How To Choose A Niche
While embarking my new journey onto Internet marketing, one of the basic questions my mentor will ask me what would be the niche product I like to work on? Initially I though I could just choose any product but unfortunately I was told many marketers doom themselves to failure before they even launch their product. He further reiterated that a lot of people who spend months creating a product and a website only to see it flop miserably. While I might think it could be a good experience to fail first in order to succeed later, but choosing to fail in order to gain experience should not be a path we should strategize.
So that's began my journey to come up with ideas for a niche in info-product or digital product; not to jump into a product until I ask myself why I choose the niche and do some due diligence to determine whether it is worth investing any time into.
A niche is essentially a specialized market containing a group of people who share a common interest or quality. I sort of stuck into the niche selection for a few weeks thinking I am going to live with it after choosing it and worry that it is going to fail if is not profitable. Some of you might be able to relate to me as I find it difficult to find my passion or something I am good at so that I could persist and relate to the market better. Also to made sure the niche product could sell well, I would need to find the problem or pain of the market segment have and find solution for them as this is the information they are willing to pay for.
To confirm my product niche, I began to do some research:
1. How big is the niche?
2. How competitive is the niche?
3. How profitable is the niche and what is the potential for back end products?
While Trends could be very profitable in the short run, I also need to consider an evergreen topic if the intend is to build the particular business in the long run. So this leave me to 3 potential market segments for Internet marketing:- Health, Wealth and Relationship.
1. How many results?
- On the number of search results, too few might mean the niche is too obscure and too many might mean I need to zoom in to a tighter niche.
2. How many paid ads?
- On the number of paid ads, lots of ads imply proof of money in the niche but more niche also mean more competitors.
3. What kind of sites are in the top 10 to top 20?
- On the top 10 or 20 results, check the sites are really making money or direct competitors with the product ideas
4. Check the PageRank and how many times the page had been searched
- Use free PageRank or free Keyword tool
After the above had been researched, the last part is to search marketplaces like ClickBank (look for the grav score) or JvZoo to see any related advertisers having any affiliate programs going on for the niche. Once the potential lucrative niche is found, I will now take the extra step and dig deeper and zoom in the market to find out exactly what the market want to create the product to suit them.