So, you think that by selling lots of different products you can reach lots of different customers? Once you get started selling your handmade crafts, it’s easy to get addicted. There are so many things that people are selling online, and most of them are so easy to make yourself. So, why not try to make and sell them too? It’s sort of like when you know a little bit about a whole bunch of different topics. It might get you on Jeopardy, but it wont get you a career. Having lots of different kinds of products might get you the views, but your customers are likely to see you as someone who hasn’t made up their mind just yet.
According to Wikipedia.com, A niche market is the subset of the market on which a specific product is focusing. For example, sports channels like STAR Sports, ESPN, STAR Cricket, and Fox target a niche of sports lovers. Every product can be defined by its market niche. So to speak, the niche market is a highly specialized market aiming to survive among the competition from numerous super companies.
By selling a lot of different products you aren’t an expert on any one. You aren’t focusing your time and energy and are rather like a flighty bird flitting from here to there not really landing anywhere. Find a focus, and then put all of your marketing and research energy into that one focus.
Let’s go back to Wikipedia.com to define target market: A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise towards. A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables of product, place(distribution), promotion and price are the four elements of a marketing mix strategy that determine the success of a product in the marketplace.
If you look at my etsy shop right now, you’d be hard-pressed to figure out what my niche is. I’m still new to the selling game. BUT, I am working on narrowing my products to crocheted newborn photo props. Any newborn photo prop that can be crocheted, I am working on making available to my consumers. My friends and fans will know, when they are fixing to have a baby, that I am the person to come to when it concerns newborn photos. If I just had one photo prop available in my shop, it might be cute, someone might be interested in it, but I am obviously not the expert about photography props.
For example purposes, let’s say that my inventory consisted of the following: Three fabric hair clips, two rainbow tutus, a crocheted turtle shell prop, some make-up samples, maybe a pair of crocheted slippers, eyeglass cases, twisted copper rings, a beaded necklace or two, and some crocheted owl hats. No niche whatsoever. Yeah, I’ll get the views and maybe a sell here or there, but with no idea of what my focus is, or what I’ll have in my store from month to month, I probably can’t count on repeat customers or even repeat viewers. With my niche being crochet newborn photo props, if I sell to one mother-to-be, and she loves my products, when her friend who is expecting wants to know about it, she can confidently refer her to me.
So, let’s break this down a bit. Why do you need to have a focus, or a niche product inventory?
- Focus of your attention as the seller/marketer. Instead of trying to appeal to an enormously large target audience, you can narrow your efforts. Use the keywords that your consumer is going to be looking for.
- A reliable source to all things related to that niche. It’s not dabbling, it’s expertising (yes, I just made it up). You are now an expert in all things related to that niche.
- Focus of your attention to the consumer. In my case, what else would a new mother or mother-to-be be looking for to capture the precious arrival of their sweet sweet child? Instead of dividing my attention between new mothers wanting to photograph their newborns, mothers wanting to dress-up their toddler in tutus, and women wanting pretty jewelry to spice up an outfit, I can focus all of my attention on just one of those.
- Affordability. Marketing is hard. How do you manage to compete with brand stores like wal-mart, target, sears? If you have a wide selection of products, that’s exactly what you are trying to do. Small markets simply cannot afford to time or resources to market a wide selection of products.
- Building an efficient brand. Your brand is the idea behind your business. By having a focal product, you can then work on building your brand. The power of your brand relies on the ability to focus. That is why defining your target market will help to strengthen your brand’s effectiveness.
- Marketing. Like I said above: Marketing is hard. It takes time, effort, energy, research, a bit of money here and there. If you want your marketing to be truly successful, you need to focus everything you have into ONE area.
I’ve heard people say, “My niche is everything.” Or something to that degree. Uummnn…no. It just doesn’t work that way. Either you have a focus, or you are flighty. Again, using myself as an example, I just started running a few weeks ago (doing the C25K plan, you can read my blog about that over HERE: http://onehotmessymamma.wordpress.com) I am following a few other runners’ blogs and their journey to a 5k race. I am interested in their running. I am not interested in their recipes for cooking, their lawnmower repairs, their home decorating, their child’s potty training experiences. Also, if they can take the time to write about all of these other things, then running must not be that important to them.
So, here’s my little tidbit to you: Find a focus, and then focus on it!
- Niche Marketing Tips that Give Results (leccoworkshop.com)
- Ways To Improve Your Chances To Make Money Online (blogpronews.wordpress.com)
- Niche Marketing-3 Tips To Choosing A Profitable Niche (blogpronews.wordpress.com)
- A Smart Internet Marketing Strategy: Targeting Niche Markets (slideshare.net)
- Grow Your Small Business: Finding a Niche Market (arinobe.com)
- Why Your Blog Needs to Be in a Niche of It’s Own (bloggingtips.com)
- Finding Niche Markets-Here Are A Few Useful Tips (blogpronews.wordpress.com)