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What are the definition of markets and niches?

keepittrill
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What are the definition of markets and niches?

Hi everyone. I'm sure you can indicate by the question that I'm asking that I'm a newbie and you would be correct. I'm hoping someone can shed some light on what the definitions of a market and a niche are and provide me with plenty of examples so that I may relate the examples to the definition. I'm just starting out and trying to figure my path in this what seems like an ever-expanding affiliate marketing world. Any help would be greatly appreciated.
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jmpruitt
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The two are used interchangeably, however, they can be defined differently depending on who you talk to. this helps to add to the confusion that you feel.

A market can be defined as a specific group of products and information to help solve a defined problem. For example, relationship advice. There are a lot of books, and services on relationship advice. learning the market would consist of learning the information within these products.

A niche is defined as a specific group of people looking for a solution to a specific problem( ie the customers for your market)

within the relationship market there are many niches to target. you can target people looking to get their ex boyfriend back, win back their ex girlfriend, or heal and move on after a breakup. you could be looking to save your marriage after infidelity, or catch a no good cheater in the act.

All of these fit under the relationship market, but the specific problems they are facing require differences in how you market a product to them.

another example of a market would be dog training. There is a wealth of knowledge in this market online. however, they may be in the niches for : agressive german sheppard, poodles digging up the yard, or a shiatsu needing potty training. These are specific breeds, and problems that people would face.
Again the more focused you are with your niche, the more likely you will be able to convert sales. however, if you focus too tightly, you may have trouble finding enough keywords to fill out a website.

hope this helps.

james
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keepittrill
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So are markets the categories that affiliate networks like Commission Junction or Linkshare list when trying to choose an affiliate program?
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jmpruitt
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could be. it depends on how they have their categories set up. usually i would define a market more specifically though.
for example, at Clickbank, they have a category for home and garden.

this encompasses many markets not just one. I have products in there on woodworking which is a market, gardening advice, home repair, all of these are different markets that usually get all lumped together.
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keepittrill
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Thank you for the help but I still have one more question though. Using your example of home and garden and how it encompasses the markets of woodworking, gardening advice, and home repair, how would I know those were markets in of themselves and how would I go about finding the niches within them?
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jmpruitt
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that is all about the research. find out where to find information, and who the people are that are interested in those topics. Personally, I only go for niches that i am already involved in or have some experience with.

because of this, I am already a member of communities online where the people needing this info are hiding. I like to join groups on social sites, forums, and other places people like to go.

For woodworking, I was a professional cabinetmaker for 10 years, and the foreman of a custom cabinet shop. now, i play in my workshop in my spare time. I have several forums and social groups where I hang out, and help people. look in forums. each category in a forum could be a specific niche to focus on. like here, you could build a site focused on PPc, SEO, content Creation,or Website Design, target people within that niche through some keyword research and networking with other website owners,

Now, I don't recommend the Im niche right off the bat, but that is an example of how to pick out the specific niche that you want to target.

With my woodworking site, I focus on cabinet plans and tools. I have several forums that I am an active member in, and I do the same thing there that you see me doing here.I post loads of advice, and help people, and they check out my website in my signature file. Those forums usually dont allow linking in post, so you have to rely mainly on the traffic you can get through your signature.
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This topic was started on Jul 10, 2010 and has been closed due to inactivity. If you want to discuss this topic further, please create a new forum topic.