So, What Is A Niche Market Anyway?

A niche market is a specific section of a larger market where a customer with a set problem or problems have been identified. So, for example, you have the weight loss industry. That’s a huge, multi-billion pound market with major players competing.

As a start-up in this or any other niche, you do not have the time, resources or even the money to fight against the larger players. However, that does not mean that you cannot get yourself into that niche and be successful.

So you need to drill down and find a smaller sub-section within the market you think you want to go, there you will find your ‘niche’. A niche within the weight loss market could be “weight loss for post-pregnancy women” or “weight loss for diabetics” or “weight loss for people with heart conditions” for example. In the beauty industry, specifically the hair industry within the beauty industry, there is a market for:

- Hair products

- Hair extensions

- Hair tools

- Braiding techniques

- Wig creation

There is just a few and within those markets, you can focus on curly hair, hair colours, you can focus on teaching on simply selling. The further you can niche down and the more specific and focused you can be the higher the chance of success.

Trying to market to everyone and anyone leads to not really focusing on one specific type of personal issues and missing the mark. This is a mistake that plenty of people make (including myself). Who do you want to buy your product? You must have that clear in your mind in order to have the correct message for your audience.

When you really focus on one specific type of person you can more effectively market to them. Always try and drill down as far as you can as long as there is a market there for it.

The further you drill down the better as there’s less competition with more demand. Therefore, meaning more business for you.

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