- n this article, I will discuss what a niche is and its importance when selling online
- I will explain how the Market Research Lab works to find top selling items online.
- I will also provide advice for choosing the right audience for your niche.
Why Choosing the Right Niche is Important
- Product niche pertains to a particular segment of a market that a seller focuses on selling in, based on your market’s needs and wants.
- With a ton of competition online, selling in deeper market segments can help you stand out from generic product categories.
- Choosing a niche helps you narrow down your target market, which makes it easier for you to focus and sell your products.
- Selling niche items helps you easily understand your product and who it’s for, leading to better customer service which can potentially result in repeat sales.
How to Figure Out What Profitable Products to Sell
- The Market Research Lab is updated every few days to provide the latest trending products online.
- Using the Lab allows you to focus on high-profit products by setting the Sell Rate to at least 40%, and Competition set to “Low”.
- You can also find bigger ticket items under High Competition. Filter the results by Product Type and you’ll find accessories and other related items that can equally bring in higher profit margins.
- The Market Research Lab is a free tool however, paid subscribers can get complete access to some supplier suggestions of featured products.
Tips on choosing the Right Target Market
- Having a well-defined target market allows sellers to succeed as it gears your niche toward an identified audience that are more likely to buy your items.
- By analyzing your niche’s key features, it helps you identify who will benefit from what you offer.
- Segmenting your target market by age, gender, lifestyle, hobbies, occupation, and even income and education level, helps you to market your niche to a more specific demographic.
- Get real people to answer surveys and questionnaires as these data provide metrics that funnels potential leads.
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