Identifying the target market is not an easy task. It is indeed one of the vital elements which inform you about the market you want to target and how it can bring the maximum benefits to you and your consumers and prospects.
In other words, it will become easy for you to look after your customer’s needs and wants in a much-improved way only if they all are grouped according to their tastes and desires. There are different types of markets that can be targeted.
This type of market consists of your key customers that have the identical needs and wants. Although you have not fully described their needs, you still are in a better position as you are aware of who is your target market.
It can be on a larger scale or smaller scale. However, more than the size is their needs which will play a decisive role in the end.
This is the market that is linked to your target market; however, it is not the segment that earns you the majority of the revenue. For instance, a company who makes roofs, their primary target market consists of commercial buyers who replace roofs.
In addition, the same company also has the secondary market that contains residential segments that repair roofs. Although the majority of the income is extracted from the primary segment, nevertheless the secondary market does make a handy contribution to the roof company.
There will always be a secondary market for your product even if you have not identified or defined it properly. However, if it has been identified, it is always better not to pursue the target market and secondary market at the same time.
It results in the expansion of your marketing activities into the wide areas that may become difficult to monitor and may also result into heavy losses for your product and eventually the company’s image may get into jeopardy as well.
Furthermore, it is also observed that the product you are selling may not be a “niche”, but the market spot to which you are promoting. In other words, you can shift from “niche product” strategy to “customer group niche” strategy that enables you to earn revenue from non-niche products.
For instance, markets that are renowned as enthusiast’s markets will contain ultra-specialist’s products, but there is also a high probability to sell generic products to the same segment at a much higher price.
To be more specific, people who love fishing will normally buy fishing rods and lines, but they will also be paying attention to non-specialist items that may consist of drinks, flasks, bags, camping chairs, outdoor clothes etc.
In this way, you can save the customer’s time by placing the related products besides the specialist items which has a higher chance of consumers willing to pay higher prices. It will be convenient for the people as it provides the element of “one stop shopping” as exercised in huge supermarkets.
Hence, people with the enthusiast mindset, can be easily targeted with the non-specialist items at a slightly higher price and can earn you substantial profits.
Why does choosing the right target market work? According to GetMarket
there are two reasons:
#1 When you are clear on your target market it points you at an audience already looking for what you have to offer.
#2 You can tailor your message to be more compelling when you know your audience.
Niche Product Ideas
“Your wealth is in the wealth of your knowledge. Transform your uncommon wisdom into uncommon wealth because nobody has your unique experience. Turn your thinking process into your word processor.
Then take your packaged information to the marketplace where your good ideas make the cash register ring.” -Uzo Onukwugha
The task of getting niche product ideas is difficult. However, there are some fresh product ideas that can provide you a stepping stone to move forward. Hence, you should start by taking into consideration the obvious which is that every individual is confronted with problems. This is from where you can get your first product.
People are always engaged in one problem or the other in their lives. Solving their problems will be the successful objective of yours. Hence, what you need to do is come up with the unique product ideas that can provide relief to their problems.
If the aforementioned task is demanding, then the next idea that you can think of is the latest trends that have taken center stage in the market place. To update yourself with the latest trends, you can get assistance from the internet, television, magazines and newspapers.
Once you become aware of the newest and hottest developments in the market place, you are in a better position to invent a product that is associated with the existing trend.
Moreover, another idea from which you can create a niche product or products is exploring the old product(s). All you have to do is catch any old product, analyze its features and performances and to which segment it is targeted at, and identifies its weaknesses.
The next step would be to come up with the ways though which the old product can be improved, modified or enhanced. Finally, give it a new brand name along with the novel features and promote it in the market.
Furthermore, there can be another idea whereby you create a niche for your product that is entirely different from the previous targeted market. The development of this niche requires experience and a great knowledge of the different brands in the market.
When you have a separate niche for your product, it will automatically make it easy for you to differentiate your product from the regular products and would be highly valued in this new segment.
The other idea that can be capitalized is by adding related products to the existing product(s). For example, if your product is a mobile phone, you can add related items like blue-tooth, headphone and body covers to it. With innovative packaging, you can experience growth in sales of your product.
Apart from the major ideas mentioned above, there are ideas that can be looked upon such as making renovation in a mature product by make changes in its design. Moreover, you can engage yourself with the consumers in order to know their likes and dislikes and what new features they desire in a product. This will further give you ideas about your niche products.
Identifying Your Passion
“Our passions are the winds that propel our vessel. Our reason is the pilot that steers her. Without winds the vessel would not move and without a pilot she would be lost.”—Anonymous
Passion plays a vital role in the activities we are engaged in our daily lives. The identification and development of a niche market is heavily related with your passion. It has been said by many people and experts that instead of finding a niche market with a sole reason to make money identify the niche that you are most passionate about.
This will automatically increase your chances of success in the long run. There is a very strong logic behind this statement. When you are passionate for something in your life, it is obvious that you will give the maximum time, energy and cost to that particular thing. The other daily activities would take the back stage in your life. Your entire focus and dedication would be on achieving the objective you are very passionate about.
The same is the case for the niche market. The passion would enable you to devote your maximum time, energy and cost in identifying and analyzing the important variables that will lead to the identification of a successful niche market.
Similarly, if you are searching niches on the internet, the passion would force you to make a significant website, generate substantial traffic of the users and make considerable revenue for your business.
In addition, when the passionate objective is accomplished, it gives you heaps of joy and happiness. On the contrary, if you do not show interest in the topic you are studying, there is a rare chance that you will not arrive at the desired conclusion.
In the case of online niches, you will be unwilling and unenthusiastic to the work on your website and will devote less than the required time in monitoring and maintaining the website. If there is considerable passion, then the outcome will match your expectation.
One the most significant things that you should take into consideration during the process of niche market is your preference and comfort in the subject. It is pretty straight that a person who is an expert in websites for instance will be fully aware of the ins and outs of the niche market or any other topic he is engaged in.
It is the level of interest and commitment that increases the amount of creativity shown in the work. Once the interest is there, the task becomes simple and spontaneous to you. On top of this, it avoids the hindrance of original and innovative ideas and thoughts.
In addition, the task requires regular input and update from your side. This is only possible if your interest and passion shows consistency in the work. In this way, you are in strong position to do the task effectively and efficiently.
Therefore, the most important area has been deciphered is the importance of passion behind any work you do in your life.
Understanding your target and secondary markets when choosing an online business niche will go a long way acquiring customers and building your brand.
The products that you offer your customers whether improved or trending related products can foster increased revenue streams.
Lets us not forget about passion. The passion that you have for your target market in solving their problems will correlate the growth of your business.
To get your free copy of a special report on affiliate marketing click here now.