A Niche is a concept or idea intended for a specific appeal to the marketplace. You could choose anything as a marketplace to sell your Niche or sell through your Niche.
When you find your niche, you just gotta continue to be confident and thrive in it.
D'Angelo Russell
For example: within the market for women’s shoes are many different segments or niches. Shoes for vegan women would be a niche market, as would shoes for plus-sized women, shoes for nurses, and shoes for transgendered people. These are all niche markets within the larger market for women’s shoes.
Nearly every market can be further refined or divided, by the particular needs and preferences of its constituents. Some of the most common ways to define a niche are based on:
* Price (e.g. luxury, moderate, discount)
* Demographics (gender, age, income level, education level)
* Level of quality (premium, handmade, economical)
* Psychographics (values, interests, attitudes)
* Geographics (residents of a certain country, city, or even neighborhood)
Choosing to focus on a niche is a strategic business decision to serve a certain customer base better than competitors who target the larger market.
How to find the Marketplace?
Well, it’s one of the problems, e-commerce startups usually face. Everyone is keen to earn through online selling but doesn't know where & how to start. Some of them faced huge losses trying to sell online without any prior understanding of MarketPlace.
For Example: If you’re selling something like a thermal Jacket or thermal socks online, your product will be most required in a place where the temperature is below normal winter conditions.
That’s called Demographics Targeted Audience or Marketplace.
First Goal, Identify your customers who truly is in need of your product before starting Ecommerce Store
Writing down the plans & goals would help you set up every business platform in a successful way.
Now that you know what to sell online, you need to make sure there’s an audience for it. At the start, your niche market and products are just ideas. A hypothesis of what you think will resonate with your target audience.
If you determine your niche is too small to generate reasonable interest and profit, consider pivoting to a different audience within that niche or promoting a different product based on the Marketplace.
Evaluate your Niche Market Idea
Know your customer's first: GoogleTrends rank certain keywords &contents every day throughout the year from around Worldwide. You can change the search term to any country & search for a certain keyword to find its performance between certain months, weeks & days.
Google Trends Chart “Interest Over Time”
Google Trends Chart “Interest by Region”
Google Trends Chart “Related Topics & Queries
I searched for Thermal Jacket & it shows the result of the time period it’s being searched around Worldwide, related topics & Queries. Do try & search for your product. You will get an understanding of where your customers truly are.
Test Before Opening an Ecommerce Store: Start with a small batch of products and run a campaign for your targeted audience. Solicit feedback from customers who’ve made the first purchases or send a few out to influencers and ask them what they think. It’s important to get feedback early on, especially if you’re targetting a new market, so you can perfect it before it goes out to the marketplace.
Research deeper into your niche: You already did the keyword research to identify your niche market, but you can go even more in-depth. Analyze blogs, social media, influencers, and other key areas in your niche to gain insights.
Research consumer trends in your market: It’s important to be up-to-date with what’s happening in your chosen niche.
Resources like Facebook IQ, Think with Google and Nielsen consumer research will help you understand consumer pain points, desires, and breakout trends.
Set up Google Alerts for related keywords and regularly monitor social media conversations to stay on top of what’s trending.
Do Create Goals & Plans, use the data to understand how progressive your niche can be. And how much growth it can bring you through sales.
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