What is a niche market & How to Target your Tribe!
What is a niche market??
That is a great question and so relevant to anyone in sales! Narrowing down your niche market is super important because it helps you define exactly who your customer is, and what their needs are. This vital piece of information allows for targeted content creation and more effective marketing.
A market overall tends to encompass a rather large group of people, for example the market may be “dog owners”. That market is very broad and therefore likely also very competitive to break into. Not to mention it encompasses a lot of people that may not be all that interested in exactly what you have to offer. Knowing the more general market from which your niche is pulled can be a great starting point, but it shouldn’t be where you stop.
Narrowing down to a niche market allows you to focus all of your advertising to individuals that are most likely to be interested in your product or service. This tends to have the best returns for your efforts and it is much easier to be “a big fish in a small pond” as they say. For example, your niche market may be “female dog owners with large dogs living in apartments”. This is a very specific subgroup that will have its own needs, pain points, and solutions that you can help provide.
Getting your content in front of the right audience is hard enough as it is – don’t waste time putting it in front of a huge group that isn’t likely to jump on it when you could target it to those who are. Someone with a Pomeranian living in the cattle barn is unlikely to be interested in that ecstatically pleasing bed for a great dane the saves space by having built in storage below and above but the female dog owner with a huge dog in a little apartment likely will be!
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It is so important that when we are looking for a niche it ought to be as narrow as possible but it also has to be a niche with the potential to drive lots of traffic that will convert. With a broad niche, the competition is much harder which means you have to work that much harder to gain a decient amount of traffic. The more narrow the niche the more traffic you will be able to drive.
Great points Norman! The narrower your niche is the more likely you are to attract traffic, but also the less traffic that is likely to be available so it’s a bit of a balancing act.