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by Tim Whistonemail this article
Summary : The Web is a big place, and while it can technically never get "full", the playing field now feels smaller than it did a few years ago. There are literally millions of businesses and individuals selling products and services online, and competition can be extremely fierce in some markets.
The Web is a big place, and while it can technically never get “full”, the playing field now feels smaller than it did a few years ago. There are literally millions of businesses and individuals selling products and services online, and competition can be extremely fierce in some markets.
While a true abundance mindset rejects the idea of competition and realizes there is more than enough for everyone, it still makes sense to avoid jumping into the fray with thousands of sites that are selling almost identical products to the ones you are offering. You can make a lot more money with much less effort by narrowing your focus to a niche market.
The term “niche marketing” gets used a lot online, but most of the time it’s not used correctly. A niche, in terms of marketing, is a relatively small group of customers who have very specific interests and/or needs.
Targeting a niche makes it easier for you to create profits for a couple of reasons:
1. You are marketing to a group of people with very specific needs. In many
cases these folks actively want the solution you are offering.
2. There is almost always less (even minimal) competition when you are targeting a niche because few online businesses will take the time to research these smaller market segments. Most marketers go for the broad markets, leaving many lucrative niches pretty much untapped.
It should be pretty clear how your business could benefit from focusing on niche marketing. But what is less obvious for many entrepreneurs is how to do this; i.e. many people confuse the concept of a niche with that of a specific market.