Niche markets are often overlooked by online marketers and entrepreneurs because they believe the market is too small to be profitable. This couldn’t be further from the truth. Niche markets exist in every industry, and when you find one that has not been tapped into yet it can provide a huge opportunity for success.
Choosing a niche gives your online business a competitive edge from the get-go. If you try to launch your online store in a crowded product category or market, you’re going to face a tough uphill battle against the established competition.
How To Find A Niche Market
Focusing on a niche helps you compete not necessarily by selling different products but by doubling down on what makes each of those niches special. For example, it’s easier for one ski gear retailer to sell skis than two dozen retailers all trying to sell skiing equipment at once because they are likely competing with other stores that already carry some variation of winter sports items (hats, gloves, thermal underwear). By focusing on skis, one retailer can become the go-to site for all ski gear.
Trying to be everything to everybody means you aren’t anything special or unique to anyone because this type of marketing spreads your focus too thin and dilutes your brand message.
In order to find a niche market, it’s important first to get an idea of what that larger market is like with a good overview of its various segments. This gives you some parameters from which you can choose where in that market best fits your business strategy and offerings. If there are several different types of niches within the larger group, narrow them down by focusing on what makes each one special. It might also help if you have expertise in an industry or subject that you can use to jump-start your research.
Niche marketing is one way of branding yourself and creating an identity for your business within the larger market, but it’s important not to go too narrow with this strategy. You don’t want to create a little tiny demographic that no one will hear about or be able to find on Google search results; there needs to be enough interest out there so they’re actually searching for what you offer. For example, “retro cassette tapes” might seem like a niche product category, but if only 100 people are looking online every month for these types of products then that doesn’t make them particularly special or unique.
4 Simple Ways For Finding Your Niche Market
Discover several niches before narrowing down which category works best for your business. Here are some ideas to assist you in locating your niche market.
Create a Mind Map
A mind map is a diagram that represents your thoughts about something. It usually starts with one central idea and then branches out into related ideas around it. For example, you could start with “retro cassette tapes” as the center of your mind map and draw lines to categories like new/used, music genres popular in the 1980s (pop, rock), artists from the ’80s who produced albums on cassettes or other formats instead of CDs (Prince).
You can even go further by drawing more connections between those terms – people who collect Prince memorabilia might be interested in his early work on tape; someone looking for some pop music from their childhood would want old school recordings rather than modern ones, etc.
Take a step back and review the mind map you’ve created. This will provide you with a visible representation of the niche market you’ve chosen.
Google Search The Niche Market
If you’re satisfied with the mind map exercise, select a niche that interests you. Begin your niche market research with basic Google searches. Your best chance of finding an underused niche market is to search for current themes.
For example, if you are selling baby products that have organic ingredients, try using the word “green” in the Google Search bar and see what comes up. Try a bunch of different words to find something interesting – but keep it broad! Find keywords that have over one million monthly searches rather than ones with under 100k or so. You want lots of traffic potential here.
As another example, let’s say I was interested in running ads on Facebook (a social network) for my blog about fitness nutrition (an industry). With these two interests combined into one niche topic, I would do some quick research by typing “fitness” and “nutrition” into the Google search bar. The results show that there are a ton of searches done for these two terms each month so I know they would be fruitful keywords to use in my ad campaigns, but what if I wanted more options?
I could then add on related words like weight loss or muscle building (two popular industries within fitness) until I find something interesting enough to pursue further research about. This is where you will need other tools besides just the Google Search bar; try downloading an SEO toolbar such as MozBar, Serpstat, or SEMrush which can give you some extra data points when doing your keyword selection process.
You may examine a number of trends and angles until you discover an underserved audience or demand in the market by attempting things. Keep in mind that, even if your competition is focusing on a similar topic, you can compete by targeting a more narrow aspect of your target audience.
Research Keyword For Your Niche
The next step is to determine whether there are enough other individuals who are interested in the niche to keep a business going. Leveraging a ‘keyword’ research tool like Google’s Keyword Planner is the most effective approach to do so.
The Google Keyword Planner is a tool from Google’s advertising platform, Google Ads. The Google Keyword Planner is more advanced and configurable than the Google suggestion tool we discussed above.
To make use of this tool, you must first create a Google Ads account (you may sign up for free). Select Tools from the top menu (it’s the wrench icon) and Keyword Planner after logging in to your account.
After you’ve logged in, go to the console and enter your primary topic idea. To ensure you’re targeting regions you want to reach, change the left side of the screen to Settings. You may also add keywords, delete sponsored terms, and see recommendations for additional term suggestions.
Here, you might discover new potential niches related to your initial search term, and even the demand for specific popular items you may want to consider while browsing through these results. Don’t be scared to go deeper and test a number of different keywords.
Uncover Your Niche From YouTubers
Another great way to find your niche market is YouTube. YouTube has nearly a billion users who watch hundreds of millions of hours each day. The users are not only watching movie trailers and other video content but also subscribe to their favorite channels or show that interest them. You can use this platform too by browsing popular videos within your niche market for ideas on what kind of products people might be interested in buying online.
You’ll want to find the most viewed YouTube channels related to your chosen niche topic so you know they’re already generating traffic and demand for certain types of items. Then see if there are any sort-of product review type videos available (or even an unboxing!) where viewers could potentially leave comments about what they like/dislike about a particular item – something good enough that it makes them go out and buy it.
Take a look at these 5 popular vloggers on YouTube:
- Mark Wiens is a globally renowned food vlogger. His YouTube channel has over 8.2 million subscribers and more than 1.8 billion views to date.
- Another well-known YouTube food and travel channel run by American filmmaker Will Sonbuchner, also known as Sonny Side, is The Best Ever Food Review Show. The crew is based in Vietnam, with episodes shot all over the world. With 7.5 million followers and 1.4 billion views, the channel has become incredibly popular.
- The ZHC Channel is a prominent YouTube channel for art design and challenges with over 23 million followers and 1.9 billion views.
- Dávid Dobrík is a popular Internet personality. In 2015, he began his YouTube vlog after gaining early success on the video-sharing platform Vine. With 18 million followers and 6 billion views, he’s been going strong since 2015.
- Unbox Therapy is a Canadian YouTube channel run by George Hilsenteger, better known as Unbox Therapy. The channel has 18.1 million followers and has published three billion videos.
Pay close attention to the type of videos they produce, the goods they represent, the sponsors they work with, and the comments left by viewers. You should be able to identify a niche or validate your niche by what you see.
Look at your niche market research and decide if there’s an untapped opportunity in that part of the online marketplace or not. If you’re seeing lots of competition, it might be time to choose another sector; but if you can easily spot a gap between supply and demand for goods within this group, then congratulations! You’ve found yourself an untouched niche market.
Competition Is Everywhere
Another important consideration is how much competition you’re facing in your niche market strategy. You want to get into a group that hasn’t already been saturated by other businesses, and there should be enough people out there searching for products like yours.
For example, if we return back to the “retro cassette tapes” niche idea, it’s too broad of a product category because many competitors sell these types of items online: Amazon has over 35 different listings selling vintage cassette tapes alone! If you’re looking to launch an e-commerce store selling this type of item then it makes sense to look elsewhere within the music industry such as vinyl records or even compact discs. The same goes with any business; think about what your target audience wants and what they’re actively searching for.
I’d recommend looking at what type of products or services your competitors are selling and then expanding from there to other related niches within the same market. For example, if you sell retro cassette tapes online but want to expand into other product categories which haven’t been flooded with sellers, consider offering compact discs instead.
You can even branch out into music-related clothing items such as t-shirts that display logos from popular bands whose cassettes you also sell! It’s a win/win situation because while customers get a wider selection of goods sold by one company, you increase your chances of getting found on relevant search engines like Google since all these new keywords will be stuffed in the metadata of each store listing.
If you’re looking for a topic to write about, don’t pick something you don’t care about. Whatever niche market you choose, make sure it’s one you know and enjoy. Instead of pursuing revenue, go after what you like and make revenue.
If you choose revenue over passion, you will lose every time. You’ll grow bored and abandon the project if it doesn’t make you money. It’s difficult to create content, and producing something great takes a lot of time.