If you haven’t figured it out already, when starting your internet business, picking a niche is critical. Go too broad and you won’t be able to afford to reach anyone. Go to narrow and you won’t have enough customers to make money. Internet Marketing allows you to cost effectively reach lots of customers, but still, picking a niche is key. And now I will get personal.
When I stated my second internet business, GirlMogul, I wanted to sell girl power t-shirts. I was inspired by an idea, but I did some research – there was no one else selling girl power t-shirts and there are lots of girls who wear t-shirts. Slam dunk, right? Not quite. The lack of competition should be your first indicator when picking a market. Competition is good – it means people are making money. It’s not your job to break open a new market – it’s expensive and time-consuming – especially for a mom who is looking to start a profitable business to make extra money.
Secondly, think big. With my third internet business I thought health and wellness – it’s a market with tons of competition, but it’s also huge. And the people who tend to buy one health and wellness product tend to buy more. Repeat buyers. For me to be successful I only need to capture a few “customers”.
So when you’re thinking of your internet marketing strategy, the first place to start is to decide what area you want your online business to be in – don’t worry so much about products yet – instead look at broad categories. Think about what you’re interested in – cooking, gardening, reading, parenting, automotive repair, home decorating, house projects…or any other hobby you might have – running, lacrosse mom, wrestling mom, etc – list them all out.
Why? Because your internet marketing strategy will be based on you becoming something of an expert in your niche – you will be spending a lot of time in this market so you better like it.
When I stated my second internet business, GirlMogul, I wanted to sell girl power t-shirts. I was inspired by an idea, but I did some research – there was no one else selling girl power t-shirts and there are lots of girls who wear t-shirts. Slam dunk, right? Not quite. The lack of competition should be your first indicator when picking a market. Competition is good – it means people are making money. It’s not your job to break open a new market – it’s expensive and time-consuming – especially for a mom who is looking to start a profitable business to make extra money.
Secondly, think big. With my third internet business I thought health and wellness – it’s a market with tons of competition, but it’s also huge. And the people who tend to buy one health and wellness product tend to buy more. Repeat buyers. For me to be successful I only need to capture a few “customers”.
So when you’re thinking of your internet marketing strategy, the first place to start is to decide what area you want your online business to be in – don’t worry so much about products yet – instead look at broad categories. Think about what you’re interested in – cooking, gardening, reading, parenting, automotive repair, home decorating, house projects…or any other hobby you might have – running, lacrosse mom, wrestling mom, etc – list them all out.
Why? Because your internet marketing strategy will be based on you becoming something of an expert in your niche – you will be spending a lot of time in this market so you better like it.
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