What’s a niche market? In sales, a niche market refers to a small, specialised segment of consumers who are intently focused on – or some could say, obsessed with – a specific product.
If you’re keen to start selling to a niche market, there are so many different product categories you can choose from. But whether it’s pet toys, baby products, or even, the stocking of a selection of wholesale umbrella options, the key is to choose your speciality – your niche – and hone in on it.
Here are our top tips for breaking into niche markets as a beginner business owner.
Tip # 1: Select Your Niche Product Category
Keen to start selling to a niche market? Some of the product categories you could choose to focus your eCommerce efforts on include:
Pet Toys
Admittedly, the pet industry has been somewhat overdone. But, for good reason: pet owners love to spoil their pets. Ask any pet owner, and they’ll tell you that spoiling your furbaby creates a loving relationship between us and our furry friends. The possibilities for profit are endless within this niche – you just need to be able to market your wares properly to stand out from the competition.
Baby Products
Arguably the most popular of product categories, baby products quite literally fly off shelves. After all, who loves online shopping more than nesting mums? Cut them some slack, though. They have nurseries to set up, and baby clothes to procure – for every growing age, mind you – bibs, bottles, bonnets, you name it, there’s a mum who needs it. By successfully capitalising on this niche market, you can be sure that your side hustle will make a profit.
Accessories
The world of accessories. It’s vast. From hair tools to makeup brushes, handbags, purses and wallets, the list goes on. The best part? You can even hone in on one specific category of accessory. For example, you may want your business to focus on selling only premium quality lace gloves – perfect for the avid consumer of all things Bridgerton.
Health Supplements
For health-conscious consumers, vitamins and dietary supplements are not a ‘nice to have’, they’re essential. But this can be a tricky niche to break into, as your customers are likely to be doing their research. You’ll need to ensure that your products are legitimate, and also, that they can live up to their life-giving promises.
Tip # 2: Research Your Target Audience
Next, you’ll need to do some deep-dive market research into your niche product’s target audience.
Think about it this way: who, specifically, wants to buy what you’re selling? If your focus is on selling vitamins, for instance, your audience is likely to be relatively health-conscious. Drill deep. What does this niche consumer market care about? What are their goals, objectives, and core values? What messages will resonate with them?
The answers to these questions will help determine the direction of your selling strategies – and, critically, your product promotion. Most important? You’ll need to align your brand marketing with what matters to these consumers. Your branding, product promotion, and advertisements need to be sensitive to your target consumers’ core values. What’s more, your business’s mission statement needs to be one your niche market cares about.
Tip # 3: Promote Your Niche Products to Your Target Audience
Understanding the niche market of consumers who want to purchase your product is central to your business’s success. Having this insight will help you formulate your marketing campaigns and deliver messages that will resonate with your customers.
An excellent way to benefit from these insights? Curate social media marketing campaigns that deliver relatable, compelling advertisements using user-generated content (UGC). By drawing on UGC, you can speak to your niche market on their wavelength, and draw them into the personal reasons why they should buy products from you.
As discussed today, selling to a niche market is more than just selecting a product to sell. It means understanding what makes the people who want to buy it tick. What matters to them? Why do they need this particular product?
Only once you understand these aspects of their psyche, can you succeed in selling to your chosen niche market.
