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Niche Market Research

Niche Market Research is about knowing how to find a niche in the market that is less competitive which will give you a marketing advantage over your competitors.

Market niches are those small, but profitable, sub-sets of an already profitable larger market. It's through niche market research that you can identify those small but super profitable niches.

Before you can begin to create your internet home business, create a website or start blogging, you will first need to find out how to successfully identify a profitable niche. 

 "Niche Finder Guide"
(Right-click and select "save target as")

 

Identifying your niche market through Niche Market Research

Let's start by looking at the things people spend their money on?

Besides the necessities like food, water and shelter people will spend their money on things that bring them

  • love
  • money
  • health
  • beauty
  • entertainment

Of course these are not niches, they are very broad topics, so the next step is to select a topic of interest and narrow it down to a more focused niche category that has a popular interest among individuals interested in that topic. 

For example, beauty is a very broad topic with several categories of interest, things like anti-aging, skin care, hair care, nail care, weight loss, etc.

As you determine the categories that interest you it gets harder to determine what niche areas people are interested in and what kind of profitability the niche has.

Using a good keyword research tool will help with this.

For example, using the Google keyword research tool if you type 'weight loss' the following comes up:

  • vegan weight loss 
  • weight loss for children 
  • weight loss for women over 50 
  • diabetes weight loss 

...etc.

These are the very things people are searching for online with relation to weight loss. We know that because they are typing them into the search engines.

Once you find a topic of interest, there are 3 things you'll need to examine:

  • Demand  
  • Competition  
  • Monetization  

Demand - This is where you'll find out if there's interest in your niche.

Using the Google Keyword tool, you can look up "vegan diet" and see that there are over 240,000 monthly searches for that keyword phrase and 'vegan diet weight loss' gets over 14,000 searches a month.

That's a good indication it may be a good niche.  But to find out how easy it will be to complete with that niche we need to examine the competition.

Competition - The benefit of doing business on the web is that we can easily see who our competitors are and what they're doing. 

Let's take a look at how your competition can actually help you.

Go to www.google.com and type in "weight loss".

If you look down the right hand column of the page you will see that there are many paid ads for this term.

This tells me that people are making money on this topic. These Google Ads are a good indicator that a specific niche is a money maker.  However the competition is high because we can see that there are over 11,000,000 competing web pages using that term.

That's a lot to have to compete with and if you look down the page you'll see that you are competing with top marketers like 24hour fitness, mayo clinic, la weight loss and others.

In this example, weight loss may not be a good product to try and compete with.

On the other hand, 'running for weight loss' or 'weight loss over 50 are narrower niches that will give you fewer competitors.  The number of searches are less but it will be much easier to compete. I'd rather get in front of 100 people interested in what I have to offer, than get in front of no one because the competition is too stiff.

Monetization -  Once you settle on a topic of interest you'll need to create your website.  From there you'll need to decide how you can monetize your idea on your site.  

Start by looking at what products are being sold in this market right now? A topic like 'running for weight loss' has several options like promoting or selling running shoes, running apparel, distance gadgets, books, etc.  

Check out affiliate marketing networks for suggestions on promoting products and services through affiliate sales.  What advertising can you use on your site or blog for generating income?

For an easy way to start your niche market research, check out these free videos from James Jones that conveniently steps you through the process of finding a profitable niche.  

 

 

 

 

 

 

 

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