Riches in Niches?

Some folks have wondered, are there really "riches in niches" as some marketers have said?

It depends on what we mean when we use the word "niche." Do we mean a particular segment of a market? Or do we mean some tiny "micro-niche" where there's little to no competition?

So long as a niche is a sizable market, then niche marketing can make you wealthy, and the saying is true. But if a niche is so small that it's overlooked by most marketers, then playing in that niche will not make you wealthy, and the saying is false. You will have to be involved in multiple "micro-niches" to find your "riches."

Let's use the copywriting market as an example. It's not a large niche, not by most standards. And it has come nowhere close to making me rich. I write a blog for this market for reasons other than money, although I like to make money every now and again.

How does AWAI sell their Six-Figure Copywriting program? They don't market it to the so-called direct response copywriting niche. Rather, they persuade general writers (a much larger market) to specialize in direct response copywriting. So they're tapping a large niche to bring people into a smaller niche.

Ultimately, I would not say there are riches in niches. The statement is too broad to be of much value. I think a more accurate saying would be, "There are riches in many niches, but not all."

Comments

[Joseph Ratliff]

Ryan,

I was once taught by a marketing master to "follow the money" when marketing a product or service.

That may lead to a niche, and it may not. Wherever people are spending money, that is where you "dip your cup."

That marketing master was the late Gary Halbert.

One good tip to point out here is don't limit yourself to just one niche for the sake of marketing to a niche...

Rather market to that niche because there is money there, people are spending it, and you have become a master of that niche (or are working at becoming a master).

Joseph Ratliff

[Alex Smith]

Hey buddy! Nice blog that you maintain here.. I just chanced upon your blog surfing the blogosphere. I was thinking.. you could try out some interesting widgets on your page and spice it up with more relevant information. E.g try out the new widget on http://www.widgetmate.com with your relevant keywords

[Susan Friedmann]

Pick the right niche, do some strategic marketing and the riches are likely to follow.
Susan Friedmann
Author: "Riches in Niches: How to Make it BIG in a small Market."