From Dime-Co.Com
Know more about niche marketing and its psychology.
By MANDEEP SINGH
Aug 6, 2008 - 5:14:42 AM
After you figured out what you are good at it's now time to discover if there is a market willing to pay for the knowledge you possess. Today most niche marketers share a ferociously competitive playing field. If you are simply a tire kicker dabbling in a market you'll quickly find yourself battling it out over price with competitors who present identical products and services to your own.
Niche Marketing is about finding a particular subject then searching within that subject to find the most specific group of people to market to as possible. However, the niche group must be a potentially profitable one. This something new marketers either overlook or don't understand how to research.
It is very enticing to look for a wider niche in a market in hopes of attracting more visitors to your website or blog. Regrettably, this has been proven to have the contradictory effect. The problem is that the "take all comers" approach is not very successful by and large as a marketing strategy; marketing becomes pricey when everyone is a prospective customer. In a broad market most of the visitors are not going too interested in what you have to offer.
Many good niche markets may be unnoticed or even discounted by big businesses due to what they consider to be small earnings potential. That attitude is the key ingredient in your niche determining process that makes the niche available to smaller home-based business owners. The essential step needed to capitalizing on a niche market is to uncover or expand a market niche that has customers who are easily reached, that is growing fast, and that is not owned by one highly established supplier already.
When you find a niche where all the suppliers are marketing primarily the same product or service, or outdated product or service you'll find that developing a unique and a more helpful product or service will literally allow you to steal that niche market within a few months, especially if you develop a product that your competition can use to make money with as an affiliate of your niche product.
A major key in the niche annihilation process is finding ways to have other people draw more people to you. As the owner of your own product with affiliates, everything is funneled to you! That's important. You get all the names and contact information to add to your niche list while others who are only affiliates interested in making a buck just funnel your clients your way for you to take care of them. . . Believe me; most affiliates never take ownership of what they are selling.
If you want to make money in niche marketing you need to take advantage of good affiliate products as well as create your own, yet treat all products as if you were the creator, because your lists is counting on you to be totally informed about what you are advising them to buy.
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