How to Find Your Niche Market + 5 Examples to Inspire You

positioning yourself as the go-to brand for a niche audience establishes credibility it results in a more focused business and it makes it easier for the right customers that are interested in buying your product to find you so if you're scouring the internet trying to think of your first product idea choosing a niche is the perfect place to start in today's video we're going to discuss what a niche market is and i'll give you examples to get ideas going so make sure that you're sticking around until the end of this video where i'll teach you how to find your own niche [Music] welcome back and if you're new welcome to the community i'm michelle bally your host here on learn with shopify we create a new video every week to help you start and grow your online business so make sure to hit that subscribe button so that you don't miss out on any future videos alright so what exactly is a niche market you might have already heard of the term before but a niche is a segment of a larger market that can be defined by its own unique needs preferences or identity that makes it different from the market at large this specialized segment of the market is where you want your business to occupy selling shoes is a large market so instead perhaps you decide to sell vegan shoes for men or shoes for plus size women or how about shoes for transgendered people so you see how the market is now quite focused to make it as a business you'll need to carve out a niche so imagine that you had a shoe store you had as many types of shoes as possible to that store then you add t-shirts hats jackets bags and then you throw in some sunglasses for good measure if a customer is looking for durable work boots are they going to come to you if they're looking for performance-enhancing running shoes are you going to be their first choice probably not because your message gets diluted this is a common pitfall of new business owners now let's reverse the scenario say you still have that lovely shoe store but instead of expanding your product offering you actually narrow in you decide that you're going to sell shoes for nurses you sell non-slip shoes that provide all-day support and you spend your marketing budget on instagram ads and influencer posts that appeal directly to nurses the result of niching in is that you are now the go-to spot for nurses you've established credibility and you've dominated that corner of the market so hopefully now you can see why it's important to find your niche every market can be further refined by consumers needs and preferences some of the most common ways to define a niche are based on price so you can sell luxury moderate or discount goods level of quality so you can sell handmade or premium goods geographics so you can sell to people that are within your city or just within your neighborhood demographics including age gender income level education level as well as psychographics which includes attitudes beliefs and values of a specific population so to distill all of that down you can break it down into one sentence so here i'm going to write i want to sell and i'm going to put in my price so here i'll put in discount then the quality so i'm going to write vegan shoes where the product is they appeal to now i'm going to put the geographic so canadian female nurses and that's the demographics and then i'll put in the psychographics so these people might value comfort and fashionable accessories so it's super easy right away we can see that we've distilled all those characteristics including the price quality type of product we're going to sell the geographics demographics and the psychographics and now i have a clearer idea of who it is i'm selling to who my audience is and the type of product that i'm selling so let's take a look at five examples to start giving you some ideas conscious consumers sustainability has become an important topic and for a good reason so think of any mass-produced product and there will be a niche of conscious consumers looking to embrace a greener alternative in the past companies might have donated proceeds to a cause but now consumers care about how products are made as well this means that within the culture of green living there's a subculture of people who care about ethical supply chains so keep that in mind if you're playing within this niche some product examples are beeswrap that replace saran wrap you can also do cruelty free cosmetics or vegan clothing or even try menstrual cups but avoid green washing make sure that your environmental claims are supported rather than just marketing it's of course impossible to be perfect in this category that's not how business works that's not how commerce works but do keep in mind that greenwashing will always backfire in the end pet owners pet business in the us estimated 75 billion dollars in sales in 2019 so there's lots of opportunity here so for example pup socks sell personalized socks that you can plaster your beloved pet picture on and they have hundreds of thousands of website visitors monthly some product examples can be gps pet trackers or organic pet food gamers there are more than 2.3 billion active gamers across the globe including mobile gamers pc gamers tabletop gamers and the list just goes on but nearly half of these people spend money on their hobby so there's definitely space for your emerging business take shazi muhammad for example he launched his online store called glorious pc gaming race and it's now become a seven figure business that basically just runs on autopilot a few little tips here mobile gaming in particular is taking over which makes up 91 of the market plus more females are entering the market than ever before more niche product ideas for gamers include ergonomic products for long gaming sessions like controllers chairs and blue light blocking glasses homeowners the definition of being a homeowner is changing we're now seeing homes as investment properties or shared spaces this paved the way for products like august to launch its keyless entry tools and home security products here are some more niche product ideas for homeowners so you're going to want to check out accessories for airbnb guests like couch covers and renter solutions like no drill blinds locals even the world's biggest brands are adopting local marketing approaches through targeted campaigns this is because they're competing with consumer-driven movement to support local businesses but if you're only selling online it can be difficult to establish a local presence luckily there are ways for e-commerce sellers to appeal to locals peace collective for example was founded around toronto pride with the slogan toronto versus everybody now if you want to sell locally you could do t-shirts with subculture slogans like this and you can also do subway station swag like this etsy artist here so if you get to the end of this video and you're still not sure what to sell and you need help finding a product make sure that you're checking out our free 40-minute webinar that will teach you how to find winning product ideas how to validate them and how to get started just click the link in the description box below to get started with this free training now how to find your own niche market so there's no single way to choose a niche there are actually many methods you can use so find one that feels intuitive to you you can start with google searches the best place to start brainstorming is to understand what other online retailers are doing let's take vegan shoes as a starting point so i like to scroll to the bottom of the search results page to see the related search results from there we're able to find a gold mine of potential angles like vegan crocodile heels and faux fur slippers keep digging until you find an underserved problem that you feel you can provide a solution to but keep in mind that even if you have competition you can still compete by getting even more specific with your audience another tip is to pay attention to your surroundings start looking outward to catch any common pain points your own experiences as well as the experiences of others can spark some ideas if you're selling shoes for example you might notice both youth and elderly people have trouble tying laces maybe you yourself are after a certain style of shoe but no one ships to your country so take note of any problems like these and be that business to serve a niche population with your unique solution use google suggestions ever notice how when you start typing something into a google search it shows you suggestions before you finish these are google's most searched for related queries use it to your advantage to find a niche for your product category i plugged in best use for which gave me some ideas look for passionate communities online the internet is pretty good at organizing itself into communities based on shared interests passions and hobbies in other words into niches so dig through the most active subreddits and listen in on their conversations subscribe to hashtags on instagram and twitter like sneakerhead and you'll find opportunities to niche down instagram is a really great tool to get people talking about your brand but if you have a product or a service to sell you'll need a platform where customers can actually go ahead and make those purchases shopify is a really great place to start selling online with your own ecommerce website has never been easier faster or more scalable setting up your store can actually be done in a matter of days and you can do it all by yourself you don't need a fancy coder you can get started with a free 14-day trial there is no commitment at all you don't even need to give your credit card information and you actually have two full weeks to build a fully beautiful branded personalized ecommerce store so i'm gonna leave a link in the description box for you guys to check that out so you can take advantage of your free 14-day trial how to validate your niche market ideas so now that you know what to sell online you need to make sure that there's an audience for it at the start your niche market and products are just ideas or a hypothesis of what you think will resonate with your target audience having a niche makes it easier to find potential customers and convince them to buy from you but you need to be sure that there are enough buyers in that niche to make it viable so let's say you're targeting dog loving nurses in toronto and you determine that your niche is too small consider pivoting you could expand to dog loving professionals in north america but you won't really know what will resonate until you try here are some ways to evaluate your niche market idea build your audience first kickstarter campaigns generate awareness about products before they're even developed you can introduce your idea and gain followers before the idea has even come to fruition this way you'll have an engaged group of potential customers ready and waiting for when you launch test before you invest this applies to both time and money start with a small batch of products and run a campaign to your target audience and influencers ask them for feedback it's important to get feedback early on especially if you're developing a new product so you can perfect it before it goes out into the real world dig deeper into your niche as you're doing your online research analyze blogs ads product reviews and other key areas in your niche to gain insights can you solve a problem that is repeatedly coming up research consumer trends in your market it's important to be up to date with what's happening in your chosen niche resources like facebook iq think with google and nielsen consumer research will help you understand consumer pain points desires and breakout trends set up google alerts for related keywords and regularly monitor social media conversations to stay on top of what's trending even if you do achieve success early on niches change so expect to evolve with your audience over time you might even introduce new products to your line as new opportunities present themselves understanding the unique needs of each niche makes it possible to speak directly to them in your marketing you'll have a greater chance of attracting a buyer's attention and winning their business by making it clear that your product is specifically for them don't forget to sign up for this webinar to learn even more in less than 40 minutes let us walk you through how to find product ideas how to validate them and how to sell the product once you have an idea that you want to pursue so now that you know how to choose a niche market and generate product ideas your target audience will buy it's time to turn it into a reality the next video that you're going to want to watch is how to start an ecommerce business i'll link that right up here but if you found this video helpful make sure that you're giving it a thumbs up because that helps our community and our channel grow and make sure you subscribe so you always have the scoop on how to grow your ecommerce business if this video sparked any ideas be sure to drop your new niche idea in the comments section i want to see who's managed to pick out a deep subculture with potential thank you guys so much for watching i'm your host michelle bally and i will see you in the next one you

Channel: Learn With Shopify

Views: 21,053

Keywords: learn with shopify, niche marketing, how to find your niche market, how to find your niche, niche marketing strategy, ecommerce business for beginners, niche business, online business 2021, niche market examples, what is a niche market, niche market ideas, sell products online, niche market research, find a niche market, niche research, niche markets 2021, online business ideas 2021, small business, profitable niches, finding your niche, profitable niche markets

Id: WgvSYSp3gAc

Length: 13min 53sec (833 seconds)

Published: Tue Mar 16 2021