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Niche and Target Market Defined

There are different definitions of niche and target market, and sometimes the terms are used interchangeably. Here is a good working definition of target market and niche.

A target market is the group of people most likely to buy your product or service. They are the people to whom your product is being marketed

A niche adds another dimension. A niche combines your target market with what you are helping them with. 

 

 

Niche =

 

target market (who)

+

the problem you are solving/need you are fulfilling (what)

For instance, if you are a business coach, your target market might be writers, while your niche could be writers who need to learn how to promote an ebook.

The key to understanding niche marketing is realizing that people don’t buy a service or product, they buy a solution. That solution can help them solve a problem or achieve a goal. When you become the solution provider for your target market, you are a winner.

Focus on the Solution

There are different ways you can identify your target market. You can use demographics (such as age, gender, education, income), or psychographics (e.g. lifestyle, values, psychological make-up). I would encourage you to think about your target market as a group of people who share similar challenges and goals. 

Think of it this way. Say you are a coach and you are trying to sell your coaching services. Most people don’t really understand what coaching is, nor do they have to. They just need to know what problem you solve. Maybe you help them lose weight, or have healthier relationships, or a deeper spiritual existence. They don’t really care how you do it, they just want to know what results you will help them achieve.

The same is true for network marketers. People aren’t interested in your opportunity or product, they just want a solution to their problem. Suppose you work with a health company and your target market is working mothers with school-age children. What is the biggest problem your target market faces?  One of their biggest problems is not having enough energy to get through their day. Your nutritional supplement can help them meet that need. Another of their biggest problems is the lack of a more flexible work schedule to allow them to spend more time with their families. Having a work from home business can help them meet that need.

Whether you approach things from a business or a product standpoint, you always have to first think about your target market’s needs, and come from the place of being a solutions provider.

Learn how to identify and attract your unique target market. Get a copy of my free report "Ten Steps to Finding and Attracting Your Ideal Niche".