Find A Niche To Market Your Online Store
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Find A Niche To Market Your Online Store

DID YOU REALIZE...

Integral to any internet business is to find a niche to market your online store. Being a retired doctor I am sensitive to looking foolish so I pretended to know what that meant.

If you use an on-line dictionary (I was too proud to ask what it meant) a niche is a "situation in which a business's products or services can succeed by being sold to a particular kind or group of people."

Simply put...I needed to identify who would want to read my blogs and buy my stuff.

At that point you may be thinking that what you had wanted to do is already being done. After all, what you want to do is old news. There is a saying, "There is no new news only old news to new people."

When it comes to the internet there are new people all the time. So don't be discouraged if you think someone is already dominating your niche.

Here are some factoids:

•There are over 7 billion people on earth as of 3/12/12.

• There are 137 million births every year.

• There are billions of internet searches performed each day.

• The cost of computers continues to become less and less.

• Wireless access to the internet will make it possible to eventually have every corner of the earth internet accessible.

• The percentage of on-line savvy people goes up with each generation.

Do I have you attention?

CONSIDER THESE 7 QUESTIONS...

It used to be that a successful business depended solely on "location...location...location." Now it's "niche...niche...niche."

Before your make your list of possible niches, let's review 7 principles on how to find a niche market for your on-line store:

1) What do you love to read, talk about, and have a "natural" interest in?

You are going to be spending a lot of time with your niche. It is a good idea that whatever you decide upon you like. I mean really like.

This may be hard at first as most people are just "practical" when it comes to making an income. Most people figure work is something you do to make a living and fun is what you do for a hobby.

What I am telling you is that your niche should be something you would do as a hobby.

Now I am not saying that your on-line business is a hobby. Oh no, you will be spending a lot more time and planning than you would most hobbies. But, it will feel like you are not really working because you enjoy it so much.

2) What do reliable people tell me I have a special gift in?

Now what we are doing is taking that list I told you to make and shaving it down. You see, not everything you love to do makes a good niche. You want to have competency in your niche.

Usually reliable people will have already told you that you were gifted in a certain area (my family reinforced my desire to become a doctor years before I became one).

Remember I said reliable...some people may not have wanted you to succeed. Forget those knuckleheads!

By reliable I mean people that love you and are consistent in what they told you.

3) What do people come to you about and use you as a resource?

You are a resource for somebody. You may not have thought of yourself as such but you are. What do people ask your advice about or help with? Did it ever occur to you that you have a "natural" interest in that area?

We become competent in the things we have a "proclivity" towards (I like that word).

4) What needs of others have you identified?

The best businesses meet needs. So as you peruse (I like that word too) your niche list, which topics meet an urgent need that other people might have?

Urgency is a good thing in business. Your customers have a higher likelihood of having their need met at your website if there is a sense of urgency. For instance, consumables have renewable urgency...I like those in businesses (supplements, etc.).

5) Who is already meeting the need that you have identified?

Here is where some people get discouraged. You don't need to worry...you may just need to restructure. For instance, the founder of Federal Express started his company about 100 years after UPS had been started.

If he had looked at UPS and felt that they already had that niche "all locked up" we would have never had FedEx birthed. The FedEx founder restructured package delivery after studying UPS. The rest is history.

Besides, it is always good to know who your competition is...it makes you better. It also gives you a template of what not to do. You will simply restructure your marketing campaign (by the way what we are doing is teaching you marketing).

You restructure your niche on the internet by researching the competition through keywords.

A really good way to do your keyword niche search is to use a service such as Jaaxy. This is what I use in my businesses. Jaaxy collates the data, prioritizes which keyword has the most traffic, which has the least competition, scores it for you, and even tells you whether the domain is available for that niche (that is the potential web address for your business) (click here for Jaaxy).

6) Can I meet that need more efficiently or effectively?

That's what the FedEx guy did. He created a way to move small packages faster and more efficiently than UPS (that didn't make UPS too happy).

So if you see in your niche other businesses occupying "your territory," consider how you might change the offering or service to fill a need in a way your competitors do not. Don't necessarily abandon your niche.

7) Can meeting that identified need be monetized?

If real people will not pay for what you offer in your niche then you do not have a business. You have a platform for ideas. You may help others. But, you will not make a living.

Many people have a great idea for their niche but it offers no "stuff". Not very profitable, Padawan (that's a Star Wars Jedi reference). So study your niche list and see which item on your list has purchase potential...pick that one for your niche.

GET STARTED...

We have reviewed 7 key questions to ask yourself when determining what niche would best fit your online business. You are now ready to select your business niche. I hope you have enjoyed my review (click here for more articles).


Street Talk

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