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Internet Marketing 101: Developing Your Niche
With 30% of the US workforce now self-employed and the unemployment rate increasing on a near-monthly basis, even more consumers are looking for ways to work for themselves rather than working for a large corporation. The problem? Getting started isn't easy, whether starting an online business or an offline business. In BizReport's chat with Andrew Morden of the Internet Marketing Center, he suggests finding and developing a niche marketing.
"In November  we saw a big spike in the opening of new online businesses, but we are also seeing our clients' businesses ramp up their work. Consumers are spending, but they are also taking more time to find the 'right' product rather than settling for any product," said Morden, CEO of IMC.
Which means that not only do marketers' products need to be competitively priced, they also need to have a niche, a corner of the online world where consumers will repeatedly visit.
"We're seeing many new marketers go straight to the online set up of building a website, but there are still many businesses going to places like eBay first and then starting their online shop," he said. While this is not a bad thing, it does make it more difficult for consumers to find Marketer A's store in the clutter of other stores in the auction marketplace.
"You have to think about solving specific problems for specific market segments," said Morden. "We had a client interested in teaching guitar. He wanted to write an ebook about playing guitar but, to really work, he had to push that even further into a niche market - Christian guitar. The online markets are real time, and a market window may open and may only remain open for a short time. Doing market research and getting to market quickly are very important."
In other words, think about your product or service and then take that idea to another level - to a product or service that a specific group of consumers would want to buy.
You can read part one of our Internet Marketing 101 series here.
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