Niche Vs Target Market – An Extremely Important Distinction

Here are some of the benefits of selecting a niche market.

1. You can become an expert. It is easier to learn all aspects of this market.
2. You can more easily become familiar with the buying habits of the people in this market and how they can be reached.
3. You can determine the needs of your market and offer products that meet those needs.
4. When you have a good knowledge of the people in your market, you can communicate better with them – you can speak their language.
5. As an expert, you improve your income potential. This provides you with the opportunity to generate several streams of revenue.

Isn’t a niche market the same as a target market?

No. A niche market is more narrowly defined.

Your target market consists of those people you can sell to. Your niche market consists of those people in your target market whose needs you specifically address.

For example, you may be marketing a garden tiller that is used to prepare the soil before planting a garden. Your target market, in this case, could be homeowners.

However, focusing your marketing on this market would be a waste of money. You must determine which piece of the homeowner market you need to target. You must consider, not just “who” you are marketing to, but “what” you are marketing.

Condominium owners are part of the homeowner market. But they would probably have no interest in owning a tiller. Single residence owners are a part of the homeowner market. But many of them own small lots and have no interest in a tiller.

Those having larger lots are a part of your target market, but many of them have no interest in gardening and certainly no interest in your tiller.

It’s obvious that your niche market should consist of those who garden. However, even that market could be more narrowly defined. Gardening for many may be just a few potted plants or a small bed of plants next to their patio. They should not be included in your niche market.

So it’s important that you give a lot of thought in defining your niche market.

Your niche market should consist of each of the following:
1. People who have the same specialized interests and needs.
2. They must have a strong desire for the products you offer.
3. You must be able to provide compelling reasons why the people in this group should buy from you.
4. You must be able to easily reach the people in this group.
5. It should be large enough so that it produces sufficient income.
6. On the other hand, it should be small enough so that there is limited competition.

Keep these 6 items in mind as you select your niche market. But where do you start?

My suggestion is to start by looking closely at yourself. What are your interests? What do you enjoy doing? What are you good at? Where have you had accomplishments in your life? What has been your background – a job, volunteer organizations, hobbies, etc.?

After you have identified some potential niche markets, the next step is to research the internet. Find out how many people are searching for what you have to offer. How much competition is there in your market?

Go to blogs, message boards, and forums related to your niche market to see what problems are not being solved or what questions are not being answered. Then focus your marketing campaign (including your blog or website) on providing educational information that solves these problems and answers these questions.

You will find that selecting the proper niche market is a key factor in achieving success in an internet home based business opportunity.

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