How “micro” should you go in choosing a niche? It’s like slicing an apple pie… - ydread@gmail.com - Gmail

Here’s the bottom line: if you want to build a sustainable online business, you need to FOCUS. Focus on a niche, not a market.

What’s the difference?

A “market” is simply a giant collection of buyers and sellers.

A “niche” is a segment of a market.

You can think of it as a pie. The market is the whole pie; a niche is a slice of the pie.

And you might have heard of a “micro niche”, which is even more granular. A micro niche is like cutting one slice of a pie into a hundred smaller slices!

Here are the three classic, evergreen “markets” that can be divided into smaller “niches”:

- Health
- Wealth
- Love

Here are examples of niches within those three markets:

Health:
- heart disease
- high blood pressure
- weight loss

Wealth:
- investing
- make money online
- career advancement

Love:
- dating
- relationship management
- divorce

And here are examples of micro niches within those three niches:

Health > Weight Loss:
- paleo diet
- raw food diet

Wealth > Investing:
- penny stock investing
- day trading

Love > Dating:
- Christian dating
- Latino dating

And you could niche it down even further:

- raw food diet for women
- day trading for advanced investors
- Latino dating in New York City

Adrenal Fatigue - 90,500

Permaculture - 74,000

Aquaculture - 33,100

Craft Beer - 27,100

DIY Jewelry - 9,900

Funeral Insurance - 6,600

Pear Shaped Engagement Rings - 6,600

Burial Insurance - 5,400

Bike Polo - 4,400

Final Expense Insurance - 3,600

Dog Potty Training - 2,400

Unique Weddings - 1,300

Basket Making - 1,300

Life Insurance for Diabetics - 1,000

Got it?

So if you have an idea for a market, you need to “niche it down”.

Then, once you’ve got a niche that you can handle, it’s time to do “deep dive” research into the minds of your niche audience.

1. What problems are they having that they desperately need a solution for - but can’t find?
2. What challenges in their lives keep them awake at night?
3. What language ("hot button" words) do they use to describe these problems, their situations, and the solutions they think they need?