Beware! "6 Dangers of Confusing a Market with a Niche". Are You Guilty?

by The Niche Man 7 replies
One of the ongoing problems I.M newbies and even many experienced marketers have is confusing a "market" with a "niche". You can read a constant barrage of post and threads in this main section who mention The Dating Niche, The Health Niche, The Money Making Niche, etc. All these are markets not niches.

Sure, It seems like a small detail. Right? Wrong! I’ve discovered specific dangers in confusing the two or ignoring the differences. In fact, it can mean the difference between someone persisting or quitting, even failure and success. For example, By confusing a market with a niche …
  • You're in Danger of … Overlooking a potential gold mine of unique selling advantages your competitors miss, neglect or overlook.
  • You're in Danger of … Diluting your focus, thus increasing your chances of becoming just another me-too business, product or service to your prospects. Or worse, getting infected with shiny object syndrome.
  • You're in Danger of … Relegating yourself to competing directly with larger (Alpha) competitors in your market – instead of discovering or creating those “unique” benefits your competitors overlook or under-serve.
  • You’re in Danger of … Overlooking the many -- high demand/low competition -- niches that exist in every lucrative market – because you fail to drill down enough to where they exist.
  • You're in Danger of ... Getting locked in a sales slump, routine or rut. Because you can no longer see, find or create fresh niche ideas to answer the needs of the "general or mass" market you're operating in.
  • You’re in Danger of … Overlooking profitable opportunities because you "think" a market is saturated. However, that usually means it’s bulging with potential niche opportunities galore.
For example, a starving demand automatically exist in saturated/competitive markets right now for more products and services that …
... Are Faster, easier to use, adds more convenience, improves existing customer experiences, makes existing products and services easier to buy, use, manage or maintain and more!

So, next time you notice someone confusing a market with a niche, correct them, politely. It could make a huge difference in their success. They may not know it – but you will.

Here’s a article that covers this subject as well, if you’re interested.

As usual I welcome your comments, questions or even disagreements if any.
#main internet marketing discussion forum #beware #confusing #dangers #guilty #market
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  • Profile picture of the author NyNyDanDan
    Great advice Niche Man and thanks for the article link - also a very informative read. I'd love to hear your advice on a niche I'm currently pursuing; can I send you a PM?
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  • Profile picture of the author imTactics
    You know, I've actually never thought about there being a difference between a market and a niche. Than again, I know that to find any success, you need to dig deeper to find those smaller in-demand niches to burrow into.

    But looking back, I didn't always have that knowledge.

    Originally Posted by The Niche Man View Post

    • You’re in Danger of … Overlooking profitable opportunities because you "think" a market is saturated. However, that usually means it’s bulging with potential niche opportunities galore.
    This is by far one of the biggest hurdles that newbies, and some experienced marketers face when choosing their 'niche'.
    I was definitely one of those who saw heavy competition and ran in the other direction. Which is why it took me so long to get into the health market. More specifically, the weight loss niche.

    Originally Posted by The Niche Man View Post

    So, next time you notice someone confusing a market with a niche, correct them, politely. It could make a huge difference in their success. That may not know it – but you will.
    Well put. I completely agree. If someone had shared this piece of knowledge with me when I first started, it would have save me quite a few years of running around the IM world broke & confused.

    Great post Niche Man
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    • Profile picture of the author The Niche Man
      Originally Posted by NyNyDanDan View Post

      Great advice Niche Man and thanks for the article link - also a very informative read. I'd love to hear your advice on a niche I'm currently pursuing; can I send you a PM?
      Yes, would be interesting to see how you approach it.


      Originally Posted by imTactics View Post

      I was definitely one of those who saw heavy competition and ran in the other direction. Which is why it took me so long to get into the health market. More specifically, the weight loss niche.
      Running away from competitive/saturated markets (not niches) is almost like running away from money -- instead of running to it (SMH). But of course you must have the right knowledge to take advantage of it. If you don't, maybe you should run the other way.

      Originally Posted by imTactics View Post

      If someone had shared this piece of knowledge with me when I first started, it would have save me quite a few years of running around the IM world broke & confused.
      Great post Niche Man
      I discovered that's many people's story ... including mine.
      Signature
      Your Niche-Tip-of the Day! -- ""If You Can't Create Your Own 'Niche Ideas' ...
      Then You're Forced to Compete for the Leftovers of Those Who Can ".
      - The Niche Man

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  • Profile picture of the author discrat
    Originally Posted by The Niche Man View Post

    [*]You’re in Danger of … Overlooking profitable opportunities because you "think" a market is saturated. However, that usually means it’s bulging with potential niche opportunities galore.
    .
    Thanks Roy. Some good stuff.

    Particularly this last part you mention.

    There are tons of people who make this mistake because they have other experienced but misinformed Marketers telling them this


    - Robert Andrew
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    • Profile picture of the author The Niche Man
      [Originally Posted by The Niche Man]
      You’re in Danger of … Overlooking profitable opportunities because you "think" a market is saturated. However, that usually means it’s bulging with potential niche opportunities galore.[/QUOTE]


      Originally Posted by discrat View Post

      Thanks Roy. Some good stuff.

      Particularly this last part you mention.

      There are tons of people who make this mistake because they have other experienced but misinformed Marketers telling them this

      - Robert Andrew
      Your point is spot on. (Sheepishly raising my hand) I was one of those experienced but misinformed marketers you're talking about. But in our defense, we can only teach as far as our current knowledge, logic or experience can take us.

      At the time (with my current knowledge) it "seemed" logical that you should seek markets with the least competition ... not the most. For example, you shouldn't buy a restaurant located on restaurant row, buy a car dealership in an auto mall or purchase a fast food joint where Subway, Mc Donald's or Wendy's is already thriving, right? At least that's the logical analogy of most.

      But when you have specific strategies of how to separate yourself from the competition, maximize your uniqueness, and zero in on untapped needs in the market .. the game changes fast. Now your logic tells you don't run from competition/saturated markets ... Run to it.
      Signature
      Your Niche-Tip-of the Day! -- ""If You Can't Create Your Own 'Niche Ideas' ...
      Then You're Forced to Compete for the Leftovers of Those Who Can ".
      - The Niche Man

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  • Profile picture of the author Janice Sperry
    Great post as usual. I think choosing the wrong niche (or more likely not even knowing what a real niche is) may be the biggest reason for people failing in the last 4-5 years. Many years ago it was easier to attract a broader audience or drill down as you went along to get results. Now there is no room for error for an inexperienced person. If you do not focus quality research on choosing a great niche you are doomed from the start.

    If you have a lot of money to invest, plan to outsource a lot, or don't need to profit for may years you may be able to go a little broader. For most of the newbies none of those scenarios apply so starting with an excellent niche is essential.

    Question: Your link does not go to a WSJ article. Was there another article you meant to reference or did I miss something?
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    • Profile picture of the author The Niche Man
      Originally Posted by Janice Sperry View Post

      Great post as usual. I think choosing the wrong niche (or more likely not even knowing what a real niche is) may be the biggest reason for people failing in the last 4-5 years.
      I tend to agree with you, especially as the marketplace grows more crowded and competitive. Consumers are flooded with a growing number choices and options.

      Not having a strong niche (uniqueness) that helps you stand out is a death sentence now more than ever. Plus, even if you have a strong niche now, you can't rest on your laurels like you could in the past. You have to know how to develop, improve and keep it relevant. Why? Because your prospects/customers are more loyal to better, faster, more convenient, etc. than they are to any one business - and they'll go to whoever provides it to them.

      That's bad news for those whose stuck in the old model and "think" nothing is changing. But good news for those who can spot the void, gaps, and untapped opportunities "old school thinking" marketers will more frequently miss.

      Originally Posted by Janice Sperry View Post

      Many years ago it was easier to attract a broader audience or drill down as you went along to get results. Now there is no room for error for an inexperienced person. If you do not focus quality research on choosing a great niche you are doomed from the start.
      Yes, the room for error is getting less forgiving whether new or experienced. The shift is happening and even leaving many experienced marketers behind.

      For example, Niche Branding and Positioning strategies is playing a larger role now, as opposed to just finding a niche market to sell your product to - like in the past. Unfortunately, a lot of online marketers is just learning about that - and others are still fuzzy or totally in the dark.

      Originally Posted by Janice Sperry View Post

      Question: Your link does not go to a WSJ article. Was there another article you meant to reference or did I miss something?
      Sorry, I mistaked the Wall Street Journal link on the page for the publication itself. The link and page is correct except the name. Thanks!
      Signature
      Your Niche-Tip-of the Day! -- ""If You Can't Create Your Own 'Niche Ideas' ...
      Then You're Forced to Compete for the Leftovers of Those Who Can ".
      - The Niche Man

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