Definition: A niche market is the subset of the market on which a specific product is focusing; therefore the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. (Thank you wikipedia)
In Guild Wars 2 a niche market is generally considered to be a market that has a small but regular demand, but little supply. Some trader’s also use the term to describe their own ‘unique’ set of items of which they profit from.
Being successful in a niche market is all about dominating it, these markets don’t tend to generate a large number of sales, so you want to make sure you’re offering the lowest price and making the most profit. Is it also the reason why a lot of trader’s keep their niche markets secret, competition is not profitable.
Here’s my advice for moving into new markets
- Build a strong list of profitable items that can be flipped regularly. Make sure that what you already do every day is completed as fast as possible, so you can use your valuable time experimenting in new markets instead of spending an entire afternoon re-listing new buy orders.
- Read, Read, Read. Check out all of the articles at Black lions profit, including our extensive gold guide and flipping guides! You can also keep up to date with your gold making tips at guildwars2tradingpost.com
- Think outside the box. Trust me when I say this, there are A LOT of small, almost useless markets that are great for flipping regularly! It’s also a good idea to check out older techniques and apply them to similar items, you never know what’s profitable again..
- Ask me if an idea is viable! I don’t mind helping people out, in fact the more people enjoying the challenge of “playing the Trading Post” the stronger the economy will grow. You can contact us here.
- Keep to your daily routine. A few regular habits are the backbone of regular gold income. Complete those dailies, keep your buy orders current, craft profitable components. When I started making gold, I wished I had daily “to-do” list for making gold. I couldn’t be bothered doing that, so I found the next best thing! my watch lists on Gold Wars 2!
- Sign up to our newsletter. Every “so often” we will send out exclusive newsletters packed with awesome flipping tips, speculation on future price rises and even competitions for subscriptions to premium tools!
I suggest checking out these “not-so”niche markets
- Chef Ingredients. Whilst it doesn’t fit my definition of a niche market where there is a regular supply and little supply it is the best place for beginners to get started in. Just check out our Fruit and Veg Investment article for some ideas!
- Crafting ‘Components’. Anything that is created through a profession, that is then used to complete a more complex recipe. For example, most items in Jewelcrafting requires crafted parts such as hooks, bands, settings and Filigrees to complete finished jewellry so it makes sense that there will be a regular demand for them.
- Runes & Sigils. Strong Runes.. Superior Runes.. they are all profitable fairly regularly, and with enough experimentation you will soon build a strong list of items that sell fast and make you a ton of gold in the process.
If you are serious about making gold, I highly recommend a subscription the Gold Wars 2 tool as not only will it save you a ton of time, you will also earn buckets of gold!