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Niche Market Definition
By Bob Sherman
There are really two definitions of a niche market. The first niche market definition is a targetable subset of the total market that a sales organization specializes in or concentrates on. I discussed this aspect of in the “What is a Niche Market?” topic.
The other niche market definition has to do with what most Internet marketers are seeking.
This niche market definition is a keyword phrase (or a set of keyword phrases) that have a substantial number of searches made by people seeking a product or service to solve a problem, but the competition to serve the people using that use that keyword phrase (or those keyword phrases) is weak.
So, in essence, you're looking for moderately high use keyword phrases that have low competition among website owners for those phrases.
Now, there are a few concepts we need to clarify here.
First, what do we mean by a moderately high use of a keyword phrase? Typically, when we talk about a moderately high use keyword phrase, we usually mean a phrase that is used in Google searches at least 1000 times per month. While this number is a guideline, it is a useful guide for maximizing the use of your time. Spending too much time going after an extremely small market may not be as effective as spending the same amount of time going after a significantly larger market.
Second, how do we define competition and when is competition sufficiently weak for us to take advantage of this niche market opportunity?
Well, we can look at the pay per click competition. So, if a particular phrase has only one or two Google AdWords competitors, this means you can add your AdWords ads for the minimal cost. And, if the product or service you offer provides a good commission, you stand to make some good money.
If you are able to find a brand new product, you may be able to be the only AdWords advertiser of the product for some time.
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So, by always looking for new products you can often find profitable niches in this way.
You can also look at the Google search results competition. And, you can ask how difficult it would be to break into the top 10 to get on page 1 of Google for your selected search phrases. If the competition for your keyword phrases is weak, you can get your site or a page on your site into the top 10 easily.
So, what does it mean to have weak competition in the search results for a given keyword phrase?
You can think of competitive websites as those that are optimized for a keyword phrase. Search engine optimization is typically divided into on page optimization of off page optimization. Marketers who are aggressively going after a keyword phrase will perform both types of optimization.
So, where you find a keyword phrase that has around 1000 Google searchers monthly but the top sites in a Google search appear not to be optimizing their sites for that keyword phrase, you've got a good opportunity to dominate that keyword phrase.
So, the key is to get the various statistics to see if you have, indeed, found a good niche.
Hopefully, you better understand the definition of a niche market from the standpoint of an Internet marketer.
You can probably tell that obtaining all the data you need to evaluate a niche is time consuming. The most efficient tool for quickly finding wide open niches is Micro Niche Finder. It not only analyzes keyword phrases, but it gives you a list of the 100 hottest keyword phrases being used so you can check for new products to advertise.
We strive to provide only quality articles, so if there is a specific topic related to niche marketing that you
would like us to cover, please contact us at any time.
And again, thank you to those contributing daily to our
Niche Market Definition Website.
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