I’m sure your aware of the awesome power of locating your very own profitable gap in the market, that elusive and profitable niche market, So how can you find a profitable niche market to start building your business around?.
We know that an ideal niche market is one where there is an interest from a small but sizeable group of individuals ‘niche market’, this should ideally be a market niche left largely un-served by the masses.
There is a knack to finding profitable niche markets, but it’s a knack that can be learnt, you don’t need to be something special to do this, there is a simple process that anyone can follow
The trick to coming up with a successful niche market is to look at the fringes of a larger market for unfulfilled needs. For example, what about a dating mini site offering a guide aimed solely at dating for single mums or what about a guide to buying a used car for woman,
Step 1.
Consider your interest and expertise, while this is not the definitive place to start your search, it is well known that novices or newbie marketer’s can do well relatively quickly when tackling a subject they already know about
Step 2.
So by now you should have at least 1 market (interest, hobby, job etc) written down, for ease we’ll call these your main markets. The next step I use, is to open up ‘Google keywords tool’, its free, just Google it. Now enter your main markets into the Google keywords tool one at a time check the ‘use synonyms’ box and click ‘get keywords ideas’, now take a keyword which has less relevance to your original keyword, but still makes sense. For example, if your main market was plumbing, you might have ‘learn bathroom plumbing’.
So now you have your first possible niche market which might be a great place to start or, repeat the process using ‘learn bathroom plumbing’ and see what the keyword tool throws up until you find a market small enough to serve and obviously big enough to profit from.
Step 3
Now we’ll move onto researching the competition in your chosen niche market and why some competition can actually be a very good thing, so don’t fall into the usual trap which many so called gurus teach, marketing to a competition free market is more often than not a waste of time,
Think of it this way, if the market is so small and with no competition chances are the niche is not profitable, that’s not to say that it won’t become so, however we want to make the quickest return on our time and effort so a completely competition free market is one which should probably be avoided to begin with.
A great free tool you can use to research your keywords is ‘WordTracker’s Free Keyword tool’. Wordtracker pulls data from a number of smaller search engines, but their figures tend to be reasonably accurate. When researching keywords you should generally be looking for keywords with a count of over 30.
Now you have your list of niche related keywords you need to do a little competition research to see how profitable they are, For this step I use a free version of a software called ‘Traffic Travis’, enter your keyword list into Traffic Travis to see how many people are bidding on those keywords in the PPC market. I’m not advocating that you get straight into PPC advertising, we do this just to determine whether people are willing to pay money to have an ad appear for those keywords, and if they are the keywords themselves must be profitable! So there you have it,
I recommend you check traffic-travis over a week or so just to see if the same websites are constantly bidding for the same keywords. You see, if indeed the same web sites are repeatedly bidding for the same keywords you can be sure this is a profitable area to be in.
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