Finding a niche within a market isn’t always enough.
There are niches within niches. Let’s look again at our weight loss market example. We carved out the low-carb dieting niche. But there are also several niches within that niche. In the low carb dieting niche, you might want to target women, men, or women or men in certain age groups. You may even target certain ethnic groups.
For example, you may target female low-carb dieters over the age of forty. You may even target female low-carb dieters over the age of forty who also have diabetes. You may even tighten it up further and target female low-carb dieters over the age of forty who have diabetes and arthritis. After all, people who have arthritis have special exercise needs. They cannot usually do aerobics.
Now, to this tightened up niche, you can find or create a variety of products to sell. In our weight loss niche, where we are marketing to female low-carb dieters over the age of forty who have diabetes and arthritis, you may develop a book of recipes that will still be low carb meals, but ones that are suitable to people who have to watch what they eat due to their diabetes condition.
You could also develop an exercise program that is suitable for people who have arthritis. You can market vitamins and supplements that aid women in weight loss as well. The possibilities are astounding. The tighter you can focus your niche, the more money you will make. When you target in on niches within niches, you are also reducing the competition even further, if not eliminating it altogether. This is how you dominate a niche.
You find that niche within a niche, and narrow it down and tighten it up as much as you possibly can. You can either tighten up your advertising to make it more targeted, or you can develop products or find affiliate products that cater to that tightened up niche. It works no matter how you want to do it – as long as there is a market there. It isn’t the size of the group of people within a niche that matters. It is the need of those people that matters. If there is a need, and you can fill that need, you can profit.
Keep in mind that you are not planning to just sell to your niche once. You will be selling to this small group of people over and over again. The majority of your group will purchase from you. When you are marketing to a mass market, only a small percentage will purchase from you. So, again, don’t worry about the size of the market in your niche – it really doesn’t matter to your bottom line.
Once you’ve made a sale to a customer, there should always be another product ready to be sold. Some people call this a sales funnel. Other’s call it a sales system. Whatever you choose to call it, you need it. You must think about your niche and their needs. In our weight loss example, the first sale would be the diet program. The next sale would be for vitamins and supplements.
The next sell would be for exercise. The next sale would be for weight maintenance. In the middle and throughout there should be motivational products as well. The object is to never let your customers leave your sales system. Always having something else to sell them. Furthermore, as time passes, you may even find new niches within your small niches.
When you communicate with your niche, which we will cover later, the customers will literally tell you what they want from you. You won’t have to guess or wrack your brains to present new products or services to them. Also, because you’ve narrowed your niche, the time you spend on promotions, and the money you spend on promotions is greatly reduced. This gives you more time and money to market to other niches as well. There are many marketers who market to hundreds of different small niches, increasing their incomes dramatically, and you can do this as well once you get the hang of it.
You can also look for parallel niches. If you are marketing to female low-carb dieters over the age of forty who have diabetes and arthritis, why not market to male low-carb dieters over the age of forty who have diabetes and arthritis as well? What about marketing to the parents of teenage low-carb dieters? Again, often, you don’t need to change the product, you just need to change who your advertising is directed to.
As mentioned earlier, the most money in niche marketing is made when a new niche is discovered and that need is filled. Always be on the lookout for this as well. Again, your customers will tell you what they want if you ask them, and we will cover this later. So, remember – you don’t just want to find a niche. You want to find the niches within that niche and narrow things down as far as you possibly can. Find the parallels. Find the new tiny niches. Ask your customers what they want and give it to them. Keep them in your sales system. As you build your relationship with them, they won’t hesitate to buy anything that you recommend to them.