Target Market: Will It Bring You Profits?
Naturally, this is a major concern. You’re setting up a new site, and you need to make money with said website. You’re ready to launch and someone tells you that market you’ve chosen is saturated. Or that’s a dead niche. If this is your first time around the ol’ Internet Marketing block you’re worried – Did you choose the right product? Did you choose the wrong niche? Will your target market bring you profits? Or are you doomed before you even hit ‘Publish’?
Before we really get started here, let’s get one thing straight. There’s no such thing as an over-saturated niche. There are only unimaginative marketers. And there’s no such thing as a product without a market. Someone, somewhere had a need for that product or it would never have been created. And if one person needs it, chances are out of the billions of people on this planet, there’s probably someone else who needs it, too.
Your missions, should you choose to accept it, is to identify a product and the market segment who would be interested in purchasing that product. Is that clear? Don’t listen to those people who tell you it can’t be done. All it takes is a little knowledge and the ability to think outside the box.
How To Identify A Target Market
In order to sell something you have to determine who would be interested in buying it so you know who to market to. For example, if you decided you wanted to sell cat food, you would want to point your marketing efforts at people who own a cat. Dog owners won’t be interested in your product, people who own fish wouldn’t be interested. The only people who will pay for your cat food are people who own cats. They are your target market.
To identify your target market you need to know everything there is to know about your product. What are its features and how is it used? Who would benefit most from your product and in what way would they benefit?
Using the cat food example, the features of your product might be that includes special vitamins and minerals that help make your cat’s coat healthy and shiny. Your target audience will now be people who own cats and people who own cats that have an unhealthy coat. Maybe it’s a dry cat food, in which case you can also market to people who have cats who prefer dry cat food and people who don’t like dealing with messy canned cat food.
Each time you identify a specific feature of your product and the benefit of that feature you identify another target market.
Learn to Think Outside the Box
Some products will have only one or two features and seem like they’d be in little demand. Take a simple pencil, for instance. Someone might tell you that selling pencils wouldn’t be profitable because there are already plenty of other marketers selling pencils and you can only use a pencil for one purpose – to write something.
But what if you got creative and started thinking outside the box? Someone was smart enough a few years ago to sell people on the idea of buying a Pet Rock. You could put little eyes on pencils, put them in some type of interesting package, and sell Pet Pencils. You could use green pencils to craft a Christmas tree. You could sell people on the fact that pencils make great knitting needles because you can also use them to mark off your pattern as you go. It’s an extreme example but you get the point. If you think outside the box, you can come up with thousands of uses for pencils and create entire knew marketing avenues.
It’s generally not a question of whether or not your target market will bring you profits. As long as you have a market and you sell your product at a markup you can always make a profit.
Most of the time when someone tells you a product is not profitable what they really mean is they can’t generate sales. But not being able to sell something doesn’t mean it’s not profitable. It just means you either haven’t found the right buyers for your product or you haven’t found the right product for your buyers.
The next time someone tells you to avoid a product or niche because it’s over-saturated or not profitable, tell them they’re wrong. You’ve done the research, you know the features and benefits of your product and you’ve identified your target audience. Your target market will bring you profit because you know how to think outside the box.