How to Find and Build Your Own Niche Market

How to Find and Build Your Own Niche Market

Building a niche market and plan your internet business

There are some internet entrepreneurs who often say that identifying a niche market is a numbers game, and you don’t need to incorporate your own interests and expertise.

That's probably true for well established entrepreneurs who have had a lot of experience planning internet businesses and getting them up and running - the “I can sell anything” types. For example, there are a couple of well known entrepreneurs who have created a very successful business on eBay selling fitness videos to women. They discovered this market and set of products by conducting some intense research. They are terrific at analysis and marketing and have really dominated that niche, even though they did not start out with any particular affinity for it. Instead they used an analytical process that placed this target group on their radar. They are likely to continue to succeed, identifying new markets by utilising similar techniques!

The problem is, if you are a gaming enthusiasts, research suggests that you are probably male, unmarried, aged 21-24. It’s reasonable to assume that if you found this women’s fitness market through analysis, it won’t matter how hot the market is, your heart is not going to be in it. Since you really will have to devote yourself to serving your niche market, you have a much better chance of success if you are selling something you like.

Start by looking within to find affinities
If you want to find a market niche that resonates with you, where you can be passionate and establish your expertise, begin by looking within. Ask yourself these questions:

• What are your special skills or experience?
• What are your hobbies
• Do people sometimes seek your advice on some subjects?
• Where do you find kindred spirits
• Who is naturally drawn to you and to your lifestyle?
• What information do you possess that other people are seeking?
• Who is travelling a path that you have successfully walked yourself?
• Whose concerns can you reliably anticipate and address?

Write down your answers and spend some time thinking about which answers appeal to you!
For example, you may be a seamstress but you are simply bored with the handiwork involved and want to break away from your expertise rather than use it. On the other hand, you may also be a bird watcher on the weekend and like nothing better than trading stories with other enthusiasts about testing out binoculars, devices for recording in natural spaces and other gadgets for field work. So, you may want to think about bird watching habitat as potential markets whilst avoiding quilters and tailors.





Use your list to identify affinity groups
Make a list of the groups of people that come to mind when you think about your hobbies, skills and lifestyle. What groups of people are you already connected with or understand based on the answers to the above questions? For example:

• Have you been camping all your life? There are probably several groups that you can relate to such as newbies who have no idea how to get started and survive a camping trip or extreme campers who like to brave mountain tops in winter.
• Do you love chillies (like I do) – the hotter the better? You may have considerable knowledge to share with chilli cooks or with the group of people who are looking for their next over-the-top spicy eating experience.

Make your list as specific as possible. Don’t say pet owners when you really mean cat owners. Don’t just say parents when you really mean two-parent families (vs. single moms or dads).

Here's to your success!
Plan for Internet Business