How To Choose A Profitable Niche
Choosing a niche to go into is an extremely important part of any online business. Whatever you do, you won’t be able to reach everyone in a profitable way, it’s just downright impossible. The problem with going for a broad market is that it is nearly impossible to find out what they want and need and even if you did, it would cost and arm and a leg to market to them. This is why you need to narrow your target market down – and narrow it down quite a bit.
How Do I Go About Finding A Niche Then?
Finding the right niche can take some time as there is usually quite a bit of research involved. Don’t rush this part of the process, it’s very important that you get this right. I’ve outlined a few tips here that should help you figure out what might be a good niche for you.
Follow Your Passion. Unfortunately there are a lot of people in jobs they don’t really want to be in, doing things they don’t really want to be doing. The beauty of running your own business in any form is that you don’t have to be one of those people – you can make sure from the beginning that you are getting into something that you love.
Be An Expert. If you’re going to be offering people advice, you need to know what you are talking about. It makes sense to build a business or a product around something you already are good at or know lots about. If you don’t yet know enough about your niche to call yourself an expert though, don’t worry! It is always possible to become one. Spend time researching your topic, the Internet is a powerful tool! If you put in the time and effort to really read and learn, you can absolutely become an expert in your chosen field.
Research. When you’ve found a few things you would like to get into, it’s time to find out if there is an interest for them in the market and if they are actually profitable. Let’s face it, there is little point starting a business in a niche that you love but can’t ever make any real money on. It makes sense to make sure your niche is profitable right from the start. So you should be looking for something that a) people want or need and b) is profitable for you.
Find A Need. The Warrior Forum is a fantastic way of researching what people are generally after. Just go to the main internet marketing discussion forum and browse through the threads. You will quickly notice there are many topics that come up again and again and areas that people need help with or have questions in. This is very valuable information when it comes to niche selection, as if there are plenty of questions, there is a market in that niche.
Another good way of finding needs in a market is simply by using Google. If you find there are many threads with questions coming up in the first few pages and plenty of articles written about the topic, the niche is something people want to learn about.
Make Sure It’s Profitable. So you have established what people want and need but you still need to make sure it’s possible to make some money in that niche. A good place to research this in is the Clickbank Marketplace. Just search those niches you’ve come up with and sort them in order of popularity. The magic number to look at is under “gravity”. I would recommend you look for products with a gravity of 5 or more. In essence, the higher the gravity, the more the product sells. If your niche is for example “list building”, you would search for list building products with a gravity of higher than 5. This allows you to quickly establish that there are products that are selling in that niche.
This is pretty much all I did when I chose what niche my first product will be and I found it simplified the process and gave me something real to go on rather than just guessing what might be useful.
So now for your thoughts! How did you choose your niche? How did you find it? Feel free to add your own tips as well!
Filed under: Niche Selection
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