Sunday, July 17, 2011

Internet Marketing: How to Find Your Niche Market Where There Is No Competition

Selling to a target market that you enjoy yourself is good if you are just starting out. But you must understand that what you like and find interesting may not be the masses cup of tea.
Branch out
In the long run, do not limit yourself by selling only to markets that you have a personal interest or if it is your hobby. If it is profitable and sustainable, do continue with what you do best, if not, go out and find a niche market that you would narrow down to customers with unique problems that probably have not be solved.
Find a need and want niche market
"Forget about making money in ONE market ONLY -   try going for all 3 at the same time without any of the competition.
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In the above example, people are fed up with niche markets that are profitable but there are already so deeply saturated or competitive that you are most unlikely to survive in the crowded market.
So you have to put on your thinking cap and focus on the sub-market instead of the general market.  General market is a dime a dozen, considering everything conceivable are being sold in the internet.
But what is the sub-market that you should target on?
Everyone is selling the same thing in the general market, for example, how to make money using the internet, but what if you can give it a little twist to it? Say you can now sell to three markets at the same time instead of one; wouldn't it make your USP?
It is important to make your product unique that are not available elsewhere, yet. Be the first in the marketplace and grab your pole position and credibility. You make be sceptical that there would be no buyers if your products have not been tested and proven in the market.
There is no better time than now
What would happen to Ford Motor today if they are afraid to roll out their new models if they are think that the marketplace is not ready for them and that they had waited to see if there is anyone doing the same thing?
Remember your USP is to create a product to fill the void in the marketplace where people are looking for an answer to solve their problem that no one is able to give them.
Get what people want
"I've spent tens of thousands of dollars on a dozen home businesses and nothing works. There is too much competition on my niche market. How can I find a product that people want to buy? "
To create a unique product that people wants to buy from you, you have to target a market and tailor it around the needs and wants of your prospects. In the above example, your prospects have the deepest desires to beat the competition but he doesn't know how.
If there is scarcity or when there are no answers are available to solve a particular problem, this is where you can step in and dominate the market before your competitions or imitators come in to unseat you.
"Remember if you have what your competition is lacking or missing, people will buy from you."

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