Summary: Researching a few niches that you're passionate about AND have good prospects for profitability is key in monetizing your blog.
Last time you started learning about the different ways you can research a market to see if it’s profitable.
Let’s pick up where we left off.
This is easy – simply enter your broad keywords into Google (such as “bodybuilding” or “motor homes”) and see what comes up. You’re looking for two things:
1. The organic results. These are the regular search engine results. Pay attention to the top sites (those on the first page).
What are these sites selling? If many of the top sites are directly selling products or services – or if they carry ads for products and services – that’s a good sign. And if they’re selling similar items, that’s a clue about which particular kinds of products are popular.
Secondly, look at the competition. Are there plenty of sites in the results? Again, that’s generally a good sign because it shows some demand.
2. The sponsored results. You also want to look at the paid ads that appear at the top, bottom, and along the sides of the results. If there are only a couple ads, be worried. But if all the ad slots are taken, that’s good – because marketers don’t spend money advertising if there are no willing buyers.
Do a Keyword Search
Next, check out a keyword tool like WordTracker.com, MarketSamurai.com or your favorite tool. Enter your broad keywords. Do you see a lot of results? Do you see evidence that people are looking to buy?
Example: You might see searches for product names (e.g., [product name] review).
If you discover a lot of searches and you also notice that some of them are from buyers, that’s a good sign.
Example: A search like “buy [product name]” is a clear indication that the searcher is a real prospect rather than a tire-kicker.
Check Offline Publications
Now look at offline publications related to your market. For starters, are there magazines devoted just to your market?
Example: If you’re interested in dog training, then you’d quickly notice several dog-related magazines (like Dog Fancy).
That alone is a good sign. But you also want to browse through these magazines and see what type of paid advertising appears in the publication. This will give you a clue about what’s hot in that market right now.
Keep an Eye Out for Other Paid Advertising
Listen to the radio and watch TV. Are there any channels or stations related to your market? If not, can you find any specific TV programs related to your market?
Example: Take the example of dog-training again: Just a quick look across a variety of channels (including Animal Planet) reveals several dog-training programs, like Cesar Milan’s “Dog Whisperer” program.
And if you watch the commercials, you’ll see plenty of advertisements for products. Both the show and the commercials indicate there is a demand for products in the market.
Look for “Offline” Marketplaces
(For simplicity, “offline” means “not online,” i.e., not on the internet.)
Finally, you can look to offline marketplaces to see if there is a demand. You can look for retail shops or entire sections in big stores devoted to your market.
You should also look for offline events, like trade shows, conferences, and workshops in your market.
Once you do all the research described in this lesson and the last, it will quickly become clear which of your potential markets have the most profit potential. If you have a couple that seem to be equal, then just choose the market you think you’d enjoy the most.
Today’s task: Complete the research as described above.