how-to-find-your-profitable-niche

Select Niche: How to Find Your Profitable Niche For Your Business

As you know, the model you’re using to make money with your blog is to promote affiliate links on your blog. However, many beginning affiliate marketers make the mistake of choosing a product or two and then building a blog around that product. Then they have to figure out to whom they should sell the product.

Problem is, there may not be a demand for the product. Or there may not be an easily reachable niche market. Or perhaps it’s a “one hit wonder,” where you can get people to purchase this one product – but you can’t figure out what else to sell to them.

So here’s what you do instead: Find a hungry market first. And once you’ve determined that a market exists – and these folks are already buying products and services – then you can figure out what to sell them. (Usually, this means you sell them what they’re already buying).

Over this lesson and the next two you’ll discover how to find and then choose a niche. Read on…

Ask around about how to find a niche, and some people will tell you to follow your passions. Others will tell you to follow the money.

Here’s an idea: Start with your passions… but then find out if they’re profitable. That way you’re sure to make money, yet you’re also working in a niche which interests you.

So, the first step is to uncover a niche. Let’s start by brainstorming. Answer the following questions. Don’t limit yourself to just one answer per question. Indeed, you should list as many answers as possible for each question.

Brainstorming a Niche

  1. What are your favorite topics of conversation?
  2. What was your favorite topic in school?
  3. What job do you work now?
  4. What job do you wish you had?
  5. What kinds of sites do you visit regularly and/or have bookmarked on your computer?
  6. What kinds of TV shows/channels do you like to watch?
  7. What types of magazines do you subscribe to?
  8. What are your hobbies?
  9. What do you spend your expendable income on?
  10. If you had $1000 to spend right now to spend on yourself, just for fun – what would you do with it?
  11. What are your favorite books?
  12. If you could take three college courses, what would they be?
  13. What topics do you know a lot about?
  14. What topics do your friends ask you about?
  15. What type of events do you like to attend?
  16. List your other interests:

Task: Complete the above questionnaire. Once you’re done with it, you should have several possible niches that interest you and/or that you know a lot about. Next you’ll find out if these niches are profitable!

If completed yours assignment, then you should have a list of potential markets, niches or topics. Now let’s work on whittling this list down by doing some market research.

In other words, you’re about to discover which of your potential niches is profitable – and which ones you should discard. Read on…

How to Tell if a Niche is Profitable

If completed yours assignment, then you should have a list of potential markets, niches or topics. Now let’s work on whittling this list down by doing some market research.

In other words, you’re about to discover which of your potential niches is profitable – and which ones you should discard. Read on…

When you become a more experienced marketer, you’ll be better able to tell if a niche is untapped or merely unprofitable.

For now, however, I suggest that you look for niches with plenty of marketers in them. That’s because a lot of marketers selling a lot of different kinds of products generally points towards a profitable niche.

Here then are some ways to determine if a niche is profitable…

a) Check Marketplaces

If you’d like to sell information products (i.e., ebooks), then check out the Clickbank Marketplace. Simply go to https://accounts.clickbank.com/marketplace.htm . Then you can use the search function at the top of your screen (“Find Products”) to uncover niche products.

All you need to do is enter your broad keywords as a search term.

Example: Gardening, dog training, weight loss, quilting, horses... and so on.

For the moment, you just want to see if there’s an interest in the broad market (and then you can narrow it down to a tighter niche later, based on what you uncover during all of this research).

clickbank-marketplace
clickbank-marketplace

Now look at the results. Typically, the products near the top of the results are the more popular products. So if you see several products on the same topic at that top of the search results, that’s a very good sign – it shows there is some demand, and that there’s a market buying the products.

Another marketplace you can visit is Amazon.com. This goes for whether you’re selling info products or physical products. Again, just enter your main keywords. Those products appearing at the top tend to be the best sellers. If you see a lot of products, then consider it a good sign.

amazon-marketplace
amazon-marketplace

Task: Research Clickbank and Amazon as described above. Then you’ll discover all the other steps needed to research your potential markets!

b) Search Google

This is easy – simple enter your broad keywords into Google (such as “bodybuilding” or “motor homes”) and see what comes up. You’re looking for two things:

1. The organic results. These are the regular search engine results. Pay attention to the top sites (those on the first page).

What are these sites selling? If many of the top sites are directly selling products or services – or if they carry ads for products and services – that’s a good sign. And if they’re selling similar items, that’s a clue about which particular kinds of products are popular.

goole organic results
goole organic results

Secondly, look at the competition. Are there plenty of sites in the results? Again, that’s generally a good sign, because it shows some demand.

2. The sponsored results. You also want to look at the paid ads that appear at the top, bottom and along the sides of the results. If there are only a couple ads, be worried. But if all the ad slots are taken, that’s good – because marketers don’t spend money advertising if there are no willing buyers.

google sponsored results
google sponsored results

c) Do a Keyword Search

Next, check out a keyword tool like WordTracker.com, LongtailPro.com or your favorite tool. Enter your broad keywords. Do you see a lot of results? Do you see evidence that people are looking to buy?

Example: You might see searches for product names (e.g.,
[product name] review).

If you discover a lot of searches and you also notice that some of them are from buyers, that’s a good sign.

Example: A search like “buy [product name]” is a clear
indication that the searcher is a real prospect rather than a
tire-kicker.

d) Check Offline Publications

Now look at offline publications related to your market. For starters, are there magazines devoted just to your market?

     Example: If you’re interested in dog training, then you’d
quickly notice several dog-related magazines (like Dog Fancy).
magazines
magazines

That alone is a good sign. But you also want to browse through these magazines and see what type of paid advertising appears in the publication. This will give you a clue about what’s hot in that market right now.

e) Keep an Eye Out for Other Paid Advertising

Listen to the radio and watch TV. Are there any channels or stations related to your market? If not, can you find any specific TV programs related to your market?

     Example: Take the example of dog-training again: Just a quick
look across a variety of channels (including Animal Planet)
reveals several dog-training programs, just as Cesar Milan’s
“Dog Whisperer” program.
tv-ad
tv-ad

And if you watch the commercials, you’ll see plenty of paid advertisements for paid products. Both the show and the commercials indicate there is a demand for products in the market.

f) Look for Offline Marketplaces

Finally, you can look to offline marketplaces to see if there is a demand. You can look for retail shops or entire sections in big stores devoted to your market.

You should also look for offline events, like trade shows, conferences and workshops in your market.

Once you do all the research described in this lesson and the last, it will quickly become clear which of your potential markets have the most profit potential. If you have a couple that seem to be equal, then just choose the market you think you’d enjoy the most.

Task: Complete the research as described above. After that you’ll start learning how to set up your blog!

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