This post was inspired from one of the Google+ communities that I belong to. I wanted to share what I know and what I’ve learned on How to Find a Niche Market that’s profitable as well as something that would not be boring me…
The purpose of this article is to present various examples of marketing and keyword research strategies that I’ve learned in the past few years.
I don’t claim to be a guru in either niche marketing or affiliate marketing, but I’m going to share with you what worked for me and what I’ve learned from others and my own experiences.
Let’s Get Started, What’s a Niche Market Anyway?
By it’s definition, a niche market is a small market segment, a part of a bigger “market”. There’s a saying that if you try to please everybody, you’ll end up pleasing nobody. And that cliche is true especially with online or digital marketing.
If you’re trying to be the “expert” in everything, then you’ll most likely end up “diluting” your resources, and expertise, to the point that people will just see you as a “jack of all trades” instead of an expert.
There are also many advantages of targeting niches instead of broader markets, but here’s just a list of why many people love niche markets or niche marketing:
1. You can quickly develop a website and quickly promote your products and services online. If you’re able to find “untapped” and “hidden” niche markets, there will be less competition on those niches, allowing you to dominate this niche faster than saturated niches.
2. Targeting Long Tail Keywords in Niche Markets can dramatically improve your traffic and conversions.
These long tail keywords might have less search volume, (traffic is lower than big chunk keywords) but they are easier to rank in the search engines. These long tail keywords also tend to convert a lot higher than other keywords because it’s highly targeted.
And if you don’t know what conversions are, here’s a tweetable one-liner.
And why is it even important?
Because it shows you if a website visitor has converted to your goal.
Surely, you have some sort of goal or “reason” for launching a blog. Whether you’re using your blog as a lead generation machine or a sales platform, you have to setup goals for your blogs.
Did they subscribe to your email list? Did they purchase your products and services?
These are just some examples of conversion goals that you should constantly measure.
No need for fancy tools and paid tools. Google analytics is a free tool that you can use to measure goals and conversions on your website. Here’s an article on how to setup goal tracking in Google analytics.
3. There’s a huge opportunity to become an Authority in Niche Markets. And authority is the name of the game nowadays. Authority websites are loved by the search engines. It’s one of the reason’s why Google is pushing out Google+, which is their own social network integrated into search results. They want “experts” writing articles on the web, and they want to reward your efforts with more visibility, traffic and exposure.
Depending on the niche market that you’ve chosen, you might find some niche markets are quite competitive. This is the reason, why you need to do proper market and keyword research before you even start buying your domain.
A lot of niche marketers fail, because they’ve chosen the wrong market, chosen the wrong keywords, or have chosen both.
Here are Some Niche Market Ideas and Other Examples of Niche Markets For picking niche market ideas, I would go and check out Amazon’s best selling list (Top 100) products to find out what’s hot right now.
As part of this article and case study, I’ve noticed that “waterproof video camera’s” and “image stabilization binoculars” are selling like hotcakes.
I will use “waterproof video cameras” and “image stabilized binoculars” as niche examples below. Some people also uses pulse.ebay.com for finding hot niches, but I just use Amazon’s best seller’s list most of the time.
How To Find Niche Markets Within Your Expertise
If you haven’t selected a niche market yet, I would highly recommend going with niches wherein you have some sort of expertise or experience.
This will help you a lot, especially when you’re creating your articles and content.
It’s easy for me to write about market and keyword research because I’ve been doing SEO and PPC for several years, but if you would like me to write about pets or gardening, I won’t be able to create content that would be appealing with my readers.
That is why, I would always go look for niches within my level of experience and expertise.
A great exercise to help you find profitable niches within your expertise is to check the following:
1. Family Business – I assume that there is some sort of informal training between a parent and their children.
There could be tons of niche opportunities within the family business. Maybe they haven’t use the internet yet to promote their products and services. Maybe you can create courses and seminars on how to educate other people who would like to learn more about the business.
2. Educational Background – What did you study for in college? university? – As a nurse, my first experience with online marketing is when I’ve shared my knowledge on test taking skills for nursing exams. This was my first taste of success in the world of internet marketing. And the nursing niche has been a money maker for me ever since. Some of the greatest niches are in the *education niches (hint hint)
3. Career Background – Where did you work before? What are your work experiences? I believe that every work has a hidden “niche” potential. You have to be extra sensitive on the needs of other people (client’s and coworkers), and you’ll be able to find some niche market potentials. And last but not the least, avoid hunches and gut feeling without data. I’m a PPC Specialist so numbers and data matters a lot to me.
If there’s no demand for the product or service that I’m creating, then I wouldn’t put a lot of time and effort on this niche market. It’s not unusual that you’ll select niches that you think are profitable but will turn out to be a lemon.
Niche Market Selection is a process, but it can be learned with enough time and practice. and what I would like to do next, is to help you speed up that learning process. Which brings us to the most important part of Finding Niche Markets
How To Do Market Research And Keyword Research
Watch this free video to learn more…
Let me explain it further with an example.
Let’s say you wanted to create a niche website about losing weight and you have a product that can help people lose weight. If you try to target “everyone” that “wants to lose weight”, you’ll FAIL, big time.
Why? Because some people are trying to lose weight by…
Combination of all?
Even if your website ranks for keywords like “lose weight” and “lose fat”, you’ll have High Bounce Rates on your sites and you’ll see that your site’s conversions will suffer. So the best way to do market research for a niche market is to identify a specific subset of the bigger market.
I usually start with Age Group – What are the ages of people that I’m targeting?
Gender – Are they mostly male, female or both?
Biggest and Specific Problems – What problems do they have that needs solutions?
Other factors – Do they have the capability to buy my products or services? Are there competitors who are willing to advertise their products and services to these demographic market?
Let’s continue with my example.
If I’m going to promote a product on losing weight, I’ll choose female, because I believe they are more interested to losing weight than men.
But we’re not YET done…
I want to target a niche of women who wants to lose weight…
Some ideas that comes into my mind ladies who wants to lose weight before marriage girls who wants to lose weight before prom date women who wants to lose weight after pregnancy Now depending on your expertise, I’ll most probably choose the niche on women wanting to lose weight after pregnancy.
I think they would fit my criteria of urgency and capability to invest in my products and services.