It can be incredibly tempting to look at the size of a market and think of the all the opportunity that exists. Take the resale clothing market, for example. It’s a $64 Billion (with a B, billion) dollar market. So you think to yourself – “Amazing! I just need to put up a little shop with a few items and watch the dollars roll in”. Except you find yourself weeks later with no customers checking out your great stock, hundreds – if not thousands – of dollars of stock that you thought would sell sitting in your basement whilst you spend your days fighting against deep-pocketed competitors like Poshmark or The RealReal for eyeballs on your merchandise. Oh, and you haven’t seen any of those mythical $64 Billion dollars flying your way.
In full Primp Level Honesty ™, you’re realllllllly not going to be able to complete with those big guys. Companies like The RealReal are h-u-g-e publicly traded companies. They have full teams of people to manage stock and a marketing team – and budget – to acquire customers. Their customer base is not necessarily specifically visiting the site looking for one item, but they’re looking across the multiple sections of the industry behemoth.
How can you compete with that? The answer is… Don’t do it directly. Finding a niche lets you find a little part of the market that can be all your own – or at the very least be infinitely less crowded – and find customers passionate about your little area of the internet and who will come back to you over and over again to get their “fix” of your products.
Let’s play out the example of the resale market. Let’s say that we have a reseller who LOVES
Still imagining we’re in the resale business, let’s say we have a customer who is looking for a beach coverup for an upcoming trip, and since they’re splurging on the hotel, they want to skimp on the clothing if they can and are looking for secondhand items. The customer will probably type something like “beach coverup thrift” or beach coverup secondhand” into Google, hoping to find what they are looking for.
, but really has no idea what they’re getting other than a photo and a A customer going on vacation to a sunny destination might be looking for a gorgeous sun
Niche. From how to say it (nee-sh) to how to