Searching For Lucrative Niche Markets
In order to get into niche marketing, we have to do some important market research. Along with this line, we have to be ready to roll our sleeves for the necessary market research work. Of course, there is no need to leave your house as we are doing things online.
Let’s start by taking note of the most essential things you can do which is first assess and spot niche markets that cover at least these three key factors:
1) You can easily identify exactly who your audience is.
2) There are motivated enough and active buyers in the niche market.
3) You can be able to get your marketing message across to the targeted prospective buyers.
It is just a waste of time in trying to find an undeveloped niche market. There are few of them out there and those that exist would take a lot of work in order to break in. Then, you’d have to entice buyers, research angles and test out various marketing campaigns with varied approaches to find out what really works.
Never mind going into that way! It’s always easier to make money in niches that are already proven to be profitable, and that is what you need to focus on. You always want to conduct as much research about your markets as possible, however, so that you can really understand what your target audience is interested in and create compelling campaigns that speak their language.
You want to identify:
1. What are the products people are currently buying?
2. Where there are some potential market openings not yet overly serviced.
3. How much of a demand exists in the market.
4. The things or products these prospect customers are most attracted with.
In other words, pay attention to who you are selling to before you determine what you are going to sell and your campaigns will be successful. It’s likely that you’ve already got most of the research you need right in your own memory bank. Think about the general health market and then dissect it so that you have at least 15 health related niches to evaluate.
For example, ‘health’ is a very broad and general market. You can go down to its segments which include the following:
- How to get rid of extra pounds
- How to stop acne
- Gout problems
- Menopausal concerns
- Pregnancy tips and ideas
Another example is ‘relationships’ which is, of course, is a very big and encompassing market so we will look at its sub-markets which could include the following:
- Get your ex back to your loving arms
- Avoiding divorce and repairing bad marriage
- Boosting a boring sex life
- Effective ways to pick-up women or men
Now, just follow this formula with any broader topic and you’ll likely find some lucrative desperate markets.
It is always necessary to find these profitable ‘desperate markets’ because in most likelihood these markets are made up of greatly motivated prospects that are anxiously looking for a solution or answer to their situations. In other words, they are ready to open up their wallets and spend some money on your products.
The best markets should include buyers who are searching for ways to alleviate their pain be it emotional, physical or mental. And you just have to be there providing the right answers for them.