In a generic world of selling ideas and products, if you are one of those people making a foray into niche markets, wondering how to leverage the power of internet and internet based technology. Google Ad-words may just be what you are looking for.
Being in a niche industry, selling a niche product or an idea is not such a bad thing, as long as its marketed the right way and reaches out the to the potential consumer. A potential consumer is one whose willing to convert or buys into your idea or product.
In fact all new ideas may be called niches because they address a specific mindset. If the mindset catches on it becomes a mainstream idea. So the potential for growth in such a sector is theoretically vast.
Steps to a Niche:
1. Figure out your customer
Niche markets are a calculated risk, one that should be played out well and researched well in advance before making a foray into it.
2. Customer segments are the key
Its not enough to understand the basic segmentation. It’s always good to know the nitty gritties of a niche market.
3. Fill in the gaps left by others
Just meeting the requirements of the customer in a niche market isn’t going to cut it. Close potential gaps in your service. Have a strong unique selling proposition.
4. If the space is small, be sure there will be people pushing and shoving for it.
Contrary to the belief that only large generic markets a fiercely competitive. If vying for floor space is your thing, then make sure you place service before anything else. This quality will set you apart from the rest of the clutter.
5. Leveraging the power of Google Ad-words
Ad-words can help in this respect immesely. Since we are looking at small niche markets. Since Ad-words is keywords specific, it gives you the power to reach an intended audience and consumer in a much better fashion versus other channels such as social media.
Using AdWords for making a foray into niche markets, means having the flexibility to channelize the focus on your intended product, at the same time keeping a close tab on your budget.
7. Reverse engineering, back to the drawing board
Like in any business its vital to know what the competition is up to. Especially since smaller market space can be quite competitive. Knowing your competition and their offering gives you an edge. having an edge is simply not enough, maintaining it by tweaking your market penetration strategies is the key to keeping a firm foot.
8. The no-mans land scenario
If you are one of those people whose about to set up a niche or are thinking of venturing into a small market space, beware of the “coast is clear” sign. One may feel privileged when, one does not encounter competition. This is great if your profits keep pouring in and you really have a hands down monopoly, or if you really are the only player in the market. Its always a good idea to keep a weather eye on the horizon. Keep a tab on the competition, having other players in the sector means that the sector has a healthy potential for developing further.
Sometimes, if you notice no ads, beware that the market may be too small, or it may be so that there are simply not enough numbers to make it count.
9. Reverse engineering continues
Look for higher search volumes from critical keyword searches. It is indicative of a potential audience and numbers waiting to be converted.
The potential for such keyword searches, can be gauged by number of advertisements in Ad-words, where the phrase or keyword occurs in one or the other form. The longer the advertisements with similar keywords keep running the better are your chances of playing around with combinations of keywords and phrases, in order to capitalize on the existing popularity based on the search statistics.
10. Think again. Look again
If there are no advertisements featuring the keyword or the niche, there is the possibility that information is more freely available or through other marketing channels. It may also reflect the current market awareness of the niche. The number of competitor advertisements on AdWords, may also be used as an indicative marker. It helps figure out what kind of money can be made in that niche.
Checkout the services and products that others are offering, in order to know what people are already buying, or what is missing or even how you could fill in gaps and reshape the niche completely. This may help with future product creation and positioning of the existing ones.
If it is not freely available, it may be the next big money making idea.
Free material is not always good material. So peddle the idea of a fair price for good quality.
11. Watch out for these basic strategies
Average CPC: This will tell you what the competition is willing to pay to be listed. This will give you an idea of how to strategically position your products.
A high average CPC with 1 to 10 competing advertisements should be a good situation.
A focused search in a larger niche may yield better results. An existing market is easier to tap, but building one from scratch takes time and patience. So it depends on what kind of niche market you decide to venture into. Good research and selling strategy is the key to advertise with a wonderful platform like ad-words.
Remember, every business is a unique model one may resemble the other, but there is no one size fits all. So work hard, be honest, and be flexible.