In the history of man on earth, there’s probably never been a time like the present when it was so easy to start a profitable business. We can all get down on our knees and offer thanks for this to the idea of niche marketing, which has truly come into its own as the Internet Age progresses. Young investors, we truly hope you make millions
by eschewing the rigged stock market game and focusing your efforts on income generating properties.
We also hope you develop a deep understanding of the power of niche marketing. Let’s begin by defining a niche market. This is easy. A niche is any segment of the overall market with similar interests. People who love professional football, American style, are an example of a niche. So would be people who love the Dallas Cowboys. See how we just took a general subject and drilled down to a more specific level? This is an important concept when it comes to selling products or services to an audience.
The more narrowly your niche is defined, the better. The trouble with trying to sell to a general market is that, in almost every industry you can name, a corporate presence with very deep pockets who can undercut you on price and selection blocks your path at every turn. Think name brands like Wal-Mart or Amazon. These types of businesses truly can afford to be everything to everybody.
But the Internet has become the great equalizer when it comes to entrepreneurs. You don’t need to appeal to every football fan in America (or whatever your topic might be). The world is a big enough place that even the most niche-y subject, when tapped into on a global basis, can form the foundation of a very lucrative business.
The point is that young entrepreneurs need to start thinking of markets in terms of niches. Stop dreaming so big – it can handicap you – and learn to think small. In today’s world, that’s where the money is. So the question becomes: What niche do you want to serve?
The Young Wealth Team
Flickr / photosteve101