What is a Niche Marketing Strategy?

What is a Niche Marketing Strategy?

Hello, I’m James and if the industry which you choose as an affiliate marketing endeavor is too saturated with competitors, it can limit the progress of your online affiliate marketing business and thus limit its growth.  So, what is a niche marketing strategy?  Well, niche markets are a specific section of a business industry: a demographic of potential customers, or otherwise called a “micro niche market” that you serve within the mass market of the product or service you promote and thus enhancing your chances of success.  This is one very good reason to make sure you are very careful with the choice you make within the portion of the market that you pursue.

The ideal niche market you should seek out is one that is underserved because with fewer marketers serving that niche your profits are going to be higher, and you’re entitled to a fair profit for the service you provide.  You will have to directly target the people you seek to influence.  Figuring this out for your online business is like trying to figure out where to sell a great electronical device you’ve created.  You could buy advertisement from a major newspaper or buy it from “Electronics Today Magazine.”  The magazine will be your better choice.

By choosing the magazine you’ll save money by not wasting it on a broad market.  By finding your ideal target audience for your online business you’ll be much more profitable because almost everyone who visits your website will be enthusiastic about the product or services you promote.  Once that enthusiastic customer has visited your site and received a satisfying experience from it (YOU) he/she (THE CUSTOMER) becomes your BEST advertisement.  They stick with you and become an important customer referral resource.

Overview and Ranking

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  • Ranking of DoItRightWealthBuilding.com: 4.8 out of 5.0

Differentiate Yourself

Niche markets can be very competitive because each affiliate marketer is trying to get the attention of the people interested in that niche.  So, it is your job to differentiate yourself from other players in promoting that product or service.  You’re working on your “brand recognition” so you’ll be trying to become a trustworthy authority and a regarded source for the product or service that you’re promoting.  Persistence is vital because (contrary to popular belief) it takes time to build the traffic needed in order to make money.  Most affiliate marketing startups will need six months to a year before developing a system that deposits accumulative passive income into their bank accounts.

You will become mindful of customer needs and how to satisfy those desires. Because you have provided for an acute want of your customer, he/she becomes grateful and a business relationship can evolve into a more personal one and this is good for your online business presence.  This is how you will develop long lasting relationships for the financial stability and profitability of your affiliate marketing endeavor. With a mass market target audience, you may get more visitors but there will be less sales and the only concern they will have is the amount they must pay.  Most will leave and never return.

Build the Foundation

If you follow the business model of “your ideal target audience” and you are legit and act legit you create a solid foundation for your business.  This “foundation” that you establish in the first three months will be hard work but will “grow” your audience of buyers over time, and that’s the only way you will gain the trust which will give you influence with the best vendors.  They will then allow more perks for your customers, like allowing you to submit encouraging payment methods and volume discounts on your affiliate marketing website.  You, as a marketing leader will be able to ask for and, in some cases, demand these perks for your customers.  This is because you will have become such a viable online presence.

Pros and Cons:

Pro: Affiliate marketing is a billion-dollar industry. Isn’t that a big incentive to get your share of the market.  Especially when you investigate it and find out that the primary advantage of it is how profitable this business model has been for the “normal Joe” when done correctly.

Con: Of course, you don’t own an affiliate marketing program, you simply sign up for it.  You will be depending on the merchant’s rules and required to abide by their conditions.  So, with that said it’s important to know that a program that looks lucrative at first can later become less and less profitable, and further adjustments to your website can become necessary regarding discounts and/or affiliate program commitments.

Pro: You are NOT responsible for customer service.  Anytime you get a post-sale demand you simply pass it on to the merchant and you’re done.  Maintenance of customer service issues is NOT you’re responsibility.  Affiliate marketers like you have NO NEED to bother with such things, all you got to do is check your bank deposits.  However, I’m not saying you don’t have to worry at all.  You will want them to review your website content because this will optimize your standing with search engines like Google, Yahoo, and Bing.  And it is imperative that you quickly and meticulously reply to product related questions that appear within your website.  No one is going to expect anything else from you and other than that the level of customer service you provide is your call.

Con: Once a referral is made customers go directly to the merchant if they decide to make more purchases.  You will have to commit to driving more new customers UNLESS you become proficient in establishing affiliate marketing programs that provide “recurring” commission.  With this method of affiliate marketing you’ll get paid monthly or yearly if the customer stays with the company.

Pro: Marketing materials are provided by vendors and you will not have to create your own banners or any other materials to promote their products.  They will give you a marketing kit to work with and you’re all set!

Con: The truth is you will have to WANT to do this.  Freelance work is not for everyone. Some people need and/or want the structure and certainty of having an employee/employer type job.  However, if you think about it, for most people who feel that way it’s a mental condition that can be overcome.  And it’s entirely possible to do both until you establish financial freedom with your affiliate marketing business.

Pro: Passive income becomes a reality after your affiliate marketing online business becomes lucrative!  The work is less and less time consuming and money is being earned as you sleep!  This is what happens when affiliate marketing is done right, every day you get up in the morning with more money in the bank!  That’s what the fruits of your hard work looks like; you will be constantly discovering additional revenue in your account!

I have just identified only a few of the pros and cons of affiliate “niche” markets and the affiliate marketing process.  All things in life will have their pros and cons but affiliate marketing has remained the least costly startup online businesses on the internet, or anywhere else for that matter.  It’s a lucrative business opportunity that can be done by any “normal” person willing to put forth the effort.

Demographic of Potential Customers and How to Find Them

 

So, a niche market is a piece of a bigger market that’s distinct in its uniqueness.  Electronic devices are a huge market, but an example of a niche within this market could be “panic button” devices that are usually marketed to the elderly community.  Niche marketing is a strategy focusing on a specific group or otherwise called a demographic of potential customers.

Find one of these “demographics of potential customers” that’s underserved and you’re in the money.  All you’ll need to do is build the foundation for your online business with that niche in mind and it will be successful.  This will take you anywhere from three months to a year, but the affiliate marketing business model is a proposition of work now and get free time with passive income later.

Identifying a demographic of potential customers (micro niche market) in the mass market of the gardening community might look something like this example.  Let’s say you love gardening and you want to startup an online business.  You realize the competition is too much for you to succeed in this endeavor.  So, you decide your target could be an audience interested in gardening in “a” city, but the competition still seems to be stressed.

You decide to do more research and come up with another niche of gardening in “New York City” but even that is not underserved enough for you to make a “market breakthrough” with your online business.  However, you finally come upon a grossly underserved niche within the gardening community that will lead you to success and you develop a website that focuses on “rooftop” gardening in New York City.  This is how you do it.  Take something you love and dig deeper into that market until you find the most underserved customers within it.  These people will be extremely hungry for information and well thought out opinions on their passion and will buy from an honest affiliate marketer who provides it.

What is a Niche Marketing Strategy? – The “Do It Right Wealth Building” Final Word!

If you should start the 3 to 6 months “hard work” of foundation building for your affiliate marketing online business today, you will most likely never have to “work hard” ever again afterwards!  So, “what is a niche marketing strategy?”  It’s your path to success in the affiliate marketing community and that’s a fact!  There are no guarantees in life, but the affiliate marketing business model is as close to a guarantee as anything gets within the business world; online or otherwise!  It’s also the least expensive method and can be done by any “normal person” who has the determination and internet access.  The startup costs can be as little as $15.00 to $400.00 per YEAR.

If you properly build your online business foundation during that 3 to 6 months a REALISTIC projection of the money you could be making through this process per year is $3,000.00 to $10,000.00 per MONTH!  That REALISTIC projection rises from there to $50,000.00 per MONTH after 5 years!  Bear in mind that the “work” has become very easy and less and less time consuming over the years.  You are now living the “laptop life” and only working when you feel like it, and wherever you happen to be!

So, what are you going to be doing for that 3 to 6 months?  Well, among creating great content you will be doing “search engine optimization” which will include:

  • Post Title Optimizing
  • Meta Title Optimizing
  • Meta Description Optimizing
  • Social Marketing Optimizing
  • Post Paragraphs Optimizing
  • Image Alt Tag and Title Optimizing
  • External Non-Monetized Link Optimizing
  • Internal Link Optimizing
  • YouTube embedded Video Optimizing
  • All in One SEO Optimizing
  • Social Settings Optimizing
  • Call to Action Content Optimizing

 

This is all done along with a tried and true business model that has worked very well since 1996!  Not only that but it has been refined and simplified over the years!  The website building process is also very simple and easy to do for the “average Joe” these days!  The startup costs are next to nothing and the profit potential is outstanding!

So, I am a member of the Wealthy Affiliate University.  This learn as you earn training platform is free with no obligation and no credit card required.  I signed up for it 4 months ago and now I’m starting to see the money.  Last month I earned $500.00 and growing so I upgraded for the low price of 359.00 per year.  My only other expense was to buy my URL for about $12.00 per year; and even that could be free for you if you don’t mind a .siterubix URL for your website rather than a .com or .org etc. type URL.  The website is also free and yours to keep even if you don’t upgrade!  I will end this post by reminding you that the training is FREE with NO obligation and you have nothing to lose and a whole lot to gain by giving it a “test drive”!

Here are some links for you to use for more information: Wikipedia for research purposesA blog entry of mine on the Wealthy AffiliateHer Platform.

Simply ask!  If you need a hand with anything that I have discussed please leave a comment below and I will help as-soon-as-possible!  Thank you!

2 Replies to “What is a Niche Marketing Strategy?”

  1. I’ve been a Wealthy Affiliate member for a short time, and have learned a LOT. I started with the free account, like you, and ended up upgrading to Premium (well worth the meager annual cost… you can spend nearly as much having one Web site hosted). It really is an all-in-one platform – having everything you need to start your business – training, tools, and hosting.

    I also find the community aspect invaluable. Sometimes, you just get “stuck”, and it’s nice to have others to bounce ideas off of, as well as help you through the things that you may not “get” right away.

    I just wanted to add that if anyone reading this is interested, he’s not kidding, you really can do everything for free. Nothing to lose.

    1. Thank you Steve! We really have found the best affiliate marketing training on the internet! Also, the best community on the internet in my opinion! Thank you for your comment and all the best to you. If you need anything just let me know. Thanks again.

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