Ecommerce Business Models are a broad topic, but I am going to do my best…
Welcome to Formulas For Finding Unique Niches for your store website moreso for dropshipping business.
Firstly, you can search for a niche by making research on a specific niche either by using tools such as Aliexpress, eBay, Google etc. then trim down the specific niche into a subtopic. Then lastly, find a target market to take your products to. The formula could be represented merely with this:
Find an industry – A target Market – specific category of people – then, reason – product.
E.g. Health industry – Diabetes – over 50 Men – those at the risk of losing their legs then find product related to legs, e.g. wheelchairs
You can see that the formula applies to most of the niches we have discussed above, although there can be some exceptions, as there are exceptions to every rule.
So it is advisable to always “niche down.” do you know why it’s crucial to niche down?
Formulas For Finding Unique Niches Let’s discuss that in the below post
Why do you need to “Niche down” your Dropshipping ideas
It should be noted down that the more you “niche down” your research results, the more specific and more information about your target market you will get, and the more Higher is your chance of success.
Whenever you are trying to market your products to anyone (e.g. weight loss for every sex, age and condition), this will leads to not focusing on a specific type of persons, categories, issues, etc. This might make you miss the mark.
Adversely, if you were, let’s take, for example, a 50-year-old woman, who got divorced recently, and is looking forward to getting back into the dating game. Would you ever want to take advice from a guy in his early 20’s?
Who has never been in your type of situation? Or would you have preferred to take advice from a woman who is divorced and over 50years of age? This is someone who understands your situation well enough to give you advice.
Or are you a woman looking to get back into shape after pregnancy? Which would you choose, taking advice from a mother of three who still look cute and fit or an overweighted 24 years old lady?
I know you will prefer a mother of three who looks great. That’s to say; you will always want to take advice from someone who is more experienced or someone with a ready-made solution to specific problems. Better of, you would want to listen to someone with a better experience.
If you just set out content and advice which is designed to appeal to everyone you end up appealing to no one.
As people will always say “this advice isn’t aimed at me”, so choose your niche wisely and be specific.
So, Let’s briefly wrap this chapter up…
A little summary of what this chapter entails
You should know that
About 99 per cent of websites could be said to be broad and generic and try to look appealing to their visitors, therefore, more often than not, they end up offering little to no value with so many ambiguities.
Moreover, if you trim your areas much down to find that superb niche, you’ll get a smaller audience and super niche.
You should also know that there are lots of competitors that are trying to compete and gain the attention of your audience. So you will need to find a unique niche to create an evergreen niche for your Shopify store.
You could also use this numerical analysis.
For you to earn about $1,000, you only need about 100 customers to spend about $10 for a month; you will make your target income. That is a projected estimate for a particular niche.
So without stressing much, you could easily get more than 100 customers to spend as little as 10 bucks if you go into a specific niche as earlier discussed.
Know that you could get as much as 500 to a thousand people to spend as little as 10 bucks, no matter the specific niche you choose.
The trick here is that you can easily get about hundreds of people to spend as little as $10 if you are offering them a super specific advice which suits them directly.
That is why it is better to choose a niche which is specific than choosing the one which is wide and general.
By now, you should have gotten a good idea on what a niche is all about and how to get a profitable niche.
Thanks for reading my guide on Formulas For Finding Unique Niches ,Now click through to chapter 2 to quickly get more of an idea of the characteristics of a good niche market.