We have been going on about niche blogging and how you can monetize your niche blog for quite some time now. I just thought that it would be good share an article I read about niche marketing and how it might not be as safe as we thought. It is actually an old article by Jeff Cornwall and does not specifically mention blogging but the concepts contained in it are very much applicable to niche blogs.
His premise is basic – entering a niche for business (such as a niche blog) can be very profitable. However, you have to bear in mind that there are some precautions that should be involved. Otherwise, you might become too complacent and find yourself failing in your endeavor. Some of the most important points that he raised are as follow.
– Entering a niche requires adaptability in your plan. Many entrepreneurs assume that since the niche is a relatively safe place, they can establish their business plan, execute it, and all will be good with the world. But, if you miss the mark on exactly what the niche wants, it doesn’t matter how safe the niche is, the customers will not automatically buy from you. You still have to offer what they want.
– Niches Change. Even if you get the market right in the beginning, niche markets (like any market) will change over time. Success in a niche requires that you adapt as your market changes.
– Niches Can Go Away. No market is forever. Niches are the type of market that can dry up, sometimes quite suddenly.
– Niches Can Grow. While significant growth in your market may not sound bad, it can attract more competitors. And if it grows large enough, it can attract some of the “big boys.” At some point your cozy little niche can feel quite crowded and really is no longer a niche. That requires that you adapt your business strategies to this more competitive market.
The bottom line is that you have to have a plan B, even a plan C in case the need for these back up plans come up. Your ability to change with the changes that are sure to come will determine your success in niche blogging.
Originally posted on October 26, 2008 @ 11:49 am
