Why Choosing the Right Niche is Important
Product niche refers to a specific segment of a market in which a seller focuses on selling based on the needs and desires of that market. With so much competition online, selling in more specific market segments can help you stand out from the crowd. Choosing a niche allows you to narrow down your target market.
Selling niche items also allows you to easily understand your product and who it is for, resulting in better customer service and, potentially, repeat sales.
How to Determine Which Profitable Products to Sell
Every few days, the SalesHoo Market Research Lab is updated to provide the most recently trending products online. Using the Lab allows you to concentrate on high-profit products by setting the Sell Rate to at least 40% and the Competition to “Low.”
Larger ticket items can also be found under High Competition. When you filter the results by Product Type, you’ll find accessories and other related items that can bring in higher profit margins as well. Although the Market Research Lab is a free tool, paid subscribers have full access to some supplier suggestions for featured products.
Tips for Selecting the Appropriate Target Market
You can direct your marketing and sales efforts toward a more specific demographic by segmenting your target market by age, gender, lifestyle, hobbies, occupation, and even income and education level. Gather responses to surveys and questionnaires from real people, as these data provide metrics that funnel potential leads into your system.
Having a well-defined target market helps you to succeed because it directs your marketing and sales efforts toward a specific audience that is more likely to purchase your products and services. By analyzing the key features of your niche, you can determine who will benefit from what you have to offer.