Have you ever heard the expression, jack of all trades, master of none? It actually means that a generalist can do everything nicely, while an expert does one thing extremely well. The same holds true when you’re selling online.
Finding out a niche market and putting yourself as the go-to brand for a particular audience not only establishes your credibility over rival generalists yet also results in a more focused business, from your unique value proposition to your content marketing, that makes it simpler for the right customers to say, “This is for me.”
Whether you’re racking your brain trying to think about your first product idea, beginning with a niche is the best place to start. There are so many niches you can pursue, with the opportunity to niche down even further. The idea is to identify a niche market that you can master and has a viable audience.
Below, we’ll go over what a niche market is, and how to identify one, additionally seven niche market examples that are good for new players.
A definition: What exactly is a niche market?
A niche market is a segment of a bigger market that can be defined by its own unique preferences, needs, or identity that makes it different from the market at large.
Almost every market can be further divided, or refined, by the explicit needs and preferences of its constituents. Below are the most common ways to define a niche are depend on:
- Demographics (gender, age, education level, income level)
- Price (e.g. moderate, luxury, discount)
- Level of quality (premium, economical, handmade)
- Psychographics (values, interests, attitudes)
- Geographics (residents of a certain country, city, or even neighborhood)
Selecting to focus on a niche is a strategic business decision to serve a certain customer base better than competitors who target the larger market.
Let’s take a look at some examples.
7 niche market examples (and niche products you can sell)
While you might have particular trending product ideas already in mind, you can boost your odds of success by starting with a niche market and then drilling down to discover niche products with a perfect market-fit. Here, we’ll find out seven larger markets to explain to you how they contain their own niche markets.
Remember this list of niches product ideas for 2019 is just a place to start your search for a niche market — you can always go in a totally different direction or discover other niche opportunities within each category.