Niche Market? Here's How to Identify One

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Feb282009

Saturday, February 28, 2009 at 12:03PM

Niche market publications can pay off big time. But what is a niche market? How do you recognize one? How do you estimate its potential for profit?

When scouring your town, city, or county for niche market opportunities, there are three things to look for:

• A large group of individuals or businesses with shared interests and needs.
• Such a group in a limited geographical area, and so easily targeted and reached.
• A group that can benefit by buying your book or buying your advertising in order to reach your niche readership.

An Example of a Recent Niche Market Start-Up
At a luncheon given for the media by a local university, I met a young man who had just cranked up a very successful tabloid called Hospital Business News. He publishes this bi‑weekly in the Miami‑Fort Lauderdale area, a massive metropolitan market. He had identified this niche himself and had noted that he had virtually no competition in it. He also recognized immediately that he could target both readers and advertisers with great precision. Furthermore, the potential advertisers he had in mind (medical equipment and supply companies) all had a great deal of money budgeted for the purchase of advertising space. This publisher had discovered a niche market that met each of the success criteria described above and is well on his way to establishing a successful publishing business.

The Importance of Specialization
The more specialized your niche market the better off you are, so long as the market is large enough to generate the volume of advertising sales that you need. A specialized market can be more easily mastered by a small organization. Every nook and cranny of it can be plowed and farmed, like a small, fertile plot of land.

Niche Markets Are Manageable for Independent Publishers
A niche market is important because it is manageable: you can easily get your mind around it, your pocketbook around it, and your hands around it. It is also much easier to create the necessary visibility for your own company within a limited segment of the business community.

The Market Always Comes First
Some eager publishers get things backward. They have an idea for a publication that excites them. And it may indeed be a very good publication. But the question such a person must ask is, “Will it excite potential advertisers as well? Will anyone buy the advertising space? If so, who? Why? Is there a market for the idea?”
It is axiomatic in publishing (and in any other business) that market always precedes product. When you forget this fact you can get into trouble. A case in point is the history of the failed Southern Magazine. The initial edition was published with high hopes. Yet the gloomy future could have been predicted. Was there a market need for this magazine? No. Were advertisers crying out for another channel to reach this group of readers? The answer was no again. Was the readership highly targeted? Not at all.

What there was, was a group of young editors and writers who simply wanted this magazine to become a reality. A business plan was developed; meetings were held with potential investors. Eventually the project was capitalized at a reported (according to a conversation I had with the first editor) five million dollars. Two or three years later this entire sum (and more) had been spent and the magazine collapsed. It changed its name and tried again, but still with little success.
The creators of this publication started with an idea and then tried to make the market like that idea. The successful entrepreneur analyzes the market first, decides what it needs and what it will accept, then creates a specific niche‑market magazine or book that will satisfy a specific niche market need.

Is There a Niche for You?
Even quite small towns offer great opportunities. Can you identify a well‑defined group of readers in your town or area that advertisers want to reach? Can you devise a publication that will appeal both to these readers and to your base of potential advertisers? If so, you may have discovered the opportunity you are looking for. Now you have to commit yourself to running a tightly organized, reader-friendly, and customer-oriented publication that takes account of the realities of the marketplace.

Thomas A. Williams |

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