As a newbie, the whole process of selling online is all too unfamiliar yet alone some terms or words. Words may be too technical to comprehend or too jargon - does not ring a bell at all! Word of the Week will be updated regularly to help us understand these words more or refresh our knowledge. It's time to broaden our vocabulary! :)
Word of the Week: Niche Markets
Niche Markets are a well defined segment of a larger market. It is a smaller portion of the whole target market. This market is a more specific segment wherein you narrow down the customers you are targeting to capture. In that light, niche markets are easier for you to focus all your marketing efforts cohesive to their needs.
Furthermore, here is a concrete example of how you find your niche. If you plan to sell School Supplies. You can explore its niches like selling mainly school supplies for Engineering students or Fine Arts students. Or you may also find other niches like catering to grade school pupils therefore, supplying cartoon character designed school supplies. To give you other ideas of niche markets, for instance in the food category - It is a very broad scope so you will the explore its niches such as organic food products or non-gluten food products so you will have a more specific target market who needs only organic and non-gluten products.
There are several ways to help you find your niche
1. Selling stuff from around your home - This is a great way to find niche markets and hot products.
2. Use the Link hidden: Login to view
: Our Market Research Lab is designed to help you find the top selling niches across all product categories. Many of these products are sure sellers, plus they are fairly easy to get hold of.
3. Our Twitter feed! We regularly post hot new markets on our Twitter stream - follow us by clicking Link hidden: Login to view
Feel free to suggest words for Word of the Week by commenting below!
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