What is a niche market - Profit Hunter

Let's go back to the very first day of the Autumn Marathon, when Ed talked about finding potential niche markets.

So, what is a niche, what is a market and what is a niche market?

The difference between a niche and a market

Niches are our interests, hobbies, hobbies ... This is what we are doing . A niche can be large (personal hygiene, board games, world travel) and not so much (growing frogs at home or playing the fool's nakedness).

Market are people who have common features and are guided by common needs and aspirations . These are drivers, fishermen, astronauts, Internet bums in the end.

Therefore, a niche and a market are NOT the same thing (an exclamation mark).

Niche

We all do something. But the fact that we are doing something does not mean that we will pay anything for it.

Let's imagine that there is a person who does not feed with bread, give only solitaire to decompose. And every free minute he does just that, he drags the cards on the monitor. What else can this person learn in order to play solitaire more effectively and efficiently? Does he even have any need that concerns his hobbies? Maybe there is, but I will not think of such a move. In essence, this is action without a goal. The market is not here.

Chess is another matter.

Market

We need something, we want something, we need to do something or find a person to do it is for us.

In general, any market, as I said, is united by something common. But if segment the market (not to be confused with a niche), say, to amateur fishermen who like to sit under a bottle by the fire, and professional fishermen who go to fish at sea and risk their lives, it turns out that needs of different segments differ from each other.

They solve completely different tasks, although they both catch fish.

Niche Market

In general, the niche market is part of a larger market.

By combining a market and a niche, we can find a relatively small market in which there are no large players. An ideal niche market can be called a market in which there is a fairly large group of enthusiasts, whose interests and needs are not yet satisfied. And to satisfy them is our primary task!

Let's go right now and try to find a niche market.

For example, take the market "home buyers" and select the segment "home buyers in England" from here.

Now choose a niche. Let it be a “search for non-standard housing.”

Combine the market sector and a niche and get “agents for finding non-standard housing in England.” What do they need? Lighthouses, floating holiday homes, castles ...

A couple of simple tricks, and in front of you is a ready niche market . If such agents exist, and if there are no resources on the Internet that can fully satisfy their needs, then you can create such a resource.

As you can see, this is a snap.

This is not the only way to find a niche market. You can also build on a particular product. Here, for example, a wooden mouse. Where is the niche? A niche is the desire to surround yourself with environmentally friendly objects. Market? PC users. Niche market - PC users who care about the environment.

A niche market is not ...

  • a large demographic group;
  • product;
  • service;
  • regional group (for example, residents of Kiev);
  • dancers;
  • vegetarians;
  • Australians.

The niche market is ...

  • tennis players? not.
  • Disabled tennis players? getting closer.
  • elderly handicapped tennis players? it may even be, but too narrow.
  • tennis players without a hand? the most it!

And again, look what is happening here. Niche - tennis. The market is disabled. We combine and get a niche market - tennis players without a hand.

If it is still not clear to you or this method does not suit you, there is another option.

Statement of the Problem

See the market as a group of people who need to solve a specific task. For example:

  • How can I play tennis without a hand?
  • What card focus can I show to my friends at tomorrow's party?
  • Where can I buy non-standard housing? ?

Look for problems that no one has yet solved.

Life example: Corey Radle sells emblems to Ferrari to those motorists who have stolen those emblems from someone else.

What is a niche market - Profit Hunter

Ferrari owners needed additional emblems, and Corey began to sell them.

Best Ideas

An idea can be found anywhere. Watch TV, read newspapers, go to supermarkets and bookstores. Learn what consumers need and take action.

Start with your hobbies and hobbies. Think that you would like to know what you do not know yet.When looking for a niche market, always think about what problems your audience faces and how you could solve them.

If you have already completed the tasks of the first three days, great. If not, take a pen and a piece of paper right now and start recording everything that comes into your head. Do not discard any ideas, no matter how stupid they may seem.

Write, write, write. When you have written the whole sheet, transform ideas into niche markets and start working on the material of the previous days.

Success!

p. with. This post is a free translation of an article from the blog of Mike Mindel, one of the creators of Wordtracker. He is the author of most travel notes that I will post during the Autumn Marathon.

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