A fundamental part of starting your online business is taking time to identify your optima target market. This is what’s called a niche market. A niche market is simply a very targeted group of people. Do not put off this simple task since it forms the basis of all your online marketing activities. Knowing who your ideal prospects are brings lots of benefits to your business by bringing customers that are enthusiastic about the product or opportunity you offer and is a crucial element for your success.
If you try to attract everyone in general, you’ll end up attracting no one in particular
How to Identify Your Niche Market
Here is three easy steps to identifying your best niche market:
Identify your expert value
Determine viability
Identify your ideal prospect
Expert Value
People love and trust experts. The great news is everybody has something to provide, even you, you just have to recognize it. Choose abilities you have which are most related or that you’re most interested in AND are tightly related to your niche market. Be authentic and honest in your offering and your expert value will become a strong feature.
Viability
You will need to determine if there is in fact a demand for your probable niche. Talk to people in your community, or become a member of a forum, and find out if your idea is viable. Check and see if customers are hungry for your products and services.
Ideal Prospect
First of all you’ve got to work out exactly who will make use of your product or service. Work out what their potential problems might be and what they might be looking for and customize a solution to meet these parameters. Use these details to develop a targeted marketing campaign. Understanding your perfect prospect is will maximise your marketing campaigns and boost your conversion rates.
Typical Online Network Marketing Niches
In the business of online network marketing there are lots of very money-making niche markets. The most typical are:
MLM/Network Marketers
Entrepreneurs
Business/Franchise
MLM/Network Marketers: This niche market is centred on people who are already involved with multi-level marketing companies (e.g. Amway, Herbalife, Polaris Global, Lifepath Unlimited etc) and are likely having difficulties or searching for a MLM system to leverage their results.
Entrepreneurs: Entrepreneurs are opportunity seekers. You can find them in all parts of society, business owners, corporate professionals, investors, retirees, stay at home moms. They are driven to be successful because they desire the rewards and protection of financial freedom. Entrepreneurs are the ideal target audience if you have a fantastic top quality product or solution to offer. When you fully grasp and can create effective marketing and lead generation campaigns inside a niche go ahead and broaden your horizons to other niches.
Franchise/Business: This niche market targets those wanting to set up or already involved in a franchise or business. In the volatile marketplace of today the issues and overheads faced by franchises and businesses are great. In order to own a thriving real world company it will require lots of time, money and hard work. It’s easy to lose sight of your goals when you’re managing with long days, low income, inventories, lease, staff, insurance and income taxes. They will often be desperate to learn of new opportunities, especially online network marketing as it eliminates many of the problems of traditional business models.
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