Defining Niches – The Challenge is officially starting and today we explain exactly what a niche is, the different types of niches and how they relate to markets.Dr Anthony from Market Samurai outlines the definitions clearly, giving you an understanding of what online markets really are, niches and how they relate to markets, and the role of keywords and their critical importance.The best definition of a market is to call it a community of people who share a common interest in a particular subject or activity, often with their own language built from terms and acronyms. Dr Anthony demonstrates a few examples of this to illustrate the point.In the context of niches, within every market you will find multiple niches, as niches are effectively a subset of that market that relates to a specific topic. Again, Dr Anthony provides examples to better explain how this works. In The Challenge, we will be drilling down even further to the micro niche level, or niches within niches.Keywords, the words or phrases that people use to search online, are the critical factor when it comes to choosing niches and micro niches. They vary wildly in terms of the number of times the keywords are searched for every day, and the competition for those keywords or phrases.The biggest factors in your success or failure online is the markets you choose and the keywords you target. Dr Anthony identifies four key areas in people who have been successful online. They research markets carefully, they identify profitable areas, they target specific keywords, and they follow a proven plan.Actions For The Day – Spend some time exploring online markets to try and identify 3 examples of the market, niche and micro niche hierarchy.
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