What is a Niche Marketing Book Review

Niche Marketing

In order to find the best place to start up a home business and become successful, you must know what the term, “Niche Marketing” is all about. It is not a store that you go to while shopping for a niche. So what is a niche marketing? The place to start is to first define what a “niche” is, then what it has to do with marketing.

A book written by the staff of Entrepreneur Media, “Start Your Own Business, Sixth Edition: The Only Startup Book You’ll Ever Need” is a book that taps into over 33 years of expertise on the first three years of a business ownership. It discusses the most potential problem solving of choosing the right business, adding partners, getting funding and managing your business and employees.

This book comes highly recommended from many top ranked Internet marketers and Blog experts. It explains everything that a person contemplating the idea of starting a business at home needs to prepare for. Then the book lists all the challenges you will face for the next three years.

It also includes updated material in the latest tax and healthcare reform information and legalities.     

What it is not – “Many people talk about ‘finding’ a niche as if it were something under a rock or at the end of the rainbow, ready-made. That’s nonsense,” says Lynda Falkenstein, author of Nichecraft: “Using Your Specialness to Focus Your Business, Corner Your Market and Make Customers Seek You Out.” Good niches don’t just fall into your lap; they must be carefully crafted.

So what is a niche? The wikipedia describes a “niche” as: A niche market is the subset of the market on which a specific product is focused. You can also compare it to a specific group of people all following the same subject, or thing.

Niche marketing is highly specialized and every product on the market can be divided into specific niches. In Lynda Falkenstein book she has a 7-step method of perfecting niche marketing in making your business successful.

1. Make Your wish list.

Know who you want to do business with. “Be as specific as you can”, Falkenstein says. There are two markets you can cater to: Retail or business. Concentrating on business, for example, would be considered B2B, or business to business.
Retail, would be the consumer market, which is the largest of the two markets, but also more competitive.
You must understand your target market and what they want. “You must know whom you desire to do business with”, Falkenstein says, or else you stand the risk of exhausting yourself and confusing your customers.

2. Concentration.

Remembering who your customer is must be a priority because (a)”You can’t be all things to all people and b) smaller is bigger.” A niche isn’t the same as the field in which you work. Retail clothing business is a field, not a niche. A business specializing in “maternity clothing” is a niche within the retail clothing field.

Falkenstein suggest to consider these keys to help you focus:

  • What do you do best that makes your selling point unique from everyone else
  • What are your accomplishments
  • Identify the most important aspects of your life
  • Look for patterns that reveal your unique characteristics in solving problems
  • Your niche should come naturally from all these key elements of focus that you can build on to become successful in your chosen niche.

3. Describe the customer’s viewpoint.

Falkenstein describes a successful business using what she calls the “Platinum Rule”. “Do unto others as they would do unto themselves.” When you are able to view the world from your customers perspective you can identify with their wants and needs. The best way to achieve this is by talking to them personally to get their viewpoints.

4. Analyze.

Now your niche should be taking shape as you have all the necessary information to hone in on your potential business. A good niche should have these five qualities:

  • This niche conforms to your long term goals and agendas.
  • There is a demand for it – mainly customers.
  • Your business plan has been carefully planned.
  • It is “unique”, the only one in town.
  • It develops and is able to expand as your market changes, ensuring long-term growth and success.

5. Understanding Your Business

By using the formula created in Step 4, you can evaluate your niche for products or services that your business will provide. If you find that there are more business travel than previously considered, for example, perhaps you have identified a weak link in your niche. So scrap it and move on to the next idea.

6. Test Your product and Market.

Once you have found a match between business and product, it is time to test it. Provide an opportunity for customers to actually purchase your product. You can learn a great deal of information in a short period of time on whether your product is appropriate for your test market. If you must spend a lot of money for this test, then you may have found a flaw with your business, or product.

7. Your ready to Market!

Now that you have accomplished all your research, now you are ready for implementation. This is the easiest of the seven steps and if all your research has been true, then success is only the next horizon.

9 thoughts on “What is a Niche Marketing Book Review

  1. Jeff

    I like your description of niche marketing – and how you break it down for others to understand. I definitely agree that you need to look at the customer’s perspective – I don’t think anyone like to be truly sold to – if you present it in an informational way – I believe it comes across much better. Have you personally taken any specific insights from Start Your Own Business that you can share?

    Reply
    1. Kenneth Merrick Post author

      Thank you Jeff for your observation and keen understanding of the customer wants and needs. Since the customer comes first, as in ‘customer is always right’ cliche, the better you understand how to please your customer, the more successful you will be.

      Her book is very informative and sometimes a little over analytical, for me. But she is able to bring up many ideas that I had never even considered before. she is very thorough in her delivery of her concept and it is a must read for anyone deeply considering building a business to be successful for the long-term.

      Reply
  2. Elma

    Hi,

    The start-up book is very informative.

    I think you are saying right things about what mindset you have to have when you are going to pick a niche.

    The explaining of a niche and what that is. There are so many people that just need this kind of content.You have explained in an easy understandable way what a niche is and how best to use it.

    Thanks for a good Post.

    I wish you much success on your journey.

    Elma

    Reply
    1. Kenneth Merrick Post author

      Thank you Elma very much for your kind words. I remember when I got started several years ago that no body explained anything about niches, hosting, widgets, nothing at all. Whether they were trying to talk like an authority or a bumbling idiot, only they may know for sure. I describe everything I am talking about like I am explaining this to 5th or 6th grader. This way I am sure that the reader will understand, and hopefully learn something.

      Reply
  3. CannaGary

    Kenneth,
    You really offer a very good breakdown for finding the right niche to suit the right person.
    The wish list forces you to decide on a point of focus, which prepares you for the concentration and analysis.

    I have found that research is really my key when I wish to choose a new direction for a website, and I appreciate your logic of testing. If you don’t test you’ll never understand the results of your efforts fully.
    Thanks again for the great rundown, all my best,

    Gary

    Reply
    1. Kenneth Merrick Post author

      Thank you, Gary, for your comment and I hope you found my review a good lesson in how to choose your niche wisely. People always are quick to criticise when defending their mistakes. History will prove whether or not the right niche was chosen by way of performance. Good luck to you and To Your Success!

      Reply
  4. Gary

    Kenneth,
    You really offer a very good breakdown for finding the right niche to suit the right person.
    The wish list forces you to decide on a point of focus, which prepares you for the concentration and analysis.

    I have found that research is really my key when I wish to choose a new direction for a website, and I appreciate your logic of testing. If you don’t test you’ll never understand the results of your efforts fully.
    Thanks again for the great rundown, all my best,

    Gary

    Reply
  5. Chris

    I always get confused with this – is niche marketing actually internet marketing? If not, what are the differences between the two? I’ve very interested in the process as I’m looking to make a little cash online and I feel I would be pretty good at marketing! Is niche marketing a little more specialized and targeted?

    Reply
    1. Kenneth Merrick Post author

      That is a very good question Chris and I am sure you are not the only one that asks this question. Niche marketing is marketing on the Internet but in a specific group or category. Internet marketing usually pertains to digital products, information products, self help programs, etc. Niche marketing would be everything else, like health and beauty would be a niche in the health and beauty group or category. I hope this helps Chris.

      Reply

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