How to find a niche market for your online store & 900+ niche market ideas
What is a niche?
When we talk about niches, we’re usually referring to a market niche.
A niche market is the subset of the market on which a specific product is focused.
Once you find the products to sell online, you need to adapt them to the specific niche. This means making sure that your product suits the interests, the demographic and the economic status of the target group. For example, if your target audience is youth/students, then chances are they don’t have much extra money to spare, what with just getting started in the work force with likely large student debt. For that reason your product should be reasonably priced.
The sales sweet spot will be when you’ve achieved the perfect product-fit for a specific niche. When you’ve got a specific segment that’s very interested in the specific product you’re offering.
Danger zone: If your answer to the question “who would be interested/would buy your product” is “everyone,” then your niche isn’t defined enough. By making your target so broad, you end up targeting no one as a result, and as a result your sales suffer.
A foolproof way of finding a relevant niche is by using the recently popular method of doing keyword research to identify growing trends. This lets you 1) automatically validate your business idea, because you already see that people are interested, 2) know that you’ve got a good chance at receiving organic traffic, since it’s a popular search, and 3) know that you have targeted Adwords options that you can use to drive sales.
Rather than go into a step-by-step explanation of how to implement keyword research, I’ll point you in the direction of Shopify’s guide on how to choose what product to sell. Chapter 5 is all about keyword research.
Keep in mind that by using keyword popularity as a method to define your target audience, you’re looking more at making quick sales. Since you’re based on growing keywords, you’re basing your business on a fad. And as we all know, fads fade and get replaced with new ones. If you’re ok with that, then proceed. If not, you might want to find a niche more grounded in long-term elements.