Lots of people who are new to the online business world have asked this question time and again: “What is a niche”? To answer that universal question, a niche is a well defined group of people who share the same needs, interests, and wants. For example, you have passion and expertise in the field of boats and boating. A good way to market online is to sell information about boating to boating enthusiasts. Although the target group of boating enthusiasts is a niche in itself, it is also helpful to break it down to smaller subcategories in order to get more satisfactory marketing results.
Some people have a hard time understanding niche marketing because it seems opposite to the common idea about marketing. Lots of marketers commit the mistake of selling their product or service to as many people as possible, believing that this will result in a larger sales volume. In fact, that kind of marketing strategy usually results in failure and huge financial losses in advertising your product or service.
There are lots of online terminology that you might have encountered many times but are not fully aware of their meaning. A good example of these kinds of words is “niche”. This word may be easily understandable in the corporate world, where we define niche as a chosen field of expertise (i.e. “she found her niche in journalism”). Of course, that is a correct definition, but in online marketing, the word “niche” has a slightly different meaning and connotation.