It is all too easy to see things from our own view instead of thinking outside of what feels normal for us. I myself am a frugal, penny pinching shopper! Trust me, you don't want me as your customer, I'm cheap! Not that I won't spend money if the item is something that has value, appeals to my emotions, or is an absolute must have and I don't have time to shop around. My point is this, of the millions of people shopping online these days, it is important to determine who you want shopping from you.
One of my mantras is to niche. I will continue to say this as it becomes even more important in the growth of an online business as more and more people start to sell and businesses come onto the online retail platforms. It can be a difficult concept to get one's mind around, especially if you come from the days where you could list just about anything on eBay and it would sell well. With the inception of the Cassini search engine algorithm this is no longer the case. Search engines now are designed to anticipate what the buyer is typing in and give suggestions. eCommerce search is designed to bring the most relevant results back to the potential buyer in order to have the best chance of conversion, a sale. With eBay, the more niched you are, the more love you will get from the search engine algorithm.
eBay search is not the only reason to have a niche. In a sea of potential customers, the type of bait you are putting on your hook is going to be the difference between attracting and catching a marlin or a minnow. Now I am not saying there isn't a market out there for bargain shoppers and customers looking for low priced goods (minnows). What I am saying is, if you don't have the time to source, photo, list and ship those lower priced items in such a volume as to bring you the income you desire, then you have to cast your line out there for the marlins! Selling higher priced, higher profit margin goods results in less of the "busy" work. These customers are not interested in price shopping. Time is precious and they want to use it wisely. Would it surprise you to know that these types of customers sort by Highest Price First? Hard to believe, but yes! There are thousands and thousands of people who will look for quality and perceived value based on pricing.
This is where you need to decide who your customer is and what you want them to buy from you. There are thousands of potential niches just waiting to be tapped into. There are niches within niches! Look at ladies shoes for instance. There are $10 pairs of shoes for the minnows, but there are also $3,000 pair of shoes for the marlins! There are shoes for professional business women, shoes for college goers, shoes for fun night out on the town... see where I'm going? Choose who your ideal demographic of customer is, in fact, create that ideal customer with a name and a face and a life... market to them!
Marketing... the last point I will touch on with this. When you define who that customer is, you will have a clearer understanding of how to market to them. When we put out too many mixed signals it doesn't send the right messaging to that ideal buyer. Trust is a big factor in making online buying decisions and the more consistent your messaging, the more likely you will "reel them in". Just imagine you are in a sea filled with beautiful marlins and you throw out a worm on your hook. Not going to be real effective in catching the marlin is it?
Need help finding your marlins? Schedule time with me and we can take a look at your niche ideas together.read more