There’s a lot of bad business advice floating around out there, but some of the worst is “if you sell something you’re passionate about, the money will find you!” Such advice is dangerous in the online marketing field, where it’s all too easy to invest all your time, money and energy in a campaign only to have sales fall flat. It’s not enough to be enthusiastic and well-informed about your niche, even with the help of sites like the one described in my Inky Deals review. For your new site to be profitable, you’ll need to ensure that it has enough income potential to help you meet your financial goals.
Definition of “Niche Market”
A niche is a market segment on which a particular IM product is focused. Any market may be subdivided into smaller segments with more specific demographics and interests. Some submarkets are very profitable, and it’s worthwhile for you to do some research to determine whether your chosen niche has the potential for profitability.
In niche marketing, you’ll define your market segment and sell your products to people within it. Many online business owners view niche marketing as a sales-limiting strategy, but truthfully, having a defined niche can give a business more power if there’s enough demand. The more tightly you define your market, the greater the chance you’ll craft a marketing message that resonates. Below are some steps for researching the most profitable niches.
- Identify your audience. If you’re looking to start a new business, rather than choosing a PLR product and making it unique with Cover Genie Pro first, start by understanding your target market.
- Research your keywords. Here, you’ll want to determine which keywords your site’s visitors use when they look up topics related to your niche.
- Analyze your competition. The level of competition within your niche is a reliable indicator of whether the niche can make money. High CPC, multiple ad pages and ads that are targeted to search keywords are all characteristics of lucrative niches.
- Research trends within the industry. It’s also important to learn where your niche is headed, and Google Trends is a great way to find out.
- Decide whether you’re going to enter the market. At this point in the IM process, it’s up to you to determine whether it’s worthwhile to get into the market.
The IM field is still growing, despite the level of competition in some niches and for some keywords. For those that are just starting out, it can be hard to decide which niche to break into or which products to buy, but my Mighty Deals review can help. By learning what niche marketing is and how to go about it, even IM newbies can find a profitable market segment to tap into.