Finding Your Niche: Pt. 2
Sunday, May 17, 2009 at 02:18PM Part 2 of a Two Part Article:
To find a niche in your own city or town, start with what I call a “census of niches.” This is a technique for identifying all the niche market possibilities that exist there. After you do this, you evaluate each niche to see how it matches the seven-point checklist.
• The first of major niche categories is made up of closely defined demographic groups that advertisers want to reach. Here are just a few:
• Older individuals share interests and needs that support a niche, digest-size booklet, for instance, perhaps called Senior Sourcebook.
• Children and mothers form a broad group that could support a little magazine called Mother and Child, or Kids World.
• In some areas ethnic minorities might support a niche market publication.
• Younger married couples with their first homes could be targeted with a Home Owners’ Resource Guide, Budget Home Renovation and Repair, or First Time Homeowner.
• Broad religious segments of the population might, in some cases, be targeted with publications like, say, Christian Merchant. As I walked into a bookstore in South Florida a few days ago, I passed a rack holding more than a dozen free circulation newspapers and shoppers, all targeting niche markets. One of them was the Jewish Journal, targeting the very large Jewish population in Dade and Broward counties. This is a 56-page tabloid, with an advertising-to-editorial ratio of 70 percent.
2. Persons with shared interests make up a second major niche-market category. Here are just a few examples that come to mind where I live. There will be others in your part of the country.
• Fishing enthusiasts
• Gun owners and collectors
• Camping and hunting
• In smaller trade areas the preceding three might be combined in single called Savannah (the city where I am writing this) Sportsman or Savannah Outdoorsman.
• Automobile renovators
• Boat owners. I’ll give one example here. When I lived in South Florida several years ago I bought a cabin cruiser — my first big boat. My 34-foot Mainship trawler was something of a classic, but it was in need of renovation, a task that I tackled with enthusiasm. While doing this I realized that I had found a lucrative niche: a publication that I christened Shipshape, and that would be devoted to yacht renovation and repair. There were literally thousands of people between Palm Beach and Key West who had boats and the money to maintain and operate them. There were hundreds of marinas, suppliers and specialty marine businesses eager to reach these readers. It was a classic niche.
• Fitness buffs. The youth culture reigns, even among old folks. Given enough competing ntural food stores, food supplement shops, therapists, plastic surgeons, gyms and spas, this magazine can work.
• Antique collectors and other collectors. This niche requires a fairly large trade area to support a publication.
3. In larger trade areas there are neighborhood niches. A few years ago I worked in Raleigh, NC for a short time. One success story in publishing during that time was that of a tabloid called North Raleigh. This part of town had a character of its own. As would be the case for any discrete part of the city, only the most unusual or dramatic stories concerning the area found their way into the pages of the metropolitan Raleigh News and Observer. So a couple of publishing entrepreneurs had the idea of publishing a weekly newspaper for that area of town. I do not know what has happened since, but while I was there the idea of the paper seemed to have a lot going for it. The essential ingredients for success were present. There was a ready readership and an adequate supply of merchants, professionals and other businesses who found it advantageous to buy advertising to reach that readership.
There is good, strong motivation for advertising in a neighborhood tabloid: it is cheaper by far than the daily newspaper, whose rate per column inch can reach $120 or more. Many businesses draw their clientele entirely or predominantly from one part of a large city, so that circulation outside their trade area is waste circulation, paid for but not used. These businesses are very ready and willing to pay lower rates to sell to their own target prospects alone.
4. Specialty, once-a-year niche markets. Most of these are related to special events—festivals, holidays, exhibits, centennials, yearly calendar, etc.—in the town or city where you live. They can be easy to do and quite profitable. Let me give you one example: my Student’s Survival Guide, which I published in Greenville, NC, a university town. In such places merchants derive an enormous percentage of their annual gross income from money spent by students.
Such merchants are interested in reaching students early in the year when they are forming their spending habits and deciding on favorite restaurants, clothing stores, and night clubs. They are also renting apartments, choosing a bank for all those part-time pay checks and checks from home and making a variety of other decisions that can bring prosperity to local businesses.
This is a wonderful opportunity for the small publisher. I did a tabloid format “student survival guide” almost as an afterthought one year in Greenville, NC, home of East Carolina University. In the past, the Chamber of Commerce had published a student guide to Greenville but had decided to give it up. We jumped into the market niche that was suddenly open to us. We designed a tabloid, complete with feature and department ideas calculated to interest the student reader. We christened our tab Student’s Survival Guide to Greenville. We told our advertisers that it would be distributed to students within hours of their arrival on campus. We won permission from the university to distribute it on university property and even in the dormitories. We also distributed our publication to the community college campuses and even to the high schools. The ads practically sold themselves. We filled the Survival Guide with dollars-off coupons and promoted these on the front page, above the flag. This alone was enough to insure heavy use of the Guide by student-readers.
Other annual tabloids can be planned to coincide with the seasons (Gardening, travel, vacations), trade shows, special events, and civic festivals. Any happening that will provide both the readership and the advertising base can provide the foundation of a successful, yearly publication.
5. Bargain hunters make up a final and very lively niche. Most of us want more things than we can afford to buy. A book that can tell us how to get hold of these things at a price we can afford is a natural for the self-publisher. The fact that there are a good many of them around only proves that there is a ready market for them. These publications tell how to buy expensive things cheaply and cheap things even more cheaply. Another example: A few years ago a saddle-stitched (stapled along the spine) book of a few dozen pages appeared on the counter of my favorite bookstore. It was rather ordinary looking, obviously the effort of an enthusiastic but inexperienced writer-publisher. It was really rather unambitious in content as well as format. It just listed the factory outlet stores in the area where clothing and other items could be bought at below wholesale prices. But it did give the basic information necessary:
• It told the name of each outlet,
• It told where the outlet was and gave detailed instruction for getting there,
• And it told what you would find when you arrived.
This little book was a great success. It went quickly into an expanded and revised edition. It began to cover a wider area. It also began to sell advertising, which quickly became more lucrative than the money generated by the sale of the booklet itself. As I sit here writing this paragraph, an idea has popped into my head for a publication called Discount Savannah. It is a natural, and if I chose to publish it, I have no doubt that it will work..
Duplication
One last, but very important, note. A great niche market idea is one that can be easily duplicated. Duplication is the doorway to the big time. An advantage of niche market publications is that, once you have tested and proven your idea, you can do a similar publication in any nearby town, piggy-backing additional publications onto the planning and many of the feature articles already written for the first one. Franchising or licensing other entrepreneurs is just a step away.
They are everywhere.
If you look around your doctor’s office, at the distribution racks gathered outside your grocery store, and at the stacks of little magazines on top of tables and vending machines in lobbies everywhere, you will see examples of many of these niche market publications. Pay attention to these. Some will come and go; the successful ones will last for months and years.
Does this mean that the market is saturated and there is no room for you in it? No, it simply means that there is money to be made out there. Opportunities are everywhere. Find them and act on them.
How do you know if your niche idea will work? That is the subject we will take up next.
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• Children and mothers form a broad group that could support a little magazine called Mother and Child, or Kids World.
• In some areas ethnic minorities might support a niche market publication.
• Younger married couples with their first homes could be targeted with a Home Owners’ Resource Guide, Budget Home Renovation and Repair, or First Time Homeotag replicas|
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• In some areas ethnic minorities might support a niche market publication.
• Younger married couples with their first homes could be targeted with a Home Owners’ Resource Guide, Budget Home Renovation and Repair, or First Time Homeowner.
• Broad religious segments of the population might, in some cases, be targeted with publications like, say, Christitag heuer carrera|
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