Do one thing and do it well! This is the battle cry of niche retailers. A niche market is a small segment or corner of an existing market that caters to a specific clientele. By specializing in one product or even a group of similar products, you can corner your niche market with a lot of success. Is a niche market right for you? We will explore three different types of niche markets to help you with your decision.
Niche Market Number One - The Essential Niche
Ever wish you were the person who invented the battery? How many products today run on batteries? On the other hand, how about the memory card that every single digital camera needs to operate. Wouldnt it have been great to corner the market on those early? These are terrific examples of an essential niche. By providing a product that is absolute essential for other products to operate, you are practically guaranteeing your success.
If you cant find an essential niche that hasnt been taken all ready, try to think of a product that would make an existing product function even better. For example, take the flash for a camera. Sure, cameras work just fine without them, but when you add a flash, you are enabled to take pictures at all hours of the day, and get better results.
You dont have to be an inventor to come up with an essential niche. If you are still stuck for ideas, look into existing products and see if the niches that spring from them are completely inundated with other retailers or if there is a way you can make the niche work even better.
Niche Market Number Two - The Specialty Niche
This is the niche where you can have a lot of fun. Do you have a passion for Victorian clothes? Vintage fabrics or rare coin collections? If you do, you can take advantage of the specialty niche. What used to be relegated to a small store in a questionable part of town or the local flea market, is now wide open to the Internet.
If you have a hobby or an interest, you can easily start your own specialty niche business. Do some research to see how many like-minded people there are out there. One of the best things about marketing a specialty niche store is that people who enjoy specialties tend to like to congregate and network amongst themselves. This is a fantastic way to get word of mouth advertising and access to a group of interested clientele.
Another way to take advantage of the specialty niche is by listing your products on online auction sites. For example, if you specialize in out of date china patterns, you would be surprised to see how many people out there are desperately seeking replacements for their existing patterns.
Niche Market Number Three - The OddBall Niche
Here is where the niche market can be extremely interesting. The Internet has been able to throw together people who share odd interests and create a vast market for retailers to cater to them. For example, if you have an interest in lava lamps, you can start by opening an online store that sells vintage and strange lava lamps.
Many collectors and groups have ezines that discuss oddball items, and this is a terrific way to reach out to new customers who share your interests.
Again, you can effectively utilize online auction sites to spread the word about your unusual or odd products. Chances are, there is someone else out there who is looking for a replacement for their old, tired lava lamp.
These are just three examples of niche markets. The great thing about a niche is that there is always room for one more. Get out there and explore the Internet. There may be a niche business just waiting for you to open your doors.
About The Author
Julie Martin is the publisher of The Iscaweb eZine a weekly eZine dedicated to increasing your online profits, no matter what you are selling. Julie also uses the Plug-In-Profit system to GREAT effect!