Wednesday , 20 September 2017
A niche market breaks its market into smaller segments, identifying a group of people by very specific identifying characteristics. And as a business owner, you take this small segment and market to it.

What is your Niche Market and How do You Reach it?

5oz tumbler bullseye (berry red)

5oz tumbler bullseye (berry red) | by: CircaCeramics

Article by: Jacqueline Jewelry

The most successful small businesses understand that only a limited number of people will buy their product or service. The task becomes determining, as closely as possible, exactly who those people are, and ‘targeting’ the business’s marketing efforts and dollars toward them.
Simply put, your target market is a narrowly defined group of customers, while your market niche is the particular product and/or service you offer to your target market.

Target Market

Try to describe them with as much detail as you can, based on your knowledge of your product or service. Rope family and friends into visualization exercises (“Describe the typical person who’ll buy my handmade beaded jewelry…”) to get different perspectives – the more, the better.

Here are some questions to get you started:

Are your target customers male or female?• How old are they?• Where do they live? Is geography a limiting factor for any reason?• What do they do for a living?• How much money do they make? This is most significant if you’re selling relatively expensive or luxury items. Most people can afford a carob bar. You can’t say the same of custom murals.• What other aspects of their lives matter?

Example of a Target Market

This is my target market (in the works): Women, over 30, median income of $60,000, single or married, college-educated, urban, professional, but quirky…

Niche Market

A niche market breaks its market into smaller segments, identifying a group of people by very specific identifying characteristics. And as a business owner, you take this small segment and market to it.

Your niche market should consist of each of the following:

People who have the same specialized interests and needs. 
• They must have a strong desire for the products you offer. 
• You must be able to provide compelling reasons why the people in this group should buy from you. 
• You must be able to easily reach the people in this group. 
• It should be large enough so that it produces sufficient income. 
• On the other hand, it should be small enough so that there is limited competition.

Keep these 6 items in mind as you select your niche market. But where do you start?

My suggestion is to start by looking closely at yourself. What are your interests? What do you enjoy doing? What are you good at? Where have you had accomplishments in your life? What has been your background – a job, volunteer organizations, hobbies, etc.?

Example of a Niche Market

An example of a niche market is women over the age of 60 who have a median household income of $65,000 and like to give baskets as gifts to their family and friends.

Reaching Your Niche Market

After you have identified some potential niche markets, the next step is to research the internet. Find out how many people are searching for what you have to offer. How much competition is there in your market?
Go to blogs, message boards, and forums related to your niche market to see what problems are not being solved or what questions are not being answered. Then focus your marketing campaign (including your blog or website) on providing educational information that solves these problems and answers these questions. 

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20 comments

  1. Thanks for this terrific post. I’m working on this with the help of FaceBook identifying the people clicking on my items and customer surveys.

    I’m working on the niche part now, which is more difficult.

  2. very nice article that comes like ring to the finger, after my last night before sleeping comment: “how to identify my target market and how to reach my niche” (my handbags can be used for a large group of women, and also starting an unisex line soon!) So how to drive my efforts to capture the correct target?

    thanks for the tips!!!!

  3. Great article…I have found my target market now I have to figure out how to reach them!

  4. This is something I’ve been working on for quite some time. Hopefully it will pay off soon! Thanks for the advice!

  5. Timothy,
    You really know your stuff. Thank you for the words of wisdom you share. Taking notes and learning new things everyday from you.
    Thank you!
    xx
    Karen

  6. SO TRUE!!! What’s the point in spending any time/money/effort marketing, when you’re not 100% sure WHO you are even marketing to! The internet is such a wonderful tool to be able to reach a broad range of people, but it can be futile when you don’t narrow down your efforts a little. Thanks for the reality check :)

  7. This post is really amazing! Great piece of advice, especially for rookies like me! Thank you very much sir! :)

  8. these are extremely helpful tips, especially for newbie Etsy sellers like myself. thanks so much for sharing!

  9. OK, so what if I think I have a product that customers don’t search for because they don’t know about it? Meaning, I have something that fills a yet unknown “need”. If customers hear about it, I believe they will want it. How do I approach creating a niche that way?

  10. Many thanks for stating this important info so clearly and concisely!

  11. Thanks for the article. Your info is always helpful.

  12. Thank you for the tips. I’m still learning to identify and communicate closely with my niche market through Facebook. Hopefully I can foster a closer tie with them!

  13. This was very informative. Thank you for
    sharing. elizabeth

  14. Great advice! Thanks for sharing!!

  15. Finding customers is not difficult when the things you are create are unique and made with your soul. So, wish unique customers for your unique things))

  16. Very helpful article. Thank you! I thought I knew my market but I need to sit down and rethink about this. It’s so hard to figure out what my niche market is. I have a lot of thinking to do this week. I hope to figure it out soon!

  17. Yeah I’m at a loss with advertising, my father passed away last week so I’m running the business(s). Have 3 self serve car washes, I know what to charge but not sure on how to draw in more customers!

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