Its been a while since I reached out to you, and I apologize. This past year, 2015, saw many changes in my business and I was busy adapting to these many changes.
As you may know, the 3 major parts of my business are as follows: 1) Working with local clients to help improve their web presence; 2) Sell physical products through a variety of channels; 3) Maintain a large sports email newsletter, through which we provide content and market digital products.
By far, what's helped me the most in launching these successful businesses is the ability to identify opportunities and 'sub-niches' to target.
And, I've realized that many of you are stuck getting started, and the choice of 'sub-niche' is your biggest stumbling block. Some of you have tried a few niches and projects and had very little success.
I think it all boils down to the fundamentals...which is proper Niche 'Evaluation and Testing'. You've gotta know how to drill-down deep into a niche, evaluate it properly and then run *small tests* before diving into it.
So, to start off 2016, I want to help you with getting back on track by laying a solid 'Niche Selection, Evaluation & Testing' foundation that you can build on (and if you already known your niche, this report will still be very useful)...
You see, the 'profitability' of a niche entirely depends on your skill & experience level. It all depends of your current resources, capabilities and interests. A highly skilled marketer with deep pockets can tackle much more competitive niches than an inexperienced newbie...
So this detailed report is all about choosing a profitable niche for yourself. It teaches you where to do research, how to do research, and how to evaluate the criteria that helps you decide IF you're choosing the right niche.
Even if you've ALREADY DECIDED on your niche, I still believe going through this short report is extremely important to expand your IM knowledge. There are essential details that every marketer should be aware of, and it will help you think of new angles and ideas to target your niche much better.
So lets get started...
What’s a Niche Market?
As the name suggests, a niche market is a subset of a larger market. It addresses specific customer needs and it typically has fewer big players.
You may be wondering about the characteristics of a good niche market. There are two types of niches that can be particularly beneficial. The first one addresses an urgent need and the second one addresses a need that people feel very passionate about.
In other words, strong positive or negative feelings are rather beneficial. If you can give people a solution, they will be willing to give you a chance.
Many niches having emotional appeal have increased in popularity lately. These include healthy weight loss, organic beauty, dating and guides aimed at helping people earn more money or start a business.
These are topics that nobody’s indifferent about. As a result, they quickly translate into particularly attractive market niches.
Remember, however, that a niche has to be very specific in order to work. WeightReduction is a general niche. WeightReduction after pregnancy is a bit more specific. 'WeightReduction after pregnancy through natural nutrition' is even more specific. The deeper you can dig, the more specialized and interested your audience is going to be.
Digging for a deeper niche will give you access to various important benefits:
- The competition is going to decrease
- You’ll need less time to start dominating this specific sub-market
- You’ll identify a group of highly targeted prospects
- These people will be very passionate about the niche, and therefore, more passionate about your products and services
Passion, Monetization and Knowledge
Choosing the right niche isn’t as simple as doing analysis. Many other considerations play an important role. Should you stick to a niche that’s particularly profitable or something less profitable, something you’re passionate about?
The luckiest marketers get the chance to combine both, which is the best-case scenario.
Most successful marketers choose a niche that they’re passionate about. In the very beginning, they may even be willing to sacrifice monetization.
What should you do? Start by looking at niches that you’re passionate about. Once you’ve pinpointed a couple of those, it will be time to figure out whether the niches are profitable enough.
Going for a niche that you’re passionate about and knowledgeable in will decrease the amount of time needed for product development and marketing. This is why the optimal formula focuses on three things – passion, monetization and knowledge.
If you don’t have any interest in a niche that looks promising, you’ll find it very difficult to lead meaningful interactions with your target audience. Thinking about the profitability certainly makes a lot of sense, as long as you aren’t making a big compromise in terms of your own interests, values and beliefs.
You can’t work on something that you don’t enjoy, especially if you’re getting started with a business for the first time.
Still, passion and knowledge don’t have to be at an expert level for the development to be successful. Just think about it – you’re passionate about a certain topic, chances are that your knowledge is probably already above average.
How to Find a Market
Now that we’ve covered the background, it’s time to take a look at the specifics of finding a market.
Think about Your Interests and the Problems You Experience
As already mentioned, you may identify a very attractive niche among your own interests and based on the problems that you have to deal with on a daily basis. Write about all of these and use the information to further your research.
You already have a list of potential niches that you’re interested in. It’s now time to explore market trends and identify matches. Amazon.com’s best-selling products, Clickbank, StumbleUpon and even Google Trends can give you tons of information about what people need and are looking for.
Other places to look for suggestions and possibilities for niche identification include eBay, trending topics on Twitter, Yahoo Trending and even Google News.
Other amazing sites to use include UberSuggest.org and Flippa.com. On Ubersuggest, you can see an A-Z list of keywords related to your niche, and Flippa can help you quickly identify profitable, high traffic sites in your niche that you can model after.
Get Inspired by Your Interactions with Others
The conversations you have with people around you, media and ad campaigns can also give you great ideas. Everything can be a source of inspiration, as long as you’re willing to think like a marketer.
You have your list of niches. The research has been completed and you’re 100 percent confident that people are looking for information about the specific topic. When it comes to starting a business or doing marketing, however, you need to assess profitability.
Many beginners commit the mistake of looking for a niche that nobody else knows about. Being the first one in a particular specific market is great but if people don’t have any interest in the field, there’s no reason to invest in getting started there.
So, after passion comes profitability. You can rely on several strategies to make sure that the topics you’re interested are actually topics that can help you make money.
Google Searchers – How Many?
The Google Keywords Planner that’s incorporated in Google AdWords is a great option to identify topics that people have an interest in. Google Keywords Planner gives you access to data about search volume for keywords and phrases of preference. In addition, the tool gives you a very good idea about the popularity of the keyword among marketers and the level of competition. You need to find keywords and phrases that are popular among the audience but that also feature relatively low competition.
In general, a niche should have more than 50,000 'exact match' searches in total, across all core keywords and closely related keywords. Basically, the top 50 keywords in the niche should be a minimum of 50,000 total searches for it to be considered high in demand.
Here's a very simple tutorial on using it:
This is another wonderful tool for newbie marketers.
Google Trends gives you data about trending stories on Google right now, and a chance to explore topics. The best aspect of this tool is that you can do targeting by country, depending on where your audience is located.
The Google Trends analytics give you data about the popularity of a search term or a topic over time, regional interests and related searches that people have performed. Using this data, you can determine if your idea is something that will generate a lot of interest. The related information can also be used to narrow down the topics.
Products in the Niche
Having a good idea about the popularity of a topic is a great start. Next, you’ll need to assess the competition and figure out what types of products the particular niche has to offer.
You have a very specific niche in mind but you may also want to look for products that are a bit more general or products that address slightly different needs.
In our previous example, we identified the niche 'weightreduction after pregnancy through natural nutrition'. You don't need to find exact products targeted to this specific niche...products a bit more general, such as on 'home weightloss' or 'pregnancy weight gain' will be just fine.
A very limited number of products for sale isn’t a good sign. This means that the interest in the particular niche is low. Products on Amazon that have tons of reviews have naturally been bought by numerous people. A review or two are indicative of up to 100 to 200 sales.
Apart from checking for products, the next step is to look for reputable websites, forums and blogs about the niche of preference. It’s a good sign if you find numerous specific projects that discuss topics within the field.
Technorati.com and findaforum.net are great resources for finding blogs and forums.
Many of the reputable blogs and websites will feature product endorsements and ads. Some of the website owners will even try to sell items directly to their audience. Going through the advertising can help you determine what they're buying and selling, which is critical.
Social Media Research
The final thing you really need to do in order to assess engagement, is to perform social media marketing research.
Look for groups, trending topics and even paid ads about the topic. Since Facebook, for example, does targeting on the basis of your own interests and searches, chances are that you’ll see some relevant ads.
Examine the Facebook and the Google+ pages of the products or the companies that you’ve identified during the previous steps. Do they have a big number of followers? Are people engaging actively with the brand? Numerous followers are indicative of high interest. This is precisely what you should be looking for.
Do a Final Market Evaluation
You already have tons of information that has been obtained through the exploration of various distinct channels.
A profitable market features a good number of products (but not too many), serious engagement from the audience on blogs and forums, and websites that are actively selling/promoting or displaying advertising. If companies are paying to advertise, they’re active on multiple social media channels and the audience is responding well, chances are that you’ve identified a rather profitable niche.
Alright, so everything you see above is Part 1 and a 'basic introduction'. You may already know this stuff...
But in Part 2 of this report coming tomorrow, you'll learn how to identify unique angles and run small market tests to help you become more profitable.
If you have some knowledge and experience, then Part 2 will contain some gems that you can use, so stay tuned for tomorrow!
Wishing you all the best,
Hanif 'your right hand man' Quentino