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Evaluating a Niche

Hi all, I believe I may have found a new niche for my product and was wondering what are some best practices in fully exploring the niche further.

How do you go about qualifying or even quantifying the potential of a market and whether it makes sense to purchase a list and get after it?

Thanks! - by klozer
Hi all, I believe I may have found a new niche for my product and was wondering what are some best practices in fully exploring the niche further.

How do you go about qualifying or even quantifying the potential of a market and whether it makes sense to purchase a list and get after it?
Have you "found" a niche, or attempted to create a niche? If you have found one, as you state, then I suspect that you have witnessed enough verifiable results to say that.

If it exists, based on your results, I believe your next step is to take a deep look inside that niche and determine the motivating factors. You will usually find that there is a segment within what you first observe as the niche market that accounts for the sales.

Here's an example. A business may be enjoying exceptional sales among seniors, and thus observed, decide to focus more heavily on going after that market, increasing expenditures of both time and money. But upon closer examination, it might found that the sales are coming only from a segment of the senior population--for instance those with savings, good health, and independence. But if the niche had been defined in general terms without that examination, a lot of money could be wasted going after the senior market at large.

Once you isolate the segment, you would be better prepared to select the "lists' with the most promise. - by Ace Coldiron
Chances are, someone somewhere is already doing it. Do extensive research online to see if someone is doing something similar. Try ebay and other auction sites. Search for key words on Google. Ebay is great because many times you can see the results of other peoples sales.

Other than that, sometimes you just have to jump in and do it. - by Thufir
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