What Exactly is a Niche Market?
There are countless niches you can pursue, with the opportunity to niche down even further. The key is to identify a niche market that you can master and has a viable audience of customers. A niche market is a segment or portion of a larger market that can defined by its own unique needs, preferences, or identity that makes it different from the market at large.
For sample, within the market for women’s shoe are many different segment or niches. Shoes for vegan women would be a niche market, as would shoes for plus-sized women, shoe for nurses, and shoes for transgendered people. These are all niche markets within the larger market for women shoes.
Nearly every market can be further refined, or divided, by the particular needs and preferences of its constituents. Some of the most common ways to define a niche are based on.
- Price (e.g. luxury, moderate, discount)
- Demographics (gender, age, income level, education level)
- Level of quality (premium, handmade, economical)
- Geographics (residents of a certain country, city, or even neighborhood)
Choosing to focus on a niche is a strategic business decision to serve a certain customer base better than competitors who target the larger market.
Niche and Product (example):
You might have a specific product idea in mind already, you can increase you odds of success by starting with a market and then drilling down tofind niche products with a possible market-fit. Here, we’ll explore some larger markets to show you how they contain their own niche markets and product opportunities.
Remember to keep in mind this list of niches and product ideas for 2019 is simply a place to start your search for a niche market, you always in a completely different direction or find other niche opportunities within each category.
1. Pet owners.
The pet industry in the U.S. alone is an estimated $75.38 billion in 2019. There’s a lot of opportunities to develop a niche withing this market, across different types of pets, lifestyles, and more.
While most people own fish, dogs, or cats, there are also unique pets like horses, lizards, turtles, and even chickens, each with their own potential opportunities your can target a niche.
Here are more product ideas for pet owners.
- Personalized product with pet’s photos
- Pet accessories and clothing
- Pet cameras to watch and interact with pets while you’re not at home
- Organic pet food and treats
- GPS pet trackers.
The travels industry increased by more that 10% in 2018, amounting to $694.41 billion spent. Coupled with the declining cost of air travel over the last three decades, a more mobile consumer means tons of niche audiences to tap into, from the frequent business traveler to the remote worker struck with wanderlust.
This gap represents a massive opportunity for brands to step up to the plate and support eco-friendly initiative through sustainable products. And travelers are seeking more than just green options. They also look for authentic local experience, convenience, and long-term trips.
More niche product ideas for avid travelers.
- Practical and comfortable athleisure for frequent flyers
- Scratch map for people who love collecting travel experiences
- Smartphone accessories for travelling content creators.
The mobile gamers, PC gamers, console gamers, table-top gamers, the list goes on. There are more than 2.3 billion gamers across the globe, and nearly haft spend money on their hobby, amounting to an industry worth $137.9 billion in 2018.
Mobile gaming, in particular, is taking over, accounting for 91% of the market. Plus more females are entering the market than ever before, a trend which does’t show any sings of slowing down. Within this category, you can also niche down based on popular genres (like first-person shooters), or consoles (like the Nintendo Switch and so on).
More niche product ideas for gamers.
- Accessories for mobile gamers
- T-shirts referencing aspects of gamer culture
- Decals to personalize consoles. controllers, etc.
- Ergonomic product for long gaming sessions (controllers, chairs, blue-light blocking glasses.
4. Remote workers
There are many reason for this. For one allowing employees to work remotely increases job satisfaction and productivity. These workers are also more engaged and two time more likely, to work more than 40 hours a week. And those who go the self-employed route are typically seeking more freedom and a better work-life harmony.
Keeping these remote worker’s motivations and lifestyles in mind can help you identify product ideas to help them and the companies that employ them to achieve their goals.
More niche product ideas for remote workers.
- Decor for home offices
- Desk toys and decorations
- Laptop accessories for people who like coffee shop work sessions
Home ownership is changing. What used to be the norm in no longer the case, and the percentage of U.S. consumers who also own home is decreasing. There are many reasons for this, such as the rise in the cost of living and salaries that can’t keep up.
This paved the way for August to launch its own line of keyless entry and home security for homeowners. One of the main features is guest access, allowing hosts to grant access to renters for specified time periods.
More niche product idea for homeowners.
- Furniture and home decor for small apartment
- Home security cameras (in-home, doorbell, smart home devices, etc.)
- Home solutions for renters (such as no-drill blinds)
How to find your own niche markets in 2020!
For both and established ecommerce and online business entrepreneur looking for a niche market and product to sell, you’ll first need to establish an overview of the larger market and drill down from there. Your niche will be a subset of that market and will help define everything from.
- Product quality
- Your marketing strategy
- The product features you aim at your market’s needs
- Your positioning and branding
- The price range for your products
Choosing a niche gives your online business a competitive edge from the get-go. If you try to launch your online store in a crowded product category or market, you’re going to face a tough uphill battle against the established competition. Focusing on a niche helps you compete not by selling different products necessarily, but by doubling down on a specific part of the market.
Although there’s no single way to choose a niche, there are many methods you can employ. From simple Google searches, to building a mind map to using keyword research to help uncover great niches, there are many ways to build a list of possible niches and find product idea.
A Word Of Encouragement:
I can’t believe it’s New Year’s Eve! 2019 flew by so quick!
Is it just me or is time speeding up each year? That’s why if you have a dream, now’s the time to take action! No more sitting around hoping that your dreams will come true! You have to live life, otherwise it will just pass you by and one day you’ll look up and wonder…
Where all your time went…
Why you never took that trip…
Why you never started your own business…
Why you never try something different…
Or why you couldn’t retire early…
Don’t let life pass you by, I know you have hopes and dreams, and I’m sure you have New Year’s Resolution too!