In Part Seven we move onto the seventh of your 9 steps to niche marketing success and cover finding niche opportunities such as:
- Niche Market Gaps
- New niches
- Poorly filled niches
- Old niches re-born
- The perfect niche
In this part of the course you’ll discover some of the niche opportunities that will become available to your niche marketing business when you start looking for niche ideas.
Based on the work done at the Dr Nitch Niche Marketing Center we’re going to cover five different niche opportunities that can be identified in your niche ideas research process.
What is a niche market gap?
In our experience a niche market gap is a market where there is good competition and an active customer base but the existing providers serving the niche have missed something out.
As a niche marketer that researches and analyses niches before making any moves (that’s you by the way) you are in prime position to identify the missing pieces of the jigsaw and enter the market fully prepared.
By reading customer comments and feedback you’ll be able to draw up a list of the missing ingredients the niche lacks and then build an offer that not only provides what is missing but allows you to advertise the fact that it is based on what customers said they wanted!
Very often you’ll find that the problem in a niche is that all the general products on offer cover some but not all of what a customers is looking for. Complete guides are only partial or courses and videos miss out important sections the information seeker needs to know. By offering the missing answers you can position yourself as the ‘Gap Filler’ in any niche market lacking a complete solution to specific customer wants.
In the theme to ‘Live and Let Die’ in 1973, Sir Paul McCartney famously wrote about “this ever changing world in which we live” and today that’s more true than ever.
Just think about these radical inventions:
- Before the Sony Walkman who would have thought you could walk around and listen to music – look where that industry is now.
- Before the iPhone was launched there were no apps. Since then it’s become a multi-billion dollar industry in less than two years.
- Before the microwave, video recorder, laptop and nylon, things in life took longer or were fixed in one place or time.
- Before Sudoku newspapers routinely offered just crosswords and a general knowledge quiz
Well each of these now common items in our homes and lives started out as a new thing not always immediately loved by the general public. Now we’re not saying that you should enter every new invention market and hope to out-do the major corporations.
BUT each and every new invention that becomes popular opens up a whole new range of niche markets for niche marketers to open products that:
- Compare different models
- Show people how to use the device itself
- Show people how to use the device to make their lives easier, quicker or cheaper
Keeping an eye on new products and trends can be a rich field to harvest when trying to find new niche markets to enter.
Poorly filled niches are markets that have many potential customers but lack any dominant competition.
This is an excellent opportunity as it gives the niche marketing professional the chance to enter the niche and offer a proposition that stands head and shoulders above the others already in the market place.
Remember what we are talking about here is a proper niche with competition and buying customers but with no real market leaders.
By carefully assessing the existing competition and checking what customers are looking for you can identify the opportunities that exist to enter the market and build up a stand out position to gain real competitive advantage.
This stand out position could be achieved by simply:
- Offering a modern looking website
- Providing opportunities for customers to talk to each other
- Having a better product offer
- Giving customers a choice
Filling a niche gap is all about taking advantage in a market where the existing providers are not giving customers what they want.
It is not about plowing into the wilderness and establishing a niche product in a market where the tumble weed is blowing through, saloon doors are swinging and the only customer is sight is an old Mexican shepherd asleep in the corner!!
This just goes to show you that just because a niche is crammed full, that doesn’t mean there’s no space for you. If you can improve a product or approach a niche from a better angle, why not do it?
We’ve all seen them.
Those old stagnant websites selling the same old products for years and years, never adapting to changes and new features.
And while some businesses can weather the passage of time due to pure customer loyalty, drawing in a new consumer base and expanding your market is difficult when you aren’t doing a thing to bring in the business!
It doesn’t take much looking to find sites that were last updated in 2005 or have no photos or logo or no auto responder set up and video.
That’s why it’s a great idea to enter a niche market that is outdated or old-fashioned and spruce it up a bit by bringing the delivery of the products and services up to date.
While perfection isn’t really attainable, you can come pretty close with a niche that absolutely, without a doubt, meets the needs of a particular group of customers.
The “perfect” niche has customers with money to spare and a specific passionate desire for a solution that other companies have yet to meet properly.
Developing the ever-elusive “perfect” niche is difficult.
That’s why it’s perfect. Everyone else has been too lazy to develop it.
That’s where you can reach the ultimate in niche marketing success. By putting in a bit of extra effort in the development stage, you’ll increase your chances of appealing to the consumer base in a way that no one else has yet.
Now on to Part Eight of your Niche Marketing Course!
In Part Eight we’ll move onto the eighth of your 9 steps to niche marketing success and cover niche marketing mistakes to avoid:
- Too many at once
- Relying on just keywords
- Passion or profit?
- For your eyes only