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Examples Of Niche Products: How To Find One

Are you considering starting a small business but you do not know where to start from? Are you having trouble finding the starting point of your career? My advice is that you should find a niche product, what to sell and to whom. This article’s aim is to define what is a niche explained by real life examples; learn why a niche product is vital for the success of a small business and what the advantages of niche marketing are.

When starting a business you need to consider who your competitors are and who your consumers will be. Having already discussed how to start finding your ideas, you now have to look much deeper into the idea found that can actually survive in the market place and be profitable. It is time to find your niche product, a subcategory of a product that is in demand but not many people offer it. Thus, you can establish high demand and, at the same time, low competition.

You may be considering entering the education market. Different niches for education would include online learning, physical learning, learning targeted at small kids or older men. Consumers will usually vary between niche groups, thus it is best to focus on specific demographics. For example, age, ethnicity, religion, gender, income and many more. Online learning will best represent young people who spent more time on the internet than older people. On the other hand, physical learning will best represent older people, who don’t know how to use a computer, that consider a simple pen and a piece of paper much easier to use.

You should first focus on the needs of specific groups of people and then observe the demographics that best represent them. Then you should create the product’s attributes based on the demographics found. If you target audience includes elder people with low incomes, then you should make sure that the product will be easy to use and low-priced. A market research showed that older people do not use mobile phones because they find it hard and complex to do so. What Mobile phone companies are trying to do is create phones that are easier to use for elder people and thus increase their sales by entering more niches. Thus, such companies are trying to find unsatisfied needs and create relevant products or services to satisfy them. The same is true for small businesses.

Understanding the advantages of niche marketing will help you implement your niche strategies more effectively. A niche product is a shortcut into already established markets where big firms already dominate that market. In few words, without a niche product, established firms in a market will make sure that you will not survive. Established firms will have more resources than you, thus being able to out price you, increasing their advertisements to provide a higher market presence in the market and many more. Such a competitive reaction will occur just to make sure that their profits will not be affected.

 

Even with the risk of big companies pushing you out of the market, this will not be happening as long as you keep satisfying targeted consumers that bigger companies do not satisfy. The most important point of the whole process is to focus on a specific consumer need and satisfy it by creating products that are built exclusively for the satisfaction of that specific need. Avoid mainstream product categories and focus on subcategories where competition is much lower. Focus on demographics and try to be unique and innovative.

69 Comments

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