When you’re thinking about starting an online business or blog, it is critical that you take the time to define your “niche”. Niche marketing involves focusing your business marketing efforts on a small, well-defined group of the population so that you can better serve them.
By narrowing down your product and service offerings, it allows you to address your target audiences needs and better meet them. It also allows you to focus your time and energy on those aspects that you love the most.
By focusing on a smaller niche, you’ll be able to become an expert on that market. This can be incredibly helpful for making improvements to your business and will allow you to produce your best work.
Your niche customers are also more likely to remember you and refer you to others who are looking for that particular product or service.
If you spread yourself to thin and try to be everything to everyone, you are less likely to succeed
However, while “doing what you love” can be amazing, it’s not always enough if you can’t make any money from it. Here are five secrets to choosing the right niche for you.
Secret #1 – Brainstorm Ideas
When it comes to finding a profitable niche, you want to take the time to brainstorm all the possible niche ideas that might work for you.
The first step is to make a list of at least 5 topics that interest you. Here are a few methods to help you get started:
- What are your hobbies or what do you do in your free time?
- Favorite books or magazines?
- How about clubs or organizations that you participate in?
- Do you have any sports you love to follow?
If you’ve taken the time to study the subject, you’ve at least shown an interest in it. The point of brainstorming ideas is not only to find what you enjoy but where you can standout as a trusted resource.
Secret #2 – Analyze the Core Problems in the Market
For each of the ideas you generated above, perform some background research. During your research, try to determine the main problems that customers in the market are having or their biggest desires.
Finding this information will allow you to understand what people are buying and exactly what motivates them to make a purchase. If you know where to look, this information is easy to find.
The best place to start your search is on popular forums like Reddit or Quora. Another great place to check is for Facebook groups in your niche. As you read through the posts, look for common problems that you could potentially solve.
Secret #3 – Research the Competition
Next, you want to investigate the competition and find out what products and services they are already selling. If you find a market that doesn’t have any competition, it is a huge warning sign. This usually means that there aren’t enough buyers to sustain the market.
Start by finding the websites for your competitors. As you visit their websites, take a look at the results and see what products are popular. Those that are at the top of the results page are the most popular and is a good sign that there is some demand
Don’t forget about competitor social media accounts either. Look for ratings or feedback from their customers. What kinds of problems are their customers having and how can you improve them?
Then, check marketplaces like Amazon to see if there is an interest in your potential niche. You can enter broad keywords in the search bar to uncover niche products.
Secret #4 – Determine the Profitability of Your Target Niche
While you may not have completely narrowed down your list to a single topic yet, you’ve likely found a couple of ideas that you feel pretty good about.
If you are unable to find many competitors or products in a particular niche, it isn’t a good sign. It may mean that no one has been able to monetize the niche. You want to find niches that turn up a decent number of products, but not too many. If you find too many products in your search, you many want to narrow down your niche a little further.
Another great tool to check is Google Trends. This can help you see whether your niche is a seasonal trend or has solid demand year round. When it comes to picking a niche topic, you want to try and focus on evergreen niches rather than the hottest trends.
Here’s a Google Trends search for “fishing lures”. You can see from the chart that this niche stays relatively steady throughout the year.
As your visiting Amazon or niche competitor websites, make notes of price points on their offers. This will know how you need to price your own products in order to stay competitive.
You’ll also want to keep in mind that you don’t necessarily have to have a product offering of your own to start your business.
You can partner with a product’s creator, advertisers, and site owners in your niche to start making commissions by selling their products while you work on your own unique solution. This is referred to as “Affiliate Marketing”.
The bottom line here is that if you aren’t able to cost-effectively reach the target audience, you’re setting yourself up for failure.
Secret #5 – Offer a Better Solution
You want to understand their needs as much as possible. When you know your audience well you have a lot more chance of succeeding with the niche. This will help you to know what products and services you can offer to solve their problems.
This could come in the form of a cheaper solution or a more complete solution. There are a lot of ways to provide customers with a more enticing solution. You have to find a hungry group of buyers if you want to be successful
When you find the right niche market and provide the right offer to customers, you can gain more traffic to your website and convert those visitors into sales. Learning these secrets to finding the right niche will help you become successful in your online business.
In an upcoming blog post, we’ll go through the steps to develop your brand and build a platform for selling your product or service.