Find a Niche Market for Your Home Based Business
A common definition of a niche market is a small or narrow group of potential customers within the larger market. As an example let’s say that you are knowledgeable about antiques and dolls, however your expertise is antique dolls. That would be one market niche; however it could be broken down even smaller to porcelain antique dolls. Then if you created a home based business about antique porcelain dolls, you would be working in a smaller niche market of antique porcelain dolls.
Your potential customers would be a much narrower group then the customers interested in the broader term of antiques or dolls. Niche marketing then, is a business marketing campaign that focuses on a specific market within the larger market. In our example it would be antique porcelain dolls instead of antiques or dolls which are a part of the larger market group.
As you can see there can be many different ways to break down a larger market group into smaller ones. Usually the general competition is working the larger market and this is where the home based business owner has the greatest opportunity. Most of us have an expertise in a specialized area without even realizing it. I bet you could come up with that one particular subject which you shine in.
The new revolution today is niche markets. These markets are where the internet home based business owner can excel. The internet has leveled the playing field allowing the small business to compete as effectively as the larger companies. I found some great information about this topic and one specific article I liked was called The Long Tail - Why It Is Important For Small Businesses. I had not heard of the "Long Tail" until I read this article and listened to the free web cast.
How does My Internet Home Based Business Benefit?
We now have powerful and easy to use software, search marketing engines such as Google and Yahoo as well as the marketing power of these large search engines.
Now let’s go a little further with the example above about porcelain dolls. So you started an internet home based business and created a niche site. Using the example above, the web site is about antique porcelain dolls.
The marketing strategies you will implement to promote the internet niche site about antique porcelain dolls will no doubt use the search engines Google and Yahoo for targeted traffic, news articles, blogs, newsletters and other online advertising within your niche and as well as off site marketing campaigns.
Search engines are always looking for quality information for the internet searcher. The more specific you are about a subject the better your niche site looks in their eyes. You may not get your website placed on the broader search such as dolls, but if some one had typed in antique porcelain dolls you would probably get a lot of free targeted traffic for those keywords. Especially if you know have a great website!
These specialized markets are fast becoming the way of commerce for the internet home based business. In my article; Where’s Your Passion? - Small Business Startup Idea, I go in depth about how to come up with some great home based business ideas.
As you can see a niche market will help your home based business find equal footing in the marketplace today. With the great tools available we can all find our slice of success.
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