How to Secure Your Niche Market on eBay
Creating a niche market on eBay is key to your success.There are a number of ways to run a business from home on the Internet. One of those ways is using the eBay auction platform to showcase your wares. But, just because you list items for sale does not mean the customers will be beating down your virtual door. Learn how to find your own niche market and bring the customers to you in order to reach your success potential with eBay.
In order to bring buyers your way you must first know who your potential customers are. You will need to narrow down your customer type as much as possible into what is usually known as a target market. You might be wondering how you might do this. Keep reading to find out the answers.
Niche markets sound confusing – what are they?
Think of animals. In nature, each animal has its natural environment, or habitat. Some nest on the ground, in the ocean or in trees. Placing goodies in the right spot will attract the animals you want to see. The same principle applies to niche marketing online. You will need to strategically place your goodies in order to attract those hungry for it.
A niche market is usually a tiny part of a larger market. As such, it is more specialized and therefore, more targeted. If 500 people live in an area, half of them might not be interested in your products. That still leaves 250 potential customers to target and make a sale. If your product sells for at least $100 each, do the math – that is a lot of bread. So, how do you find your niche market?
Finding Your Niche Market
This will take a bit of persistence but once you find your market for your first product, the process will be simpler the next time around. People buy for all kinds of reasons. In this unstable economy, those reasons become even more relevant. Ask yourself what desire your product satisfies. Here are a few examples of things your product will want to do in order to grab your potential buyers attention and ultimately get them to buy from you.
Does your product satisfy a need that must be met?
Does it provide entertainment?
Does it solve a problem efficiently?
If your product or for that matter, your service, does one or more of the things above, it will stand a chance amongst bidders on eBay. Now that you know you can compete, find out how many of those people who fall in your target niche are out there.
Look at connected products being sold right now on eBay. How are the auctions going? What are the winning bids? Are the bidders repeat buyers of other products in that same niche market? What time of year do those particular products sell the best?
All of this information can be studied to see if a niche has already been established on eBay. In that case, the number of buyers can help you estimate how large the niche is and if there is room for more sellers. If the particular niche has too many sellers, you might want to reconsider selling that specific product or try to go about it in a different way.
Finding a new niche on eBay is rare, but it can and is being done all the time by creative sellers. More than likelyIt is quite likely you can find a niche that has not been exploited to its full potential and establish yourself as a trusted supplier of a certain line of products. Researching a niche ahead of time saves a lot of time and energy trying to sell something that will not sell. On the flipside, if you take the time to do the homework and find you have got a hot product on your hands, with some researching and testing you could very well find yourself making a nice home based business on eBay.
Michael Nunn has been involved with sales and online auctions for many years, and now spends most of his time training eBay sellers and running online workshops for both online and offline marketers. He is best known for his outstanding eBay Powerseller training program Auction Power Profits. You can read more articles about selling on eBay at Auction Power Profits Blog.
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