Have you ever heard the expression, jack of all trades, master of none? It actually means that a generalist can do everything nicely, while an expert does one thing extremely well. The same holds true when you’re selling online.
Finding out a niche market and putting yourself as the go-to brand for a particular audience not only establishes your credibility over rival generalists yet also results in a more focused business, from your unique value proposition to your content marketing, that makes it simpler for the right customers to say, “This is for me.”
Whether you’re racking your brain trying to think about your first product idea, beginning with a niche is the best place to start. There are so many niches you can pursue, with the opportunity to niche down even further. The idea is to identify a niche market that you can master and has a viable audience.
Below, we’ll go over what a niche market is, and how to identify one, additionally seven niche market examples that are good for new players.
A definition: What exactly is a niche market?
A niche market is a segment of a bigger market that can be defined by its own unique preferences, needs, or identity that makes it different from the market at large.
Almost every market can be further divided, or refined, by the explicit needs and preferences of its constituents. Below are the most common ways to define a niche are depend on:
- Demographics (gender, age, education level, income level)
- Price (e.g. moderate, luxury, discount)
- Level of quality (premium, economical, handmade)
- Psychographics (values, interests, attitudes)
- Geographics (residents of a certain country, city, or even neighborhood)
Selecting to focus on a niche is a strategic business decision to serve a certain customer base better than competitors who target the larger market.
Let’s take a look at some examples.
7 niche market examples (and niche products you can sell)
While you might have particular trending product ideas already in mind, you can boost your odds of success by starting with a niche market and then drilling down to discover niche products with a perfect market-fit. Here, we’ll find out seven larger markets to explain to you how they contain their own niche markets.
Remember this list of niches product ideas for 2019 is just a place to start your search for a niche market—you can always go in a totally different direction or discover other niche opportunities within each category.
Pet owners
Total expenditures for the pet industry in the U.S. is around $75.38 billion in 2019. There are so many opportunities to develop a niche within this market, across different types of lifestyles, pets, and so on.
While most people own dogs, cats, or fish, there are likewise unique pets like lizards, turtles, horses, and even chickens, all with their own potential opportunities.
More niche product ideas for pet owners
- GPS pet trackers
- Personalized products with pets’ photos
- Pet cameras to watch and interact with pets while you’re not at home
- Organic pet food and treats
Travelers
Online sales in the travel industry increased by nearly 10% in 2018, projected to $694.41 billion spent. Coupled with the declining cost of air travel over the past three decades, a more mobile consumer means a lot of niche audiences to tap into, from the frequent business traveler to the remote worker struck with wanderlust.
Even the way consumers approach traveling is changing. Travelers are caring more for the environmental. As per Booking.com, more than half seek sustainable alternatives but have difficulty finding them.
This gap shows so many chances for brands to prepare the plate and support eco-friendly initiatives through reliable products. And travelers are looking just green options. They additionally look for authentic local experiences, and long-term trips.
More niche product ideas for avid travelers
- Smartphone accessories for traveling writers
- Comfortable athleisure for frequent flyers
- Scratch off travel maps for people who love collecting travel experiences
Homeowners
Homeownership is evolving. What used to be the norm is no longer the case, and the percentage of U.S. consumers who additionally own homes is decreasing day by day. There are so many reasons for this, such as the increase in the cost of living and salaries that can’t reach.
As such, not only is homeownership on the decline, however, the definition of being a homeowner is additionally changing. Homes are increasingly being turned into shared spaces or investment properties which generate extra passive income thanks to the advent of home-sharing via VRBO and Airbnb.
More niche product ideas for homeowners
- Furniture/home decor for small apartments
- Home security cameras
- Home solutions for renters
Locals
Even the world’s most well-known brands are adopting local advertising strategies through targeted campaigns. What’s more: They’re participating with a consumer-driven movement to support local businesses.
However, if you’re only selling online, it can be tough to establish a local presence. Fortunately, there are a couple of ways for ecommerce sellers to get in on the movement by searching at their city or country as a niche market.
More niche product ideas for locals
- T-shirts with slogans particular to a city or culture
- Prints/photobooks of a certain cityscape
Remote workers
The increase of remote workers is largely thanks to two influences: more self-employed individuals and more organizations open to the idea of dispersed teams.
There are a couple of reasons for this. For one, letting employees work remotely boost productivity and job satisfaction. These workers are additionally more engaged and 2x more likely to work more than 40 hours a week.
More niche product ideas for remote workers
- Decor for home offices
- Desk toys/decorations
- Laptop accessories for individuals who love coffee shop work sessions
Gamers
Console gamers, mobile gamers, table-top gamers, PC gamers, —and so on are part of “Games”. There are nearly 2.3 billion active gamers worldwide, and almost half spend money on their hobby, spending on an industry worth $137.9 billion in 2018.
Mobile gaming, in specific, is taking over, projected for 91% of the market. A trend that doesn’t show any signs of slowing down is that the more females are entering the market than before.
Within this category, you can additionally niche down based on popular consoles, or genres.
More niche product ideas for gamers
- Decals to personalize controllers, consoles, and so forth
- Ergonomic products for long gaming sessions
- T-shirts referencing aspects of gamer culture
The LGBTQ+ community
The LGBTQ+ community is big, and these buyers have some unique shopping habits. Per Nielsen shop nearly 10% more than the average American shopper—and they’re likewise more likely to spend about 7% more.
More niche product ideas for the LGBTQ+ community
- Pride-inspired designs
- Makeup particularly designed for certain skin types
- Clothing made for specific body types
How to evaluate your niche market ideas
Now that you know what to sell online, you have to make sure there’s an audience for it. In the beginning, your niche products and market are just ideas—a hypothesis of what you see will resonate with your target audience.
While targeting a niche as your focus will make it infinitely simpler to discover potential customers and convince them to purchase from you, you have to make sure there are enough buyers in that niche to make it possible. If you decide your niche is too small to generate more profit, think about pivoting to a different audience within that niche.
Even if you do accomplish success early on, niches change and it’s up to you to experiment with your audience and adjust your brand position gradually. You may need to introduce new products to your line as new opportunities come in.
Here are a couple of ways to evaluate your niche market idea:
- Build your audience first
- Kickstarter campaigns create a buzz about products before they’re even been prepared. While this might be not your way, you can still launch your idea and gain followers before the idea come into action through social media campaigns, email opt-in pages, and other online strategies. This way, you’ll need an engaged group of potential customers ready.
- Test before you invest
- Initiate with a small bunch of products and run a campaign to your targeted audience. Get feedback from customers who’ve made the first purchases, or send a couple of to influencers and ask them what they believe. It’s significant to get feedback as soon as possible, particularly if you’re creating a new product, so you can improve it before it goes out to the rest of the world.
- Dig deeper into your niche
- You already did the keyword research to define your niche market, however, you can go in-depth. Analyze social media, influencers, blogs, and other key areas in your niche to get insights.
- Research consumer trends in your market
- It’s vital to be up-to-date with what’s happening in your selected niche. Some of the resources like Think with Google, Facebook IQ, and Nielsen consumer research will allow you to understand consumer desires, pain points, and breakout ecommerce trends.
Moving forward with your niche market opportunity
Now that you know how to pick a niche market and develop product ideas your target audience will buy, it’s time to turn it into a reality.
Which trends or products have you noticed so far? Let us know by simply dropping us a line on support@builderfly.com.
