Niche Wealth: The Media and the Niche Entrepreneur
If you want to witness the strength of Niching, you don’t need to look beyond the publishing industry. At a time when economic news looms on the horizon, the publishing industry, always highly sensitive to the public’s buying habits, has responded by offering more and more niche-oriented titles.
An example of this can be seen in the recent wave of science-themed journals. These publications, aimed at an audience interested in high-tech, home hacks, and basic life sciences, are seeing a resurgence: good news for established Scientific American titles, newer titles like Discover Magazine, and even titles that they were once believed dead, like Science. Illustrated.
Publishing news can often help us identify trends. In this case, publishers are responding to “a revival of interest in science,” and the results appear in the magazine rack. In fact, smart entrepreneurs know that magazines and other urgent publications can serve as a barometer of public interest and the relative strength of trends. Right now, when knitting is as hot as it can get, there are dozens of knitting posts on the shelf, but it would be hard to find a specific crochet title. A lot of attention needs to be paid if you really want to understand the essence and nature of a trend.
Successful niche entrepreneurs seek the overlap between their professional skills and their personal passions. Check the media, especially the fast-paced ones: newspapers, magazines, and especially websites, to see if there are opportunities for you to gamble.
It is good to consume the media critically. A devoted hobbyist can put together a top-notch web post in his home office without incurring substantial expense, creating an impression of more substance than actually exists. However, print media requires a higher capital investment: if publishers are willing to invest substantial resources to cover a trend, it is very likely that it has “legs.”
Take a look at the number of posts focused on any particular market segment to get an idea of the relative health of that niche. When poker enjoyed record popularity, there were dozens of magazines devoted to the game – now that legislation has restricted online gaming, interest has waned and publications have been shut down.
Part of developing your niche entrepreneur mindset is evaluating opportunities. Critical reading of the media can be a vital tool in developing that niche entrepreneurial mindset.
Consider not only what publications are appearing that are relevant to your industry, but also who publishes those magazines. Who advertises in them? Who creates the content that fills the pages: who writes the articles or, more importantly, who is cited in them?
The answers to these questions can present opportunities for the expert niche entrepreneur to market themselves. Write an article, or better yet, a normal column! – In a publication dedicated to your industry you can do incredible good to establish yourself as an expert in your field. Companies that advertise heavily in these new publications may be viable partners in strategic alliances or willing to sponsor their presentations at trade shows or conventions.
Commit to keeping a close eye on the media dedicated to your niche. Changes in the publishing world often act as a barometer, helping you identify profitable trends before they are fully established.