Finding Your Niche: The Super Guide
Finding a lucrative niche, and becoming an authority in that niche, is also the best way to achieve the level of success and the kind of profits that most online business owners need to make their daily efforts worthwhile.
However, It can be incredibly easy not to pick a lucrative niche, especially when you are excited about all the great ideas that you have floating around in your head for making money online. It is also easy to settle into a niche that you’ve heard are popular and where people are making a ton of
money selling online.
Passion in finding your niche
Enthusiasm and passion play crucial roles when it comes to running your own business. It is just as important, however, to do your research before you dive in head first. All the large companies spend their time researching their market before they ever release new products to the public.
“Find your treasure by finding your niche”
Passion plays a big part, and you should definitely target niches that you are interested in. But DO NOT OVERLOOK MARKET RESEARCH!! There’s no sense spending time and money on a project that has no audience.
If you want seriously to be successful online, you have to find hungry customers that will be willing to come back time and again to buy from you. If you do all the right things, you may even have
some customers that will be willing to buy every new product that you launch.
However, if you don’t do the proper research from the start, you will end up putting in hours of your time and energy into your business only to discover that you don’t have a sustainable business after all.
Finding your niche by understanding a niche
A niche is an area of interest or product group. An example of an exciting niche would be dog training, a product group niche could, for example, be electric lighting.
Both niches are things that people search for on the Internet, and both of these niches are searched for because people have problems that they want to solve. They are either seeking information on the subject to help them solve their problem themselves, or they are looking for physical products that will help them solve their problems.
A micro-niche is generally more useful for a small online business than a general niche.
An example of a micro-niche would be English Bulldog dog training or solar garden lighting. In these cases, people are searching for specific things, so if you are building a micro-niche site, you can target these potential customers more accurately.
Niche markets and especially micro-niche markets provide online business owners with the opportunity to find business opportunities which have little competition. The trick is to find niches and/or micro-niches which have low competition, but that also have a lot of people searching for them.
Niche Marketing is the craft of promoting your products and/or services to this niche market. Obviously, having a defined niche or micro-niche makes it easier to target who your audience is, and enables you to research their habits and needs better.
The beauty of our EPIC Niche Blueprints (offered at NICHE-FACTORY.com) is that each niche report offers “angles” which are spin-offs of the bigger niche idea. this allows you to drill down into several “micro-niche” areas!
The best strategy for small online businesses is to choose a niche and market directly to this niche, offering products and content that can better satisfy what those niche customers are asking for because you are directly addressing the problems facing this niche target market.
Finding your niche: NOW for the BAD news!
In case you haven’t noticed, the internet is now flooded with websites covering and attempting to profit from almost every conceivable niche. While this over-saturation makes it difficult and time consuming to forge your voice into a particular niche, it can be done.
By targeting specific keywords, crafting well-written content, and connecting to the audience in that niche, you can slowly build your reputation as an authority in this niche.
This over-saturation can actually be a good thing!! Think about it….this environment demands great content and more work than ever before, but it becomes much easier to weed out the slackers that are trying to “game the system” just to make a buck. Your audience knows the difference!
Solid research, great content, and connecting with your audience is the BEST WAY to carve your name into that niche! Think content over products…build trust with your audience first, and the product recommendations and sales will follow!
Niches can be carved out of any market, from dogs to gardening, to home decor, to writing, and many more. Additionally, any niche market can be broken down into smaller micro-niches, by either the way of the product, the target market, or both.
The key is finding what needs aren’t being satisfied by existing companies and websites, and then providing them with a valuable solution that will make potential customers eager to purchase.
With an almost unlimited number of niches that you can choose, with more appearing every day, choosing the right one for your business should be easy.
Finding and Monetizing Your profitable Niche
Savvy business owners try to sell their products and services to a niche base of customers by conducting detailed market research with a focus on trying to understand the consumer behavior of the
target audience that is interested in that niche. Specifically, the perfect product or service addresses their needs, concerns, and desires.
Building trust with the audience within your chosen niche is the key that unlocks the door to profits! Your expertise and qualifications to speak and write on a particular subject must shine through. Once you have eased the mind of the curious visitor, and have established yourself as knowledgeable on the niche in question, it will become much easier to promote products and services.
Focusing on products for beginners will help you increase sales based on volume by offering a lower price point to a more significant number of customers.
However, while there may be a smaller number of advanced students looking for information and products on golf, the exclusive, high-level information that you can provide could command a much higher price products that focus on a beginner’s level.
You can offer advanced students a course, a coaching program, a multimedia package, membership program, or other similar products that can command a much higher price point, but it will also be imperative that you are seen as an expert in your niche.
The more “clout” you have in a particular niche, the more money you can charge for the products and services you are offering in your niche, generally speaking.
You have to keep your price point within reason because finding the right niche isn’t only about finding the most profitable one, but also about what people are buying and how much they are actually willing to pay for the solution to their problems.
If the average price they are willing to pay is $39.95 and you want to enter the market with a $49 product, there will need to be an obvious reason why your product is worth more. Again, research the competitors in this niche and analyze what price points are being targeted.
Your niche audience and their life cycle
Another thing to think about while researching your niche is the life cycle of the customer in the niche.
While they might start out as a beginner, if they stick with the niche and continue to learn, they will eventually need to gain intermediate or advanced information.
Understanding the life cycle of your customers will provide you with the opportunity to continue to sell to them over and over again. With niche marketing, the general rule of thumb is that 80 percent of your profits will come from 20 percent of your customers.
When you take care of your customers, the chances are much higher that they will continue to buy from you regularly. They are also much more likely to purchase the new products and services that you offer them that will meet their needs.
Every niche is unique regarding needs, price points, and consumer behavior.
This is why you need to do your research before you choose which niche to market. This will allow you to know if a niche is not only viable, but also profitable before you waste your time, energy, and money. This can help you to set realistic goals and expectations as you launch your business.
Finding Your Niche: Some high earning Niches to consider
One of the most obvious reasons that a niche could be profitable is that it offers a form of investment for the customer.
For example, a blog on investing would be something that people would be willing to pay to learn about because they should be able to earn more money from that kind of knowledge than they spend on the information.
The same thing goes for topics in business. People spend thousands of dollars on online courses to learn how to make money from websites because, in theory, they should earn the money they spend back, and then some.
The Value In A Niche
Another type of niche that tends to be profitable are those that promise to change the customer’s life or add value in a marked way. This is where you need to consider your value proposition, or how you’re going to make people’s lives better. The fitness niche is a great example of this.
People are willing to spend a ton of money on fitness books or workout equipment because they believe they will get a healthy return from their investment. This can, in turn, translate into living longer, being more confident, and generally, feel better overall. This is a highly tempting prospect for most people, and they are more than willing to spend their hard earned money on it.
Don’t lose faith, however, if your niche isn’t obviously profitable, meaning it may not have that tempting value proposition, the allure of investment, or high ticket items. You just have to get a bit more creative. For example, you might want to make money by helping people find hotels so you can make a commission. Maybe your plan is to build your site up and then branch out and extend into another area. Whatever you decide, just make sure you’ve considered all of this before you take the first steps in choosing your niche.
Finding Your Niche: Choosing your niche
Be cautious when choosing the latter, because events such as the Olympics may generate a ton of publicity, but the excitement (and resulting sales) will dissipate over time.
Evergreen niches (niche ideas that stay relevant) are the best way to approach your new business ideas. Evergreen niches tend to stay in the public’s eye for a long time, perhaps always.
Being evergreen means that the products and services that you are selling should be able to keep you earning a profit year after year. Along with finding a niche that is evergreen, you should try to find a niche that is interesting enough to make it fun and enjoyable for you to work with it every day.
Many people start by choosing a niche that they are intimately familiar with. They may be an expert in the chosen niche, or simply very interested and willing to spend a lot of time writing and researching the niche. This is a great opportunity to do something you love, but please do your research first to see if it will be profitable enough to match your goals.
A common mistake made by new online businesses is developing a product, website, and more for a niche that is worth next to nothing because it isn’t a paying market or because you’re targeting the wrong audience.
You have to listen to what people are saying and figure out what problems and challenges they have, then offer a solution. By conducting solid research and getting to know your potential clients better, you can determine what actions they are willing to take to achieve their own goals. Taking the time to do an in-depth analysis before you start working on your product will save you months of hard work for zero profit.
Maximize affiliate sales while finding your niche
The easiest way to make money when you first start your business is marketing as an affiliate. Becoming an affiliate of top companies like Amazon provides you with access to millions of
products that you already know are in demand.
There are also a ton of companies in almost every niche that offer higher end services and products specifically targeting your niche audience. Don’t limit yourself!
Depending on the reward system you choose and the products that you are selling in specific niches, you can start earning commissions as high as 15 percent.
Many of the top companies, like Amazon and eBay, have their own affiliate programs that are controlled in-house. Other companies run their affiliate programs through a marketplace, such as Cj or ShareASale, that manages the program for them.
While the best way to make a profit in your niche is to develop your own products and services to sell, there are many reasons why you might want to think about beginning with affiliate marketing.
First, affiliate marketing is a faster way to become profitable after you start an online business. In addition, it takes far less time and energy to get started than developing your products.
Also, the products that you can sell through an affiliate program offer research insights, and can be an indicator that the niche is a paying one. This is a good way to “sample the market” before pouring resources into your own products.
Conducting research can also help you find gaps in your products and services, so when you’re ready to create your own products or develop services, your decisions will be based solidly on the
behavior that you have experienced as an affiliate marketer.
Study marketing while finding your niche
Another positive aspect of starting off as an affiliate marketer is how much you can learn about marketing, which obviously comes in handy as you start to sell your own products and services.
Most affiliate marketing programs are run by a manager who is skilled in coming up with exciting offers, ideas, and graphics for their offers. The creative that they provide in their campaigns give affiliate marketers useful tips and hints that can help them later down the road when they are selling their own products.
Keywords are “key” when finding your niche
An critical step in uncovering the niche market you want to target is to identify the keywords that your target market is using.
This research skill figures out which keywords your potential audience is typing into search engines and use them to search the topics and products that are related to your market. The search terms that you discover, and the meanings they convey, will help you know the pain points of the niche customers and what problems they need to be solved.
After you’ve identified some of the keywords and phrases that are associated with your chosen niche, you can start to identify those keywords that have the most profit potential. The profit potential of
keywords can be measured in three ways:
• Low competition
• High search volume
• Little cost/effort to rank high
There are many ways to cultivate great keywords. One of the most popular ways is the Google Keyword Planner within Google Ads. This is a great way to get some starter keywords, but the system is primarily designed for ads. This may not work if you are merely searching for content connections.
NICHE-WEEKLY.com and NICHE-FACTORY.com use a combination of sources for keywords, including the outstanding Jaaxy
Jaaxy is a simple software built for EXACTLY what you are searching for-keywords that you can build around. Their score metrics make it easy to weed out and keep a combination of keywords with laser precision.
Jaaxy is subscription based, but very reasonable, especially for the results.
All of the niche reports we offer feature Jaaxy keywords, in addition to other pertinent terms from sources such as Google and YouTube.
The best way to check the potential profit of your keywords is to test them live online. You can do this by adding some keyword specific content to a page on your current blog, website, or social media pages.
Then you can test each piece of material and see where it lands on Google and how much traffic it brings in.
This strategy will allow you to determine which keywords will bring you organic traffic and those that are converting the traffic into revenue, as well as which keywords rank higher on the search
The more traffic a keyword when it ranks lower on search engines, the more profit potential it has.
Analyzing your competition is an important step in evaluating a niche. Every business has competition, either indirect or direct.
Some competitors are ruthless, so keep this in mind as you examine the competitors in your niche before you enter it. While it is true that you need to be conscious of your competition, you shouldn’t feel intimidated by them.
Learn everything you can about them:
- Scour the keywords they use
- Read how they “speak” to their audience
- Sign up for their newsletter
- Examine the structure, navigation, and overall “feel” on their website
- Follow links to their social profile
- Search for them on Google and see what pops up
- See what products they promote
- Do they have their own products or services? How much do they charge?
- Read their “About Us” page to find out who is behind the scenes- What’s their story?
- Search for any reviews on the business
- How long have they been around? If you can’t tell from the website, do a check at the Wayback Machine at archive.org– enter in the URL, then see how far back the site goes back in time.
There are countless other ways to analyze your competitors. Use your imagination, Take notes. This is not time wasted! In time, your competitors will be analyzing YOU!
There are also many online tools that can help you analyze you rivals even more. Use Google search for your main keywords, then make a list of the top results.
- Use SEOmoz to analyze backlinks for these websites. This will show you the type of clout these sites carry.
- Use SEOquake to analyze a sites PR (page rank). Page rank is a critical factor that illustrates a site or pages power in search.
In addition, it is good practice to study pricing of products within a niche.
- What are your competitors charging?
- Do they use discounts often?
- Do they offer free trials?
- Do they offer a money back guarantee? If so, how prominently is it displayed?
- Are they relying on multiple products or just one?
- Is the average pricing of all the competitors wide enough to allow you some space?
- Are the margins razor thin, and may not be room for you?
Special note: It is, in my opinion, critical to give away some content to build trust. as you are new, you need to give away ‘samples” that hopefully show your visitors your value.
Use free giveaways as lead magnets to build a mailing list.
You should also encourage feedback at every step- on your posts, emails, and products. Use these comments to tweak your offerings, and to better understand your core audience. Don’t be thin skinned! Take this feedback as research and constructive criticism!
Build a list of common problems your audience may need help with. Use this to brainstorm products and content that “speaks” to them. Use sites such Quora, Google Correlate and Answers to browse topics.
It’s all about building relationships
Your overall goal in any niche is to build relationships with your audience. Even large companies strive for this! It is the backbone of good business, and will make or break you in yours.
Your customer base should be a living, breathing set of assets, not just numbers. This sentiment should shine through in your content (speak directly to them) and your products (listen and offer solutions).
One of the main reasons why you wanted to start an online business was to make money. However, if this is your only motivation, the chances are high that it will show.
Extensions of your niche
For each niche you target, and each brand you create, it is wise to spread out and build a network that enables you to connect with your audience in a variety of ways. Do this a bit at a time, to not over extend yourself.
Social Media– A FaceBook group will allow you to engage with visitors in real time, and expand your brand. You can insert your posts from your site directly to your audience. Twitter allows feedback immediately. Instagram allows you to share images and connect with interested parties.
Email list– Ask for sign ups to your list and keep your guests informed with your promotions. An e-course or on-going series is a good way to keep subscribers opening your mail.
Newsletter– integrate a newsletter into your mailing list, and keep your audience informed of what’s new and exciting!
One final word about finding your niche
I hope you find a great niche to target, or several. Build a small empire of highly targeted niche sites!
The biggest keys I hope you take from this are: research a niche well, and connect with your audience. If you follow these two simple tips, you give yourself a much better chance at success.
Hi, I’m Rob, creator of NICHE-WEEKLY and NICHE-FACTORY. My passions are market research and online marketing….and coffee!!
I hope you gained some insight and inspiration from this post, and invite you to poke around here and see what else we offer.
When I’m not here building new content, you can find me active in the community of my favorite affiliate marketing training center and web host!