What is a niche market?

Basically, it’s a very specific market within a group. A target audience within a target audience. Below are some examples.

Let’s use a specific business-to-business product

Medical Supplies for hospitals.

>Niche that to surgical components for neurosurgeons.

>Niche that to aneurysm clips for vascular neurosurgeons

>Niche that to aneurysm clips for vascular neurosurgeons that allow postoperative magnetic resonance imaging (MRI) without risk

Let’s use a consumer product

Bottled drink

>A bottled drink that is a sports drink

>A bottled drink that is an elite athlete’s sports drink

>A bottled drink that is elite athlete’s sports drink that improves athletic performance but isn’t a drink that will cause a failure on a drug test

You may already have a niche but don’t know it.

You may already have a product that, by virtue of one of its attributes, would make a great niche product. You look into what’s important to this market and create your product/service message and content around that marketing strategy. You don’t have to abandon your present business to do this. You can simply set up another site that caters to a more specific audience at the same time and watch the two.

It’s easier to see buying patterns, key words and draw from the many customer questions you have gotten to see which attributes are important. You can already tell which customers value your product or service the most. And THAT’S the niche you want. You want the niche that PAYS and VALUES your product.
The key to a niche is good positioning and highly targeted marketing.

Don’t create a niche and then do really general advertising and create a generic, boiler-plate website. If you do, I’ll send my highly-targeted bloodhounds to hunt you down and hold you favorite pet hostage until you comply with the time-tested, proven track record, age-old target market positioning strategies.

Examples: If you already sell instruments, perhaps you target schools band teachers and parents of marching band students. If you are a book seller, perhaps you add a special department on fantasy and science fiction books. If you sell flooring, you might consider a specialty in high end, hardwood flooring that is durable for commercial establishments like law offices, advertising agencies and art galleries that need to project a high end image.