche or target market.
Next, you want to determine if the group you've identified is a market you can reach and develop profitably. If it is, you will be able to answer "yes" to all of the following questions:
1. Can I identify individual prospects within the group including contact information to communicate with them?
2. Do prospects in this group have a strong need for (or a strong desire to have) my product, service or opportunity?
3. Do the prospects in this group have the money to pay for what I'm offering?
4. Can I deliver my sales message to these prospects under favorable circumstances?
5. Is this group large enough to produce the volume of business I need?
Don't waste your time on this market if there is a "no" answer to any of these questions. It's not a niche market for you.
Be sure to use the information you developed in finding your target market to create the sales material for it. You already know the overwhelming benefit(s) you offer to this market and why it's so important to them. Just build your advertising and sales material around this benefit and you'll soon enjoy the profits of successfully targeting a niche market.
[End Excerpt]
By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. You can think of a niche market as a narrowly defined group of potential customers.
For instance, instead of offering cleaning services, a business might establish a niche market by specializing in blind cleaning services.
Why should you bother to establish a niche market? Because of the great advantage of being alone there; other small businesses may not be aware of your particular niche market, and large businesses won't want to bother with it.
The trick to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already.
Also Known As: Market niche, niche marketing, niche business.
Common Misspellings: Nieche market, nihce market.
Examples: Establishing a niche market give you the opportunity to provide products and services to a group that other businesses have overlooked.
There is no doubt that the world is changing.
Given the economic changes we're all reading about, anticipating and experiencing,
how would you like to learn how to survive and thrive in the calm before, the prelude to,
the tempest during, the wake behind, and the aftermath of what's being called the greatest economic upheaval since
the Great Depression? How would you like to develop the skills to weather just about any such storm? be successful?
financially independent? free from worry? secure? Sound like a plan?
The concept of niche marketing will be just as important as it is now. However, there will be new
New consumers, new types of consumers will emerge when all is said and done.
Something has changed. The paradigm has shifted. Yes, paradigm. We're going to be using, and you will be hearing that word quite a lot over the coming years, so let's define it. According to the dictionary: A paradigm is “a set of assumptions, concepts, values, and practices that constitutes a way of viewing reality for the community that shares them..”
All the success principles you've encountered in life will remain the same. The laws of prosperity and success haven't changed. There is still the law of cause and effect,
the law of attraction, all the knowledge of how to win friends and influence people, and all the other immutable laws of reality we're come to know, love and practice.
However, it is the goal toward which these laws are applied that is decidedly different. In this new paradigm, you will not need to succeed at the expense of others. You need not exploit the poor and working class in order
to get ahead. You need not shelve your ethics in order to advance. Not everyone is motivated by money. Many are content simply to make a difference for the community as a whole.
There exists a paradigm of success, therefore, that adepts, tree huggers, spiritualists and (even) capitalists alike can agree upon.
Why? Because everyone shares the basic desire for and thrust toward survival, so we will be appealing-hopefully-to the basic common denominator
that unites us all.
[excerpt from Above the Pendulum: How to survive the financial crisis, create a recession-proof income,
live a passion-centered lifestyle, thrive in the new paradigm...and save the planet at the same time! by Walt Goodridge.] TO RECEIVE A NOTIFICATION WHEN RELEASED, PLEASE SIGN UP TO WALT'S MAILING LIST NOW. Learn to turn a passion into your very own business by earning a Business Administration Masters Degree at one of our Online accredited schools, such as Capella University. Learn to turn a passion into your very own business by earning a Business Administration Masters Degree at one of our Online accredited schools, such as Capella University. Online Colleges |
Learn to turn a passion into your very own business by earning a Business Administration Masters Degree at one of our Online accredited schools, such as Capella University. Online Colleges Find the right business management degree for you at Degree.com, the leading provider of online degree programs. We accept:
The Passion Profit Company P.O. BOX 618 Church Street Station New York, NY 10008-0618 (646) 219-3565 fax: (212) 658-9232 email: orders@passionprofit.com
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