What is the difference between a market and a niche?
A market is a name given to a huge area online. It’s a massive group of society and there are only three markets that you will ever need to concern yourself with.
I like to call this three markets – the “evergreen” markets. And you can spend forever in your online career just doing one of these markets and make an great amount of money if you do it correctly.
The three “evergreen” markets are:
- Health
- Wealth
- Lifestyle
Markets are so big that it is impossible to position yourself simply in a market. For example, you wouldn’t say: ” I’m in a lifestyle market”, because it’s to big for description.
What you need to do is drill down within that particular market and choose the subsection. This subsections are called – niches. A niche therefore, is simply a specific area within a market in which you intend to make money online. Let’s have a look at each of the markets and some of their niches…
Health market
- Weight loss
- Diet
- Medical issues
- Vitamin supplements
- Quit smoking
- Alternative therapies
Those are some ideas within the health market. It could be something that you know about in your offline world or you’re passionate about.
Let’s take a look at the wealth market which is another multimillion dollar market.
The Wealth market
- Internet marketing
- Starting your own business
- Working from home
- Stay at home moms
- Business opportunities
Maybe this is something you can create a website about and build a list in. The next one is:
The Lifestyle market
- Personal development
- Mind, body & spirit
- Dating
- Baby boomers
- Pets
- Alternative energy
- Home care
These are tried and tested niches. The best niches are those that feel the need for a solution. If you can find a niche where lot of people need a solution, then you are already in a profitable niche.
Discovering profitable niches online is where making money online starts. A lot of people make a common mistake of trying to find a product first, and then trying to find a market for that product. This is absolutely wrong and the process should be reversed.
The process of making money online starts as follows with:
- Finding a profitable niche
Once you discover a niche where you want to position yourselves in, the very next thing that you should do is to:
- Create a website based on that profitable niche
Once you’ve done that, the next step is the difference between failure and success
- Building a list
You use your website to build a list in the profitable niche you’ve decided to establish yourself in. Only then, when you start building a list you are in the position to actually make money by
- Promoting related products to your list
I like to call this as the “engine” of a web business and it can take a few months to actually get to the stage where your engine is setup correctly. Once your engine is setup, the next thing you need to do is to generate traffic to your website. That is how you make money online.
I just wanted to give you an overview what market and niche is and give you some ideas as well.
Think as a marketer and you’ll begin to see a lots of opportunities out there.
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