10 Reasons To Target A Niche Market With Your Online Business
A hugely important aspect of opening an online business is deciding what industry you'll service, and who your customer will be. Competition is fierce online, and it might at first seem like every possible business idea is already being done by someone else. But don't get disheartened so easily! Once you realize that even the smallest niche can have a market online, and how to find and research that niche, you'll understand that there's still plenty of space for your brand new business online.
You simply need to focus, laser-like, on a specific niche and exploit it properly. Below you'll find the 10 top reasons we believe going for a niche market is your first step into online mastery.
Targeting a specific niche will allow you to know exactly who your customer is: their demographics, preferences, and where they're likely to be hanging out online. This will help you greatly in building a website and products/services tailored to their needs, resulting in satisfied customers.
For example, if you know that your target customer is young male adults with college educations, you might want to tailor the voice and personality of the written text on your website to the way these people talk and interact with one another. Choosing the correct voice for your website can mean a huge boost in sales.
As a direct result of knowing your customer, you should now be able to target marketing and advertising efforts very efficiently. Whereas if you were targeting "everybody" it would be very difficult to decide where to advertise, what marketing material to use, and what the possible results of your efforts would be - going niche means all these decisions are pretty straightforward.
An online store selling women's perfume might target online beauty magazines, use marketing material that speaks directly to women and their various needs and hangups. A business selling wigs for balding men would easily be able to find the key players in the field, be it blogs, health-related websites and hair experts, and solicit their help by way of advertising, referrals and the like, to help grow the business.