How to Choose Your Niche Market for Your Online StoreIn 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. |
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How to Choose Your Niche Market for Your Online Store
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Why choose a niche marketMany 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. |
And as a result, the website 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.
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.
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.
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.
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.
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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
"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
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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: -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?
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.
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.
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.
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.
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Here's another example with computer hardware and software products which continue to be two of the best selling product categories on the internet.
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.
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.
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.
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".
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.
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.
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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