Focusing on a niche market rather than the broader market? A good idea?

6 replies
Hi,

We are a start up just building our website and are considering whether to focus on a niche market or to sell to the broader market.

Does anybody have any experience of being in a similar dilemma and what was the outcome of your decision?

Did you decide to target a specific niche?

And if so, are you happy you did so?

All advice and suggestions will be well received.
#broader #focusing #good #idea #market #niche
  • Profile picture of the author origin
    hi!

    What are you selling? Mass market products (cell phones, baby nappies, toilet paper etc) ?

    The nature of what you are selling will determine which market you go after.

    In any event, I never start with the product, I start with the market. So asking which market you must go for even after you have already created a product and website is a bit going around the wrong way.

    How do you know what you have is even going to sell if there was not an intended market?

    (this is if I am understanding your question correctly)
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  • Profile picture of the author MWatson
    I guess it depends on what you're selling. Going after the broader market might mean a lower conversion rate but larger target market. While going after a micro niche will mean a smaller market higher conversion rate. Choose wisely.


    Cheers,
    Mark
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  • Profile picture of the author AmericanMuscleTA
    Riches are in niches.
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    • Profile picture of the author savidge4
      "Riches are in Niches" THIS is a true statement, but the intention of the statement was incorrect. I believe AmericanMuscleTA was referring to picking a niche and going after it. IE "Getting Rich in a Niche", might be what he was referring to.

      I personally think that pulling a single topic out of an evergreen is crap. Its simply a long term waste. How many here dive into a niche... make money and it dries up, then you move to the next thing? WHY would you waste all of your time money and energy into that concept?

      Before I go any further with this. The concept that I am about to share is dependent on a few requirements. #1 if you can barely get yourself around wordpress stick with a single niche. #2 If you do not understand "Silo Architecture" stick with a single niche. #3 if you are not comfortable with segregating a mailing list stick with a single niche.

      IF after looking all of that up, you say hmmm I could do that I STRONGLY suggest first time out the door do a simple DUAL Silo build. The truth is you are going to mess it up. The concept "sounds" kinda simple but the execution is CRITICAL. ( Basically 1 silo can not link to the other except at the top level. - this means side bars! )

      Using Weight loss as an example. Niching would be going for say woman that just gave birth and want to loose weight. I personally look at an evergreen to find where it splits. It is USUALLY 2nd level in, and its Women, and men.

      I then build a site "Women's Weight Loss" I then structure a site around AT LEAST 4 topics; Diet, 6 pack abs, weight loss for now un-pregger women, and weight loss for working women - as examples ( I have never actually ventured into this area - it doesn't interest me ) I personally have a site that goes across 8 different categories, and even within those there are splits. 1 site I am selling 23 total products. EACH to its own target audience.

      Basically once you have built a sales funnel for one leg or silo, you replicate - again and again and again. HOWEVER... you now have 4 silos of traffic flow that are inter connected NOT by traffic ( tho that does happen ) but more importantly by overall TOPIC; women that want to loose weight and get tone.

      You are basically creating your very own self feeding redirect marketing machine. You aren't redirecting to some cheesy offer.. you are redirecting to an offer that YOU have a community built, YOU have knowledge of, and most importantly one that you have PROVEN works for your users.

      So from above if you have not figured this out, each of your silos will consist of a mailing list. ( I suggest segregating one list with each silo you have built. ) I personally once a month send a single email across ALL of my segregated groups informing them of the other products I offer. ( redirecting )

      I can only tell you from experience, that the effort placed up front pays off DRAMTICALLY later. Its kinda like spending twice the time in development and reaping 8x the profit.
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      Success is an ACT not an idea
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  • Profile picture of the author Beergut
    If a niche market is a big enough market to support the type of income you want/need to make from it, then why not go for it.
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  • Profile picture of the author GS SMITH
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    • Profile picture of the author The Niche Man
      Unless you have incredible resources, expertise and money, you'd better target a niche, especially if you're in a competitive market.

      Even huge corporations like Proctor and Gamble, Mc Donalds and Lever Brothers target specific niches with each of their products.

      There's far more advantages, especially if you're just starting, than there is negatives. If push comes to shove and you've created the next IPhone, Tivo or printing press, you can always expand.

      Focusing on Broad markets can make you broke.
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