It is essential to follow through this three-step approach, namely niche market identification, opportunity identification and lastly production creation. You will save much effort and disappointment by not jumping the gun on the sequence.
Market research is about niche identification. Big brand names create demand. As small business owner, we do not exert the same market influence. Instead our focus should be finding a specific market with specific need and creating a solution to target this niche market. Use free tools that provide these research functions
http://www.FreeWordTrackerTool.com
http://www.FreeAdwordsTool.com
http://www.FreeKeywordDiscoveryTool.com
Start with a single keyword e.g. Guitar. Say, you have an interest in blues guitar. The natural instinct will be to research keywords - blues guitar. By doing that though, you have precluded yourself from other potential market opportunities associated with guitar e.g. second-hand guitars, guitar chords, guitar lessons online.
Look for less competitive keywords that appear in the search results. They represent potential niche markets that may yet to be fully exploited. Do a Google search to verify your suspicions using this method - type allintitle: keyword. This will return websites with your targeted keywords. This gives you a feel of your competition especially if you are planning to use SEO (Search Engine Optimization) to promote your product.
Extend your research by exploring micro-niche markets with common root words e.g. Blues guitar + learn/teach/online class. Some useful root words to help identify niche markets are: fix, help, learn, buy, solution, solve, successful, prevent, problem, get rid of, do it yourself, recipe, unrevealed etc.
Take advantage of other valuable tools you can use to uncover niche markets:
http://www.google.com/press/zzeitgeist.html
http://buzz.yahoo.com
http://www.blogpulse.com
http://www.eBay.com<;br. http://www.amazon.com
Now that you have identified your niche, the second step is to identify the problems faced by people in that niche market. You can research through search engines, forums, blogs and even offline resources e.g. Papers, advertisements, magazines and TV. When you have identified a problem, you have identified an opportunity!
The final step is to find/create a product to satisfy your niche market. There are several approaches to accomplish this.
- Create content websites (Content Publishing)
- Promote other people's products (Affiliate Marketing)
- Selling other people's product through resale license ( Resale Rights Marketing)
- Sell your own products/ services (Product Creation)
It is important to get the first step right as it gives you confidence and a clear goal to work with. Once you have defined your niche market and target audience, creating the perfect solution that will bring you money and credibility would be much easier.
About the Author
Vincent Png (www.easywiasuccess.com) Successful Online Business is only sustainable using a systematic approach. If you would like to learn more in detail on how to apply the system, visit www.easywiasuccess.com or drop a mail to Vince
1 comment:
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