Finding your best niche market is the #1 thing you can do to increase your chances of success in eCommerce. The importance of honing in on your target market is even more important than focusing on your product’s features. On this episode of Marketing For eCommerce, I reveal the top 4 criteria you need to consider when defining your best niche market. I walk you through the process of honing in on the people that will support your eCommerce venture for years to come, and it’s an episode not to be missed. Listen now!Criteria #1 - Your best niche market needs to be irrationally passionate
Successful eCommerce selling is about so much more than having a unique product. You need to have a 50,000-foot view of your business, and that starts with discovering your best niche market and uncovering what they’re deeply passionate about. As Gary Halbert so expertly explained in his famous analogy, the best restaurants aren’t successful because they have quality ingredients or great customer service. They succeed because they attract a starving crowd.
To find your market’s deepest passion, continually peel back the layers of their interest. For example, general pet owners aren’t as passionate as dog owners. Dog owners aren’t as passionate as pit bull owners. Finally, dog owners who have pit bulls aren’t as passionate as owners who take care of rescue pit bulls. At the end of the day, your business can be about so much more than the collars of leashes you sell to dog owners, it can be about the truest passions your customers possess.Criteria #2 - There must be enough passionate buyers within the niche market
Once you uncover their deepest passions, you must figure out if there are enough buyers within that specific niche market. For every 100 followers, there’s usually 1 interested in buying. It’s a fine line between curating a niche market and having enough people in your target area that are interested in buying your product.Criteria #3 - Would these buyers share their brand loyalty with the world?
One of the best ways to determine a follower’s level of loyalty is to ask yourself, “Would they wear me on their t-shirt?” Regardless of if your brand actually sells t-shirts, you must be able to know if they’re willing to show their brand loyalty with the world. Your best niche market will bond together over the community you create with your products.Criteria #4 - Are these buyers willing and able to spend money on your product?
The most important criteria for your bottom line is if these passionate niche market followers with intense levels of brand loyalty are willing and able to spend money on your products/services. If they have disposable income and are willing to part with it, and you capture them with products that tap into their passions and sense of loyalty, you’ve earned a customer for life.
Following these 4 criteria and asking yourself these questions will help you determine your best niche market to pursue. Find your “starving crowd” and your eCommerce venture is sure to succeed. For the full story, don’t miss this episode of Marketing For eCommerce.Outline of This Episode
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