You might be surprised by how easily you can misjudge your own market and misunderstand who your potential buyers actually are, and what they actually want.

On the panel discussing topics on Marketing with the YEO (Young Entrepreneur Organization).

What I'm about to share with you is the number-one key to your online marketing success whether you're a would-be entrepreneur or a bigwig organization! According to experts at the Internet Marketing Center in Vancouver, the whole key to marketing online is discovering an easily targeted market that's interested in buying what you have to offer. For me, understanding this discovery has led me to further assist my clients to maximize their business opportunities online—by drilling down to find a narrow "niche market".

I find this all so amusing...

No matter what product or service you want to offer, you need to find a niche market. You've probably heard the term "niche market" in discussions about marketing—online or offline. But it's important to note that everyone thinks of niche markets a little differently. Traditional marketers may define a niche market as a large group of people sharing several characteristics (for example, men aged 30 to 40 earning between $50,000 and $75,000 per year). However, when you're marketing online, you need to narrow the focus a lot more than that!

Getting ready for the Milken Global Conference at the Beverly Hilton in L.A.

For example, the following might seem like good niche markets...golfers, pet lovers, people buying a home, people who exercise...but the truth is that all these markets are way too big! Try entering the word "golf" into a search engine. You'll get over 700 million results! Do you really want to try to compete in that market? To be successful on the Internet—especially as a small business—you'll need to narrow your focus a lot more than that!

Right on time!

Identifying a niche market is one of the biggest challenges on the road to choosing a product or service. Many people have difficulty drilling down deeper to look for a more targeted group of people within their larger market—people who share common characteristics and have the same problem. Don't try to give your market something you think they need; give them something they think they need—a solution to a problem—something they're actively searching for. It's important that you think like your potential customers—determine what problem they're trying to solve and what you could offer as a solution.

Panel discussion on business and marketing.

If your market already has a variety of products or services to pick and choose from, what makes you think they'll want to buy yours? You have to be able to offer your market something they can't get anywhere else. Maybe it's a highly customized solution that appeals to a certain untapped niche within your identified target market. Or maybe it's a cheaper solution to their problem than those that are available.

Lunch time!

For example, let's say your target market is "people who want to train adult dogs". After some research, you discover that there are already a number of products and services that help dog owners achieve this goal. But there aren't any books that specifically deal with training extremely large adult dogs, such as Great Danes and Newfoundlands—even though there are a great number of people who are actively seeking advice on how to deal with these giant breeds. By creating a product (such as an eBook or a video) that addresses this topic, you can help these people solve their problem and pave the way for a profitable online business!

Marketing experts share their secrets...

No matter what product or service you want to offer, the bottom line in online marketing is that you've got to let your market tell you what to sell them. They're the ones who know what they need. Time and time again, I've been able to show my clients how this works and found ways to "swerve" their businesses and adapt them to their markets' needs. One thing is for certain: When you go after the right target market and give them what they want, you will see your sales skyrocket!

Having sushi at Nobu's after the conference.

I've recently extended my marketing services to assist clients in finding their niche market online. Let's take a look to see if you're targeting the right market for what you want to offer. This way you can gear up your business for instant success. You can contact me directly at penny@phangenterprises.com. For more information, please visit www.phangenterprises.com.