Questions about Niche

[financialfreedom]

Is it better to just get started and focus on creating a reputable brand and marketing yourself well with your ecommerce store if there isn't necessarily a hot demand for your product, or is it better to search for the hot niche with lots of competition?

thanks

 

[JamesBlake]

It depends on your end game. Are you trying be in that niche for the long haul, make some money and flip it, or just see what works?

 

[Splatterfox]

Is it better to just get started and focus on creating a reputable brand and marketing yourself well with your ecommerce store if there isn't necessarily a hot demand for your product, or is it better to search for the hot niche with lots of competition?

thanks

I can just recommend anyone to go either for a mix of both, or a real niche product. Why would you care if a product is "hot", if at the same time 20,000 competitors sell it? I would rather have 1% marketshare in a 1 million dollar market than 0.00001% marketshare in a 1 billion dollar market.

I also made a video about the comparison of niche stores and general stores, maybe this will help you out in your situation a bit:

 

[Bobtx85]

I have heard differing views on this. Yes, "hot" products may have more competition, but there is competition there for a reason- it means there is money to be made in the niche. In general, if possible, I think the best thing would be to see if you can find some sort of specific niche in a "hot" product. Try and find a unique position in the $1 billion market.

Now, if the less competitive market is still very large then sure, but if your talking about the difference between something that gets searched for 4 million times per month and something that gets searched for 200 times a month- go for the 4 million and just try to be unique or better than the rest.

Just my thoughts.

 

[financialfreedom]

I have heard differing views on this. Yes, "hot" products may have more competition, but there is competition there for a reason- it means there is money to be made in the niche. In general, if possible, I think the best thing would be to see if you can find some sort of specific niche in a "hot" product. Try and find a unique position in the $1 billion market.

Now, if the less competitive market is still very large then sure, but if your talking about the difference between something that gets searched for 4 million times per month and something that gets searched for 200 times a month- go for the 4 million and just try to be unique or better than the rest.

Just my thoughts.

Thanks for your insight you make a good point looking for the unique position in the big market

It depends on your end game. Are you trying be in that niche for the long haul, make some money and flip it, or just see what works?

My end goal is to make this store as big as humanly possible no matter how much effort it takes

 

[financialfreedom]

I can just recommend anyone to go either for a mix of both, or a real niche product. Why would you care if a product is "hot", if at the same time 20,000 competitors sell it? I would rather have 1% marketshare in a 1 million dollar market than 0.00001% marketshare in a 1 billion dollar market.

I also made a video about the comparison of niche stores and general stores, maybe this will help you out in your situation a bit:

Thanks for the video I checked it out, but i'm still a little unsure if it answers my question...I read your thread about you making 200K+ and I am wondering if that is possible with a niche that isn't booming or trending....I understand the importance of marketing and branding, but is it a waste to market/brand something in a smaller niche that won't gain attention? or is really about gaining momentum and attracting attention to your brand regardless of market size?

 

[anas171]

I agree with you