What To Look For In A Niche?
What To Look For In A Niche? Firstly you need to understand what to look for in a potential niche. You can do the niche research as we talk about it here or you can focus on subjects you are passionate about and have some knowledge about already.
Your first task is to write down a list of all the things you are good at,
All of your skills, and all the things that get your fires burning, no matter how silly, trivial, or small they could be.
Pause reading this report just for a moment and write some down,
And then come back to the report and you can look at how to evaluate the subjects (or niches) you have chosen. Think about your hobbies, interests, sports teams you follow, job, and other things that you know well.
Now you should have a few ideas of some niches that you want to tackle so you need to understand whether or not the niche is profitable and one that is worth pursuing. Don’t be concerned if most of your ideas end up as no-go niches, there will be at least one gem in there that you can create a website and start niche marketing.
1) Do People Buy From This Niche Online?
Not everything sells online and you need to consider this when choosing what you are going to promote. Some items, such as shoes, for example, really don’t sell well online because there is such a variation in styles and fits. Very few people order their shoes from the Internet because they prefer to try them on first.
Expensive jewelry and watches are other things that just don’t sell online. If you are going to spend $10,000 on a watch then you are hardly going to order it from the Internet to save a couple of hundred bucks!
Examine the niche you are considering and see if people are buying it online.
How many reviews are there on an Amazon product? How many Adwords ads are there when you search for the keyword? How many of the sites in the top ten are selling products compared to how many are just providing information?
This is going to give you an idea of whether or not people buy the product you are considering promoting online or not. If they don’t buy it online then there is little point in trying to sell it.
2) How Many Other People Are Marketing In This Niche?
This is another important consideration when choosing a niche. If there are a lot of other people promoting products in this niche then it is more than a profitable one.
If there are just a few or no people promoting the product you have to wonder if it does not sell online or if you’ve discovered an untapped niche. The latter is unlikely, but it is possible. Do your research to find out if the niche is profitable.
This will also give you an idea of the competition in the niche.
A niche with too much competition may be too difficult for you to get traffic in unless you are paying for the traffic that is. You need the right balance of competition and traffic. Your skills in SEO and your budget for paid traffic will determine how high a level of competition you can work with.
3) Do People Search For This Niche On The Internet?
This is where you determine whether there is enough traffic to make it worthwhile marketing in the niche that you have chosen.
If there are not enough searches per month then you will get very little traffic, meaning your earnings will be low. You have to balance traffic versus earnings. So a niche where you get paid $500 a sale may be profitable to go in with only 500 searches a month, but a niche that only pays $5 a sale won’t be worth as much to you.
You must determine how many people are looking for the product you are promoting to determine how profitable the niche will be for you.
Remember that the more profitable niches and high traffic niches are likely to have much more competition, meaning it could be harder for you to rank well in the search engines and start to earn.
4) What Problems Cause These People To Turn To The Internet?
People come online to buy a product because they have a problem that they want a solution for. Whether they have come online to buy a lawnmower, solve a health problem or buy a jersey for their favorite sports team, they have come online to solve a problem.
In the first instance, their problem is they want to cut their lawn.
Now they may want to do it cheaply, neatly, or in style with a ride-on lawnmower. You need to understand why they are on your website and market to them appropriately.
Understanding the problems your potential audience has helps you to focus your website content on their needs.
The more relevant your content is to your target market, the more likely they are to stay on your website and eventually buy.
This is one of the big secrets of marketers who make a full-time income online. Whilst it does entail some extra work on your part, it means more success from your website because it better meets the needs of your target market.