The word “niche” is thrown around very liberally by business blogs, YouTubers and moguls alike. This article will focus on a very direct review of niche marketing. We will cover a full definition, a review of its benefits/uses, and finally, leave you with a list of niche marketing examples.
In short, niche marketing is the use of a specific group of consumers that can have a number of different things in common. Some frequently used defining characteristics can include geographic area, lifestyle, profession, style, culture, hobbies, behaviors, and needs.
These markets are usually smaller but allow for much more specific marketing efforts.
Most new companies like to focus on large markets that have enormous earning potential. After all, when you’re preaching to every dog lover in America, if you can get a quarter from each person, you’ll end up with over 60 million dollars! But you won’t. With such an enormous market it’s nearly impossible to personalize your users’ experiences and make them feel welcome and at home with your brand. There are simply too many types of people for you to cater to them all. You’ll end up a jack of all trades, but master of none. This will leave your user experience lackluster at best, making pocket change. (For more data on the effects of personalization check out this infographic!)
Quick side note: This is not to say that these markets cannot be conquered, they are just nearly impossible to start in. Even Facebook launched as a service only for college students at a single university. That is a much smaller target than the one they’ve grown into.
This is where niche marketing comes in. If you take a market and focus on a more specific subset of those consumers, you can serve them much better than your competitors targeting the market as a whole. By having a predictable demographic visiting your site or store, you can much more easily focus on their needs and problems, securing more sales. Not to mention it’s much easier to set up a niche business than one made to compete with massive corporations.
The first, most apparent, benefit is the lessened workload and upfront costs. If you have a solid niche with predictable customers you can have much more successful ad campaigns and traffic drivers that are much easier to optimize.Next, you’ll be able to quickly establish yourself as an authority for your niches market. For businesses with larger scopes, this can take years to build trust with such varied consumers. By choosing a good niche, you know exactly who your customers are and what they want which allows you to quickly earn their loyalty.
Another great benefit is the noticeable improvement of important metrics like conversion and bounce rates. If given a choice, a customer will almost always go to the more specific vendor. This can help lower your competition’s effect while increasing your visitor’s likelihood to convert. As an example, let’s say I run a website that sells dog collars. Any customer that goes to my website can only buy one type of product, a collar for their dog. Because of that specificity, the only kinds of visitors I drive to my website are those that want a collar. My conversion rate will be at least double that of my competitor because I know what my visitors want with 100 percent certainty. This allows me to streamline my sales process and make more money with a third of the visitors.
Google has a whole suite of tools you can use, all the way from Google Trends to Google Keyword Researcher. But the best suggestion I could give is to just simply use Google. Just type in the market you want to find a niche in and look at the suggested searches.
These are more than just simple suggestions, these terms are searched by thousands of users per month. Start by typing in the parent market you would like to work in and then the letter “a”. Then cycle through the alphabet writing down any suggestions that catch your eye as potential niche’s.
By going to any popular social media site, you can find groups of like-minded people who are actively talking about a subject they are passionate about. By looking through these groups, you can get a sense of the size of different niches and markets. Facebook has groups of people with similar passions and ideals, Twitter has hashtags that follow trends and engagement, and Pinterest has boards that link together interests and can give insight into niches and groups. There are also countless other sites that can give you further insight into your potential niche.
Use this tool as a way to map out your research and create what most call a “mind-map” so that you can look at your research visually. Here is one I made starting with the broad market “Pets” and branching off with more specific sub-sections. (Bonus! You can make your graphs look nice with fancy colors!)
Answer the public is a powerful tool that takes any query you put in and scrapes google looking for related questions, prepositional phrases, and so much more. It then compiles this data into a beautiful infographic and list for your research. Use this tool to help you find the problems and issues that any particular niche wants to be solved.
Ubersuggest is an incredibly powerful keyword research tool that offers so much information. It suggests keywords based on not only a root word but your competitors as well. You can plug in a competing website and the tool will list off every keyword they rank for as well as data on their most successful pages. When using this tool for niche research, the keyword suggestion tool can be a great way to find new subsets you may have previously looked over.
Below is a list of five very broad markets. Some websites would tell you these are good niches, while they aren’t horrible choices they are too broad to give you the surest chance of success. Be wary of the advice these sites give you. I’ll break down each into multiple niches that offer great potential.
Pet owners are an enormous market covering consumers from all walks of life. I would strongly recommend niching down in a much more specific pet market before committing to a business idea.
Niche Examples in the pet market:
Pet Collars, leashes & Tags
Exotic pet supplies/advice
Pet food by breed
And countless more…
Gaming is another enormous market consisting of anything from consoles, PCs, and even traditional board games. This market values sincerity and expertise so make sure you know your stuff before committing to this niche.
Niche Examples in the gaming market:
Keyboards & Mice
Be extra careful in this market. There is a lot of competition and misinformation floating around. My best advice is to be sure of your intentions, do not use false information, and provide as much value as you can.
Niche Examples in the Health and Wellness market:
Back and neck pain
Another well-saturated market, though the demand is equally high so don’t be afraid to step into this proverbial ring. So long as your product has value you can succeed and flourish.
Niche Examples in the Self Improvement:
With the rise of social media, beauty products have successfully future-proofed themselves when it comes to market stability. If you are looking into this niche be prepared to prove yourself to your consumers. Honesty and name are huge, so make sure your product or content can stand up to scrutiny.
Niche Examples in the beauty market:
Curly hair products/advice
The above examples are, at the end of the day just that, examples. I encourage you to do your own research into the markets you’re passionate about. While some markets may value sincerity more than others, anyone can tell if a brand truly cares about its product/service. I’d like to thank you for reading “Niche Marketing (With Examples)”. I wish you the best of luck in finding your niche and growing a profitable business within it!