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In order to create an
effective business name,
you’ll have to choose your niche market first
and then create your business name based upon
that niche market. But it’s also important to know why focusing on
a niche market works best for internet retail
success.
Why choose a niche market
Many new entrepreneurs insist on trying to sell
everything and anything they can on their
internet storefront and this becomes a huge
mistake and a waste of time as well. When trying
to build an online superstore, you'll
end up adding product, after product,
after product, building page, after
page, after page and will never be able
to finish your online store. |
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visitor comes to find a half built web site and
then leaves, never to return again.
Furthermore, there are simply too many well
known internet superstores online backed by
millions of marketing dollars to promote their
websites which makes it difficult to compete
with those superstores.
But in order for you to compete online, you’re
going to have to be different from everyone
else. |
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You have to be able to offer what your
competitors do not. And in order to get up and
running as fast as you can and gain that
competitive edge, then you're going to have to
focus on a niche product market. And there are
many other reasons to do so as well.
For example, by focusing on a niche market, your
online store will be able to offer what those
superstores do not; and that is, specific and
specialized content on that particular niche
market.
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You can offer complete
product specifications, features, multiple
product images, comparison charts, reviews,
along with tips, trouble shooting guides, user
guides, “how to” tutorials, free helpful
articles and specific niche content for your
website visitors.
Free content creates more targeted traffic and
as a result creates more sales. Yet creating a
content rich website becomes impossible to do
when building an online superstore based upon
many niche markets.
Furthermore, most internet storefronts provide
only basic information and offer no kind of
helpful or educational articles for their
customers.
Their only interest is to make the sale and send
them on their way.
People want and need more information. And your
Internet business can provide this extra
information for your customers. This one feature
alone will keep your customers coming back to
check on your site regularly. And this is why
content sites draw in more traffic than
commercial sites. And again, more repeat traffic
equals more repeat sales.
Serious and repeat customers always remain loyal
to specialized web stores. They see niche
markets web stores as experts in the field and
will always recommend your storefront to
co-workers, family members and friends. And
there are many reasons why focusing on a niche
market will be your best bet for success.
"Niches are pursued for one primary reason: they
allow you to focus on providing information,
products or services for a market that is
neglected by more general websites or
businesses. This is the rationale and source
behind your income." Maki, Dosh Dosh
How to choose your niche market
When choosing your niche product market, you'll
first want to consider all of your options in a
general sense.
The top selling product categories on
the internet are:
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-1.
Books
-2. Computers, Computer
Hardware
-3. Computer Software
-4. Consumer Electronics
-5. Apparel
-6. Toys/Video Games
-7. Videos DVD’s
-8. Health and Beauty
-9. Music
-10. Jewelry
-11. Office Supplies
-12. Linens/Home Décor
-13. Flowers
-14. Sporting Goods
-15. Footwear
-16. Small Appliances
-17. Tools and Garden
-18. Gifts |
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However, keep in mind that these are all general
product categories and are far too large to
build internet storefronts based upon all
general categories.
It would be best to choose a general category
first based upon, not only profitability and
popularity, but also according to your own
interests and enjoyment as well.
Ask yourself, what product category interests
you the most?
Which products do you feel you would enjoy
learning about and selling online?
If you enjoy reading books then you can sell
books to a specific niche market.
If you enjoy computers then you can sell
computers to a specific niche market.
If you're into fashion then you can sell certain
styles of clothing.
If you're into video games then you can sell
video games and video game consoles.
If you love watching movies then you can sell
DVD's and DVD players, TV’s etc...
If you love jewelry then you can sell certain
types of jewelry.
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Sell what you love and enjoy, and the money will
follow.
And although profitability and popularity are
both major factors, business owners who focus on
selling products which interest them the most do
much better financially than those who sell
products just for the sake of profit.
Furthermore, according to research, choosing a
niche market based upon what you enjoy selling
would most likely bring you more success and
happiness as well.
However, since the top selling categories are
much too vast to sell every product from those
categories, then you would be much better off
choosing a niche market within your chosen
product category.
For example: Instead of trying to build an
internet superstore selling all books, you would
be much better off choosing a sub-niche from the
book category such as; books on writing books,
computer books, clothing and fashion books,
children’s books, business books, school books,
educational books, finance books, real estate
books, art books, home improvement books,
internet business books, digital imaging books,
web development books, books on specific hobbies
and many more sub categories.
Here's another example with computer hardware
and software products which continue to be two
of the best selling product categories on the
internet. |
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However, the never ending sub-categories,
products and manufacturers would make it
impossible for you to build an internet
superstore selling every computer hardware and
software product online.
Therefore, you would be
much better off focusing on one subcategory for
your niche market in the category of computer
and software products. i.e. custom computers,
custom laptops or computer cases; business
software, graphics software or educational
software; digital cameras, digital imaging
solutions or mp3 players; CPU chips, storage
solutions, memory or mother boards; printers,
printing solutions, projectors, system upgrades,
HDTV's, wireless technology products and so many
more categories and subcategories. Furthermore, you can also
sell products from subcategories within those
subcategories as well.
For example, if you were
to focus on selling digital cameras for you
niche market then you could also offer photo
printing solutions, photo editing software,
accessories and more.
There are always
subcategories for every subcategory in every
major product category.
For example, if you’re
selling digital cameras, imaging software and
photo printers, then you can also sell ink and
toner as well. And these are just a few out of
many examples. |
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With
software, instead of selling all software
programs, you could focus on selling software
for a particular category which interests you
the most. i.e. business software, or accounting
software; educational software, graphics
software, or web development software;
anti-virus software, communications software,
entertainment software etc. Again, the
possibilities are endless.
With clothing, you could
choose a specific clothing niche such as work
clothing, uniforms, business attire, exercise
clothing, fashionable clothing, urban clothing,
intimate clothing, sleeping attire, children’s
clothing, baby clothing, pregnant women’s
clothing, footwear, accessories and so much
more. Yet with certain product
categories there may be fewer subcategories thus
making it easier to pursue. For example, with jewelry,
you could specialize in yellow gold, or white
gold or sterling silver, precious stones,
diamonds, rubies, sapphires, and/or semi
precious stones as well.
It’s also possible to join
product categories together. |
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For
example, if you were selling video cameras,
video editing hardware and software on your
internet storefront then you could also sell
videography books as well. Again, as you can see, the
possibilities are endless. You can find many
subcategories within main product categories and
even subcategories within those subcategories.
And all you have to do is choose which product
category you want to explore and then find and
add more subcategories from there.
When choosing your niche
market, just remember to place your own personal
interest and enjoyment first, profitability and
popularity next but not last. If you can work hard and
still manage to enjoy and believe in the
products you're selling, then as the saying
goes, 'do what you love and the money will
follow.' |
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How to Create an Effective Business Name |
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How to Register Your Business Name |
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Should You Use a PO Box or Home Address |
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How to Choose the Right Business Entity for You |
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