We get a lot of inquiries on niche marketing. So lets review: A niche market is quite simply a segment of a more general market that you can offer a product or a service to. For instance, a subset of the literal mailbox market could be cluster mailboxes or cbu mailboxes, for residential, industrial and commercial use. Since these are specific type of mailboxes, a company selling these has chosen a unique niche.
The question usually follows is: Do I have to choose a niche market? The answers is – it’s highly recommended, mainly for three reasons.
1. All virtual businesses should focus on servicing a particular market niche. If you don’t focus on one or two things, you run the risk of trying to many things and none of them well.
2. The second reason is communication. With your online business, you will be communicating across the web to a specific market that you have solutions to their specific problems. That communication must be accurate so they can understand what you are offering and feel your product or service will provide the needed solution. If your communication is very generic and/or not relevant, it will be hard for your prospecta to trust your offerings.
3. Finally, another reason why you should choose a niche market is that doing so can pave the way to expanding your offerings and grow your business. As an example, you discover a niche, say approved cluster mailboxes, you begin to study that niche and when you know it’s inherent problems, you begin to find or create multiple solutions for these problems.
The internet as a whole is not a mass market. It needs to be broken down into chunks or segments for the small marketer to tackle (unless you have millions of dollars to create a universal brand). Your virtual business will be built on the desires and solutions that a select group of people have. You need to speak to your prospect as if he were right in front of you, concise and direct, and the only way to do that effectively is by choosing a niche.