Complete Critique of MicroNichePros Together With Comparison To Conventional Online Businesses
A niche market is the subset of the market on which a specific product is focusing; therefore the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact.
Every single product that is on sale can be defined by its niche market. As of special note, the products aimed at a wide demographic audience, with the resulting low price (due to price elasticity of demand), are said to belong to the mainstream niche—in practice referred to only as mainstream or of high demand. Narrower demographics lead to elevated prices due to the same principle. So to speak, the Niche Market is the highly specialized market that tries to survive among the competition from numerous super companies.
In practice, product vendors and trade businesses are commonly referred as mainstream providers or narrow demographics niche market providers (colloquially shortened to just niche market providers). Small capital providers usually opt for a niche market with narrow demographics as a measure of increasing their gain margins.
Nevertheless, the final product quality (low or high) is not dependent on the price elasticity of demand; it is associated more with the specific needs that the product is aimed at satisfy and in some cases with brand recognition with which the vendor wants to be associated (e.g., prestige, practicability, money saving, expensiveness, planet environment conscience, power, &c.).
An often used technique for affiliate marketers is Internet-based niche marketing. By appealing to smaller segments of larger markets, referred to as niches, a website can be developed and promoted quickly to uniquely serve a targeted and usually loyal customer base, giving the affiliate a small but regular income stream. This technique is then repeated across several other niche websites until a desired income level is achieved. A bigger niche is harder to market to as the expense of online advertisements increases according to the popularity of the keywords used (on Adwords, for example).
Some niches may become saturated with marketers, increasing competition and thus, according to the economic law of supply and demand, reducing the slice of the pie available to each competitor. One solution is to find smaller, “undiscovered,” but still profitable, niches, usually by searching out the best keywords to target. These lower cost keywords are called long-tailed keywords, as in the long tail of secondary keyword phrases that usually follow the main keyword in popularity of number of searches conducted by internet users. Some are too obscure and may have very few or even no clicks per month, and therefore not much use to target.
The concept of niche marketing can be well understood by the following example: A number of television channels cater to the need of a particular niche; for example, sports channels like STAR SPORTS, ESPN, STAR CRICKET, and TENNIS SPORTS target a niche of sports lovers.
Niche Marketing basically means someone (your or a business) is attempting to sell a product to a specific group of people. A niche can be thought of like a small section of a large wall, which is reserved for some specific item. In some buildings, that niche is occupied by small statues, busts, or even simple art displays. The entire wall could be used to hang various pictures, paintings, mirrors, or any assortment of articals, but this little niche place can only hold smaller, more particular items.
In the same way, the ‘market’ can be thought of as the huge wall where many goods can be hung (sold) for display (sell). The items hanging there are intended for a broader audience and larger viewing potential (you can see them from farther away). But, any item in that little niche space is intended to focus your attention just on that one item and certainly a more specific audience (say, something for children).
Marketing is done the same way in many cases. For example, advertising for a Microwave Oven would appeal to a much larger audience than advertising for a Special Harness for your Guide Dog (for the sight impaired). The number of people who could potentially need/want a new Microwave Oven is far greater than the number of people who could need/want a new harness for their Guide Dog. There ‘is’ a need for harnesses for Guide Dogs, but that market is a niche market and not nearly as expansive as the market for more common products. There are fewer people who even have a Guide Dog, let alone need a new harness for one, too.
Niche Marketing, though, can be quite a bit easier, because your target audience is much smaller (less variety in their needs/desires), and you can concentrate your advertising funds more efficiently.
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