Did you know that when you're looking for a hot topic to write about or a hungry market to go after, the best strategy for an independent publisher is to divide a large demand into manageable market niches.
A niche market is an easily identifiable market that can be targeted for direct promotion, i.e. golfers, model plane hobbyists, coin collectors, etc. If there is a gap in a market that is not being provided for by existing businesses in the industry you can fill it with your book or service. And you'll be less likely to face competition when you initially enter the market.
You might think the saying, "pick a niche and grow rich" is just some silly clich. The truth is if you try to write to everyone, no one will read it. But when you laser focus on a specific topic and target market you can sell more to less people then selling less to more people.
Authors who offer specialized books, goods and services that are attractive to a specific group of prospective buyers in a niche market have a better profit potential than those who attempt to go after a broad market which is almost always fill of products and services promoted by large companies with even larger budgets.
Joe Garris, creator of Product Idea Profitability Evaluator (PIPE) Software suggests answering four basic questions before choosing a niche market.
1. Is the market easily defined and reachable?
a. Where do they hangout?
b. What publications do they read?
c. Do they have clubs or events that bring them together?
d. Are they looking for information online?
2. Is the market small enough that there are not many competitors but large enough to allow you to make a profit?
3. Will the market actually have and spend money?
a. Do they actually buy stuff?
4. Does the group have ridiculous amount of passion for the hobby or topic?
a. Do they eat and sleep the hobby?
Finding a niche requires balance. You don't want to speak to so many people that no one hears you. Nor do you want to get so specific that not enough people fill the target audience.
Identifying the right niche to target will be one of the top five things necessary for your success as a self published author. It will allow you to sell more of your books to less people for maximum profit.
A great magazine for finding a niche market and learning how to use target marketing to your advantage can be found by Googling Target Online.
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