Niche Business Idea: How to Find Profitable Niches In Saturated Markets
Posted 16th June 2014 at 09:14 PM by The Niche Man
One of the biggest challenges for today’s new internet marketer is finding the right niche business idea.
In case you haven’t noticed, the marketplace is more crowded now than ever.
The marketplace is overflowing with look-a-like products and services. Most are similar in features, benefits and price. In fact, it’s enough to cause product information overload to most consumers.
That’s what many new (and even experienced) marketers face, more saturated markets. But you know what the biggest mistake I see new markets fall into? They devote most of their time looking for new niches or niches in little known markets.
That in itself is not a bad goal to have. After all, many people have found little known niches and gone onto great success. But that’s only one avenue.
The other lower risk path is looking for profitable niches in saturated markets.
I know, the thought of marketing a product or service in a saturated market could cause queasiness in some. In others it could trigger sweaty palms, heart palpitation, even mild panic.
Here’s My Top 3 Tips on Finding A Profitable Niche In Saturated Markets
l. Ask Your Target Market
Step 1.
Find Your Target Market
Step 2.
Next, ask at least 100 people what frustrates them, or what irritates them. Plus, what other challenges do they face when it comes to your target market.
Step 3.
Find or create a product or service that helps solve their irritation, frustration or challenge.
You’ll be surprised how few marketers do verbal or written customer surveys. Are you taking advantage of this?
Ask your prospects or customers what irritates, frustrates or challenges them? You know, when it comes to golf, buying a laptop or find the best date or mate? Or whatever else your focus is.
By doing this simple task, you’ll save yourself time, frustration and money. Instead of guessing or gambling what your prospects want. Let them tell you.
You’ll find your winners will outnumber your losses by following this simple plan.
ll. Look For The Hole In The Market
The hole is the unmet, under-served or overlooked need of your target customer.
The customer survey you took from 100 people in step one above – gave you options.
Now choose the top 3 unmet, under-served or overlooked needs in the market.
lll. Fill The Hole (an unmet, under-served or overlooked need) in the marketplace and fill it.
Step 1
Find or create a product or service that solves one or all of those top 3 unmet, under-served or overlooked needs.
Step 2.
Test your product or service in the marketplace.
Step 3.
1. - Review the results.
2. - Make necessary adjustments.
3. - Re-test them in the marketplace.
4. - Repeat until your goals is reached.
By following the simple steps you’re equipping yourself to find profitable niches – even in so-called saturated markets. All you need to do is use the right niche business idea.
For More Niche Business Ideas Click Here!
In case you haven’t noticed, the marketplace is more crowded now than ever.
The marketplace is overflowing with look-a-like products and services. Most are similar in features, benefits and price. In fact, it’s enough to cause product information overload to most consumers.
That’s what many new (and even experienced) marketers face, more saturated markets. But you know what the biggest mistake I see new markets fall into? They devote most of their time looking for new niches or niches in little known markets.
That in itself is not a bad goal to have. After all, many people have found little known niches and gone onto great success. But that’s only one avenue.
The other lower risk path is looking for profitable niches in saturated markets.
I know, the thought of marketing a product or service in a saturated market could cause queasiness in some. In others it could trigger sweaty palms, heart palpitation, even mild panic.
Here’s My Top 3 Tips on Finding A Profitable Niche In Saturated Markets
l. Ask Your Target Market
Step 1.
Find Your Target Market
Step 2.
Next, ask at least 100 people what frustrates them, or what irritates them. Plus, what other challenges do they face when it comes to your target market.
Step 3.
Find or create a product or service that helps solve their irritation, frustration or challenge.
You’ll be surprised how few marketers do verbal or written customer surveys. Are you taking advantage of this?
Ask your prospects or customers what irritates, frustrates or challenges them? You know, when it comes to golf, buying a laptop or find the best date or mate? Or whatever else your focus is.
By doing this simple task, you’ll save yourself time, frustration and money. Instead of guessing or gambling what your prospects want. Let them tell you.
You’ll find your winners will outnumber your losses by following this simple plan.
ll. Look For The Hole In The Market
The hole is the unmet, under-served or overlooked need of your target customer.
The customer survey you took from 100 people in step one above – gave you options.
Now choose the top 3 unmet, under-served or overlooked needs in the market.
lll. Fill The Hole (an unmet, under-served or overlooked need) in the marketplace and fill it.
Step 1
Find or create a product or service that solves one or all of those top 3 unmet, under-served or overlooked needs.
Step 2.
Test your product or service in the marketplace.
Step 3.
1. - Review the results.
2. - Make necessary adjustments.
3. - Re-test them in the marketplace.
4. - Repeat until your goals is reached.
By following the simple steps you’re equipping yourself to find profitable niches – even in so-called saturated markets. All you need to do is use the right niche business idea.
For More Niche Business Ideas Click Here!
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