should I find niche, market or niche idea? :S

[Dare]

I'm REALLY CONFUSED. What should I write down in day 2, niche markets, niches or markets ?????? This guy Mike on his blog posted this:
http://spreadsheets.google.com/pub?k...rzoSpuoOLEKedw

So I'm totally confused now. What should I write down on day 2, niches, niche markets or markets? Can SOMEONE post at least 3 (niches, niche ideas or markets) to see what exactly I need to research?
This thing with niches is really becoming very confusing.

[nickv]

Originally Posted by Dare

I'm REALLY CONFUSED. What should I write down in day 2, niche markets, niches or markets ?????? This guy Mike on his blog posted this:
http://spreadsheets.google.com/pub?k...rzoSpuoOLEKedw

So I'm totally confused now. What should I write down on day 2, niches, niche markets or markets? Can SOMEONE post at least 3 (niches, niche ideas or markets) to see what exactly I need to research?
This thing with niches is really becoming very confusing.

Hi,

Dont get get stressed, dont worry about the terminolgy.

Just think about the stuff you know about, sport, hobbies, life experience, whatever.

What are the things people in those areas want/need/worry about ?

At this stage all you need is some ideas not detailed plans.

nick

[REcoach]

I struggled with this too. But I keep going back to my notes on what Ed said. He's often given an example of "underwater kickboxing" as a niche, and it might break down like this:

sports = huge market (large area of interest for a lot of people--blogs are talking about it, people are searching about sports) Magazines and books all over the place (Sports Illustrated, and others that are even broken down into smaller niches like skiing, martial arts, etc).

kickboxing (narrowed down from martial arts, a segment or part/area/type of sport/martial art)

underwater kickboxing = very narrow niche, enjoyed by fewer, but passionate, people. As if there were a couple of magazines for underwater kickboxers and they have groups in Yahoo, or people blog about it. BUT they have money (aren't penniless and can't afford to indulge their passion...) and seem to be willing to pay for something having to do with this niche sport.

I'm interested in underwater kickboxing or I'm not, I know something about it or not, I'd like to know more about it or not--and I write it down or not.

At this point, we don't have to worry about what we could sell them or what they would buy. We just have to write down that idea.

He mentioned home improvement too.

Home improvement = big wide market a lot of people are interested in, and talking about and spending money on (Books and magazines abound)

Kitchen remodel = narrower market (not everyone interested, but those that are have spent a lot of money in that market). Magazines abound

Kitchen design help = example of narrower niche of people who are interested in paying for specific (narrow) help in the broader remodel market.

Following Ed's example, there might be Cottage Style Kitchen Design Help = much narrower niche, with fewer but passionate enthusiasts.

Hope this helps.

[Bizniz]

It is good to start with some definitions:

What is a Market?
From Wikipedia, "A market is a social arrangement that allows buyers and sellers to discover information and carry out a voluntary exchange of goods or services."


What is a Niche Market?
From Wikipedia, "A niche market is a focused, targetable portion (subset) of a market sector."

So here is an example:

People buying and selling "Computers" is a market. Can we segment and define an even narrower set of people in this market (that is a niche)? Have a look at this:

Computer Monitor - something that is needed with a computer but what type of monitor?

LCD Computer Monitor - a computer monitor that has good picture resolution because it uses LCD technology.

17" Wide Screen LCD Computer Monitor -a specific type of computer monitor that has good picture resolution and shows wide screen DVD's

Sony 17" Wide Screen LCD Computer Monitor - the Sony brand of a specific type of computer monitor that has good picture resolution and shows wide screen DVD's.

Now in the market where people are looking for a computer monitor, there will be a set of people who are specifically looking for a "Sony 17" Wide Screen LCD Computer Monitor" and this is what you would describe as a niche market from a product perspective. It is just a narrow and well defined segment of a much broader market.

For this niche market to make you money, you need to find out are there enough people in the market looking for a "Sony 17" Wide Screen LCD Computer Monitor" and can they afford to buy one. Furthermore, do you have an offer for a "Sony 17" Wide Screen LCD Computer Monitor" that is uneatable compared to the compitetion in the market place and can you communicate this offer to that niche market cost effectively so you can make a profit?

I knew there was a reason why this marketing stuff can be confusing! Alas the 30DCIII will teach you Grasshopper!

[Caro]

Originally Posted by Dare

I'm REALLY CONFUSED. What should I write down in day 2, niche markets, niches or markets ?????? This guy Mike on his blog posted this:
http://spreadsheets.google.com/pub?k...rzoSpuoOLEKedw

So I'm totally confused now. What should I write down on day 2, niches, niche markets or markets? Can SOMEONE post at least 3 (niches, niche ideas or markets) to see what exactly I need to research?
This thing with niches is really becoming very confusing.

Fair enough being confused.

Mike's blog is super informative - and he has taken it to another level.

Which you don't need to for yourself.

Simply list down ideas.

And stay away from the 'big boys/girls' - such as health, weightloss, dating, real estate etc (as per the podcast and videos).

And there are some great posts here to assist.

Like Martial Arts is too broad. Kick-boxing is too - but Kick boxing for Seniors is a niche.

Or like Scrapbooking - is a niche done to death. But there are Scrapbooking layouts - and taking it a step further you may go for Scrapbooking layouts for children

Ed has used the example of Speed Reading as being a niche in of itself.

Hot Air Ballooning could be a niche idea.

Or Luxury Hot Air Ballooning

At this stage we'll show you how to further whittle something down if need be.

Just get the ideas down and don't Self Edit - as we'll show you an amazing (and Ed's going into SUPER detail with this which is beyond helpful) process to quantify viability and increase the probability for success.

Best wishes with it all,

Caro

[Caro]

Originally Posted by Bizniz

It is good to start with some definitions:


People buying and selling "Computers" is a market. Can we segment and define an even narrower set of people in this market (that is a niche)? Have a look at this:

Computer Monitor - something that is needed with a computer but what type of monitor?

LCD Computer Monitor - a computer monitor that has good picture resolution because it uses LCD technology.

17" Wide Screen LCD Computer Monitor -a specific type of computer monitor that has good picture resolution and shows wide screen DVD's

Sony 17" Wide Screen LCD Computer Monitor - the Sony brand of a specific type of computer monitor that has good picture resolution and shows wide screen DVD's.

Hi BizNiz - Ed spoke on the podcast about not looking at Products - rather at Niches.

So you might sell (we wont - as we are going to be offering downloadable products - not pyshical) a Sony 17" Wide Screen LCD Computer Monitor to people in a niche for (I'm making this up :P)...Second Life Hobbyists

So in this contest the niche is the interest or the hobby - what someone is passionate about doing.

A TV or other products may be a tool they use, or something they want to increase the experience they have in that niche. You don't want to even begin to think about products - they are 4th on the list in order and in importance.

I hope this helps.

Caro

[Bizniz]

Hi guys. My use and description of a product was intended to be used in the context of an example to help explain the concpetual differences between a "market" and a "niche market". All markets are defined by the products and services they consume and choosing one market that you have an interest, knowledge and a passion for, is definitely a smart way to approach internet marketing.

[mikemindel]

For those who are still confused on the difference between a niche, a market and a niche market see my article So What Is A Niche Market Anyway?

- Mike

[mikemindel]

Dare,

I feel your frustration.

There's plenty of people on the forums telling you to try this tool & that tool (including me).

But there's nothing here about the mental process that needs to take place to generate those ideas.

I've written a blog post 'That Magic Feeling When You Find a Niche Market' for you and others who feel the same way.

I hope it helps.

-Mike

[dhanediesil]

Great information. Those terms were confusing me as well. But you hit the nail right on the head with this post.

Something I did that helped me get a few ideas was walk around my house and find the unusually things that I had in it, whether it was mines or a roommates. I know in the podcast, Ed talks about getting away from the laptop and going out in the world and exploring what it has to offer. It really does help. But if you are like me, you can start in your own home, and venture out from there.