Summary: When you choose a niche, you must choose one that is profitable. It doesn't matter if it's “cool” or whether you have “passion” for it. What matters is that there are ready, willing, and able BUYERS in the niche.
If completed yesterday’s 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
Sometimes a marketer finds niches that seem to have very few other marketers actively working in the niche. And the first thing the marketer sees is dollar signs, as he believes he found an “untapped” or “unexploited” niche.
Maybe you’ll have the same experience and the same thoughts.
If this happens to you, however, consider this: Maybe the niche really isn’t “untapped.” Instead, perhaps the reason why there aren’t other marketers taking advantage of it is because there isn’t any money in the niche.
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.
And always remember: There are 7+ BILLION people in the world. The “pie” is big enough for everybody to share.
Here then are some ways to determine if a niche is profitable…
If you’d like to sell information products (i.e., ebooks, which I highly recommend), then check out the Clickbank.com marketplace. Simply go to www.clickbank.com/marketplace. 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).
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.
Today’s task: Research Clickbank and Amazon as described above.
Tomorrow you’ll discover all the other steps needed to research your potential markets!