• Selling Products For Niches

What Is A Niche Market?

What is My Niche

Send Me TheWorkbook

Over 12 pages of info and exercise to help YOU learn to create new products for new customers and sell more!

  • 4 Strategies For Success
  • Specific Examples
  • Specific Actions For Growth
  • 5 Worksheets with Exercise For Niche Understanding & Growth
  • Learn from hobbies, holidays, past sales and more
  • Develop single products and bundles!

A niche is a specialized segment of the market for a particular kind of product or service. When conceiving of services or products to sell, “niching” down is a great way to connect with the right customer.

Understanding a community or type of customer and what they like, want, and have a perceived need for is the key to targeting niches.

Sometimes people are afraid to be too specific with their niche because they do not want to lose other potential buyers. This is a real pitfall. For example, if you have a friend who is is looking for a job, and you say, “what kind of job do you want?”. They may say, “I’ll do anything!”. They think they are being helpful but at that point you have no idea what type of introductions to make. Are they looking to be a babysitter, pet sitter or fortune 500 CEO? Now, if they say, I’m looking for an opportunity in marketing for medium size law firms with 10 – 40 partners. Now you’ll know exactly how to help. Selling products and services are the same. Customers want to know that your product is for them, plus advertising is easier when your customer is very specific.

How Do I Find My Niche?

Start by looking at your own life and business experience. What do you and people in your community want and need? Look at previous sales and customers and see why they thought your item was for them. Are there products or services that you wish existed but can’t find?

4 Tried & True Methods For Finding Profitable Niches

Scanner Society
  1. From items that you’ve sold in the past. Look at popular items and see what made them relevant. See what niche they were a part of, even if you did not realize you were selling to that niche at the time.
    Example: A remote control car that you buy wholesale is very popular. You gradually sell more different makes and models.
    Action to Grow: You go to The Canton Fair in China and find the factory that makes these directly. You order a series of nicer ones than you were getting wholesale for a fraction of the cost. Sell more and more!
  2. From what you like. Are you a vegan shoe buyer or a dark chocolate lover? Do you prefer cotton sweaters or wool? Handmade or cheap? Think about what you love and start to see your own tastes as a niche and then research the products that are good for people like you.
    Example: I like to send gifts to friends from the region where I live. I see that these are not available online. I find some local delicacies and create a gift basket.
    Action to Grow: Create 5 additional gift sets made up of regional products at different price points. Set up exclusive relationships with vendors. Sell on different marketplaces. Create your own mailing list and following over time. Eventually add more products from your own region or and then consider adding new regions.
  3. From what your friends and family like. See what special hobbies or interests your loved ones have. How can you learn from them about their niche?
    Example: A treasured aunt loves dark chocolate. She prefers it to be over 80% cacao. You create and sell a gift set of artisanal chocolate bars that are all over 80% dark.
    Action to Grow: Research more different types of exotic chocolate. Travel the world sourcing rare cacao beans. Sell chocolate to consumers and businesses for use in their own chocolate bars.
  4. From research such as with social media or software tools. If you are out of ideas from your own sales history or your community join some facebook groups and follow some instagramers. Be a lurker! Read every post and learn about the wants and needs of different interest groups. You will be inspired and start creating products and services.
    Example: Curious about the adult coloring trend, join a Facebook group with over 80,000 members about coloring. Read every post for a week. Notice that the members brag about the nice bag that they keep their supplies in. See a bag on clearance online, buy them all and sell for 5x the buy price on Amazon.
    Action to Grow: Source crafter and art supply bags directly from a factory. Make them out of upcycled fabric. Start a line of designer art supply bags and sell internationally!

A good niche is not a guarantee of sales, but simply an indicator, “go this way”. There is always more to learn and implement.

Some more examples….

Scanner Society
  • Not Chocolate but…
    • White chocolate, dark chocolate, super dark chocolate, organic chocolate, fair trade chocolate, spicy chocolate, salty chocolate, chocolate with weird things in it (potato chips, crickets, ants, jalapeños)
  • Not Party Supplies but…
    • Retirement supplies, first birthday supplies, sweet sixteen supplies, quinceañera supplies, thirteenth supplies, supplies for girls, supplies for boys, gender neutral supplies, classy supplies, raunchy supplies, bridal shower supplies, high tea supplies, 80s party supplies, princess party supplies, ugly sweater party supplies

Taking the time to understand and specialize in one or a several niches can be a great way to condense learning, grow strategically, and make more money!

What is My Niche

Send Me TheWorkbook

Over 12 pages of info and exercise to help YOU learn to create new products for new customers and sell more!

  • 4 Strategies For Success
  • Specific Examples
  • Specific Actions For Growth
  • 5 Worksheets with Exercise For Niche Understanding & Growth
  • Learn from hobbies, holidays, past sales and more
  • Develop single products and bundles!
2019-01-13T20:42:47+00:00 ECom 101, News and Updates, Scanner TV|Comments Off on What Is A Niche Market?