Redhead Marketing

The Top 10 Niche Markets on the Net

August 12th, 2008

Finding your niche and sticking to it is the way to success on the net. But not just any niche.  You want one that will make you a profit.  Finding a solution to a specific customer need or want will earn you more money. Think specialist.  Doctors who specialize typically earn more money than those with a general practice.  Why?  They can charge more for their specialized knowledge.  They may have a small but loyal following.  They have a patient base that goes to them because of their expertise – and likely because they were referred by their general doctor.

Think lawyers.  If you were involved in a criminal case, it is highly unlikely that you would go to an attorney that did not have some specific experience with trials.  Niches then translate to expertise.  

Think Network Marketing.  In the network marketing industry the successful leaders tell their down-lines to go deep before you go wide.  Why?   When you build a strong down-line, each of those people has the potential to “branch out” and go wide for you.

Take the floral industry.  I have been in business for 27+ years and have 3 distinct niches.  They are education, healthcare and construction. Do I have customers outside those niches?  Yes – but the majority of my customer base falls into one of those 3 categories.  Why?  Because I market to them.  I woo them and earn their business.  And because these are tightly knit communities, they tell their friends, colleagues and circle.  And the customer base expands.

So let’s talk Niche Markets on the Net.  According to Excellence Magazine, the top 10 most profitable Niche Markets are as follows:

1. Relationships Sell – social networking sites like Friendster or dating sites like eHarmony and Match.com are just two of thousands of examples online.
2. Internet Marketing – If you sell on the internet you are an internet marketer.  Think eBay or Amazon or Ten Golden Rules or Linkshare – the list is endless.
3. Parenting – products and services to make a parents job easier are a booming market – iVillage and Parenting.com are just two to check out.
4. Craft/hobby sites sell – two examples: food and scrapbooking – iChef and Scrapbooking.com are two sites doing BIG Business on the Net.
5. Health – people are going in droves to sites that “sell” good health.  eDiets is an industry leader.  Smaller sites that sell information products, nutritional supplements and workout equipment are going strong too like The Complete Running Network.
6. Sports are BIG Business – Think auto gaming or golf.  Everyone wants to improve his or her handicap.
7. Real Estate is still hot even if certain markets have tapered off or gone flat. Think real estate turnover (often referred to as flipping) buy low, sell high and reinvest wisely. The Naked Investor is one sight worth investigating.
8. Travel is hot – especially if you can provide a client base with a different experience that those of typical travel agents.  Think African Safaris or Space exploration. Pure Galactic (for all your outer space travel needs) and Escape Artist (a portal for anything you are looking for travel related)  are not your typical travel sites.
9. Investments – money still sells.  And if you can establish a track record of helping others make money, people will flock to your site by the hundreds (or more).  Charles Schwab and eTrade are two industry leaders.
10. Business Success – sites that do well are those that provide real proven solutions to business owners such as time management, financial management, and more. Selling software to help the business owner do their job better, more efficiently, less expensively can bring in big rewards.  Think Microsoft or Intuit.

Why would you want to be all things to all people in business?  Unless you are the only game in town or have a product no one else can offer, finding a niche market is essential to your success.  You will find your business grow quicker and deeper. 

Entry Filed under: Heidi's Daily Tips,Niche Markets