Let’s Review: What Are Niche Products And How To Find Niche Products in 2019?
This article on niche products will explore:
- What is a niche?
- What are niche products?
- How to find niche products?
A niche can be defined as:
A comfortable or suitable position in life or employment.
“He is now head chef at a leading law firm and feels he has found his niche”
Synonyms: ideal position, calling, vocation, métier, place, function, job, slot, opportunity “he feels he has found his niche in life”.
A specialized segment of the market for a particular kind of product or service. “he believes he has found a niche in the market”
Adjective: niche denoting or relating to products, services, or interests that appeal to a small, specialized section of the population. “other companies in this space had to adapt to being niche players”
Early 17th century: from French, literally ‘recess’, from nicher ‘make a nest’, based on Latin nidus ‘nest’.
For the purpose of this article on niche products, We are only interested in the second definition.
“A product or service that appeals to a small, specialized section of the population.”
To explore further:
We are exposed to advertising every day, ALL day.
From the moment we switch on any form of communication – the advertising starts:
- The phone calls selling something
- The Whatsapp messages advertising something
- Facebook messages trying to get you to buy
- Tweets asking you if you’re interested in X,Y or Z
- Instagram ads that catch your eye
The fact is that most of these adverts are of no interest to us.
So we simply scroll past them or ignore them.
In other words we decline whatever the offer is.
That type of advertising is called a Mass Marketing Strategy.
And YES it does work – very well.
The only trouble with that is, most of the types of markets or business opportunities that are open to mass marketing strategies are normally dominated by companies and organizations with HUGE SPENDING POWER.
If you want to be successful as a small business or entrepreneur, you will need to find a smaller, more focused group of customers to offer your products or services to.
What Are Niche Products?
Here is an example:
Bob wants to start a business selling music online.
Initially he builds a website and is pleased with the way it looks.
He does everything right, such as implementing an SEO (Search Engine Optimization) strategy, Backlinking (getting links from other websites to point to his), and does some video advertising on YouTube.
He also creates an email campaign.
All of these actions bring him a steady trickle of traffic to his site, but very few people buy, so he only makes a small amount of money.
Let’s look at the reasons why:
- He and his website are unknown – People like to buy from trusted sources.
- The site offers dozens of different types of music, which are all available on other sites that are much cheaper as the bigger brand sites can afford to sell at lower prices.
- None of his offerings are unique – again, everything he is offering is available everywhere else.
- His chosen SEO strategy places him in direct competition with MASSIVE companies such as Amazon and Spotify.
Bob realizes that he has to rethink his plan.
He goes to Google Keyword Planner for some inspiration (For keyword analysis, MARKET SAMURAI provides a more detailed and specialised analysis on any topic).
Once there, he realizes where he went wrong.
He was trying to appeal to a mass market.
The competition for music sales is already dominated by VERY BIG COMPANIES.
He doesn’t want to give up and so he decides to specialize.
Bob decides he wants to find a niche in music sales where there is not too much competition but still a lot of money being spent so he can get his piece of the musical pie.
After doing his keyword analysis again, and after plenty of careful consideration, regarding if he can actually turn his idea into a profitable one, he goes ahead and builds a second site.
His site is dedicated to the life, works and music of Miles Davis, one of the all-time jazz greats.
The site is FOCUSED ON A SPECIFIC SUBJECT.
His new site is called Jazzbymilesdavis.com
The domain name and every page on his new site have something to do with Miles Davis.
Over a period of a few months, and after a lot of research and content creation for the site (again including videos, for which he uses some video creation software such as CONTENT SAMURAI), Jazzbymilesdavis.com becomes recognised as an Authority Site.
This means that because it is so well researched and focused, Google and the other search engines rank it well in their search results pages.
He is able to sell different types of products all related to Miles Davis.
Bob is now offering niche products.
Bob’s situation applies to most people who want to start a business or who are involved in a business that is not doing too well.
All successful small and medium sized businesses are providing solutions to a specific target audience.
In other words, they are supplying niche products to their niche.
How To Find Niche Products
Finding niche products can be relatively easy.
Here are the basic steps:
- If you haven’t already, write down some topics that you are passionate about or are good at.
- Have a long think to decide if you can see yourself persevering long enough to turn your new venture into a success.
- Use Google Keyword planner or Market Samurai (for advanced research capabilities) to find out a) if there is a demand for your idea, and b) if your idea will be profitable.
- Using a spreadsheet program or some mind-mapping software, fine tune your keyword analysis until you have a list of about 5 to 10 different categories of related topics. These categories MUST HAVE a high amount of monthly searches. This means that there is demand for your new venture. They MUST ALSO HAVE a high CPC (cost per click). We won’t get into CPC too much here, but it basically means that the higher the amount, the more financially valuable that topic is.
- Further fine tune that keyword list until you have at least 5 to 10 subcategories under each main category.
Believe it or not, you’ve just created the plans to your niche products website.
Don’t get it?
You rearrange the categories of your new niche products website in the following way:
- The topic that you are passionate about, after doing some creating thinking, becomes your domain name; e.g. jazzbymilesdavis.com
- The 5 to 10 different categories become the titles of your menu bar items on your website. (That horizontal set of words / links that goes across the top of almost every website. (Or the 3 horizontal lines if you’re using a mobile device).
- The 5 to 10 subcategories are now the specialized areas of interest that your site visitors are interested in. How do we know they are interested? Because we already discovered that when we selected the categories and subcategories with HIGH MONTHLY SEARCHES.
This is the easiest way to find niche products that are both in demand and are profitable.
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