Niche Finders
Niche Finders
Niche Finders – Again and again I find that in general, people tend to skip steps, it goes straight to the action or, better yet, directly to the part where you earn money. But this, does not work that way, here, on the Internet or in traditional business. Niche Finders
One of the main causes of failure of a venture is to have spared no effort when analyzing the market and potential business. Niche Finders
A venture takes time, effort and when it fails, you lose a lot of money, then why not invest the proper time in the previous stages? For if, after analysis, we conclude that it is not viable, better to know at this stage before, and save the anger and capital.
So, I will share some of the things I learned when I followed the Micro Niche Finder, a program to learn how to develop niche markets online.
Difference between Niche, Market Niche and Market
A niche is a general area of interest, a hobby, a passion, things that people do. It can be a big niche as it relates to health, board games or a smaller niche growing orchids or bird watching.
A market is a group of people who share similar traits and have common needs. For example: people who need to buy a house, people who dive, and so on.
This is when there is some confusion: A niche and a market are NOT the same. Niche Finders
Niche
People who do things.
But remember, just because people do things does not mean that other people pay for it. I chose the bird watching as a niche so some of you are going to sign-up right now, is not it?
If No ..? Well. It is exactly what I wanted to prove. I’m sure there are many people in the world who love bird watching. But, are they in the market for bird watching? Do they have an urgent need to learn to do it? Can you think of anyone else who wants to do it? Good. No. Me neither. It’s like a business without a business purpose, which probably has no market. Niche Finders
Market
People who do things, they want those things, they want to do those things or find someone to do it for them.
Each market generally wants the same things. But when we segment the market (not to be confused with niche segment) each segment wants different things. For example think of the real estate market. A segment may be the first-time buyers, another could be the luxury property buyers, to name just two segments. I think it is too difficult to understand that both segments want and need different things.
They have different problems to solve. The broad market is real estate. But a family of low-income looking for a house in a location away from the media (something that they can pay) and another looking to buy a holiday villa in Thailand have different needs to satisfy, although both belong to the buyer’s properties market. Niche Finders
Niche Market
Let’s see what Wikipedia says: A niche market is a marketing term used to refer to a portion of a market segment in which individuals have homogeneous characteristics and needs, and the latter are not fully covered by the general supply of the market. Niche Finders
A niche market simply means a smaller subset of a broader market.
By combining a niche with a market, we hope to find a market that is not being served by the big players.
An ideal market niche is one in which there is a small but interesting group of individuals (niche market) with unmet needs. So we / you can meet them. Niche Finders
Niche Market Features
In general, a niche market has the following characteristics:
1. Is the fraction of a market segment. Each niche has some peculiarities that distinguish the segment as a whole.
2. Is a small group: It is integrated by individuals, companies or organizations in a reduced amount (as compared to the market segment to which it belongs).
3. They have specific needs or desires alike: usually consists of very specific needs or desires, and also have their degree of complexity, therefore, this group is willing to pay an “extra” for a product or service that meets their expectations.
4. There is a willingness to meet their needs or desires. Have a “willingness” to purchase a product or service that meets their expectations, and in the case of companies or organizations have the “ability to make purchasing decisions”
5. There is the economic capacity: Each component of the “market niche” has sufficient economic capability that allows them to incur the necessary expenses for the satisfaction of their need or desire. Even willing to pay extra for a better satisfaction.
6. Requires specialized operations: Since there are needs and desires with specific characteristics and even complex, a market niche requires specialized suppliers capable of meeting their expectations.
7. There are very few or no business suppliers: In those niche markets where the characteristics and complexity of their needs or desires require highly specialized skills, it is normal that there are no more than one or two suppliers, may even be that there is no suppliers.
8. It is large enough to generate profits: An ideal niche market is one that has the size needed to be profitable.
How To Find Niche Markets
We chose a market, “home-buyers” and then a segment: “buyers of properties in southern Chile.” Then choose a interest niche, “rare property buyers.”
Combine these two options and see what happens. We get “rare property buyers in southern Chile”: lighthouses, houseboats, etc.. Niche Finders
See what happens? See how the niche (rare home-buyers) and the market (buyers of properties in southern Chile) come together and form a market niche: buyers of rare properties in southern Chile?.
This is essentially the procedure to find market niches. It’s a little confusing at first, requires some skill, but with practice it is controllable and well worth the effort to do so. Niche Finders
What is NOT a Niche Market
Any that may be defined with a broad brush:
• A very broad demographic group, such as: Americans.
• A product
• A service
• A regional group (residents of New York)
• Dancers
• People on a diet
• A Nationality: American
What is A Niche Market
• Are Golfers? No.
• Do disabled golfers? This is a step closer.
• Are senior golfers, disabled with a single hand? Maybe.
• Are Golfers maimed? Now, this is a market niche.
Again, look at what happens here: The niche or activity is golf, the market is “disabled people”. The niche market is “crippled golfers.”
If you still have problems to see the differences, think “problem phrases”:
Think of Problem Phrases
Think of a market in terms of people who need to solve problems, for example:
• How can a one-handed golfer play golf?
• How can I locate exotic properties to buy?
Moreover, think about problems that have not yet been resolved.
The Best Ideas
The best ideas come from observing the world around us. We must keep our minds alert and open to new ideas. What do people want? What can you get from TV, bookstores, magazines? Trends.
Always ask yourself: what is the market? What are the unique problems of that market to which I can provide a solution?. Niche Finders
Brainstorming
It is absolutely essential that you generate as many ideas as possible and not judge them or judge yourself. Just do not edit at this time. No matter if the ideas are good or not. This is a time for reflection. We need to open the floodgates and let it all out. Good or bad.
Silence the inner critic and stop editing your ideas! Do not believe that your ideas are stupid or will not work. Who are you to tell if an idea will work or not? Better let the market decide. (we’ll see how).
Now, start developing a list of ideas for niche markets. Niche Finders
Think of the market
When people are interested they buy everything on the subject. This is ideal for product information. People who are passionate about a hobby get into internet to research and find information. They are curious and enthusiastic. Niche Finders
You have to remember that you are not the buyer of this material. Internet Marketing people are tired of the offers they receive via email, letters and sales pitches. But in another niche your potential customers probably have never seen this kind of thing. Niche Finders
Market Research, Not Product Survey
Remember: This is not a product research, but market research.
At this stage, your goal is not to create a product, but the discovery of a niche market.
