I see online businesses make this mistake all the time. It doesn’t seem to matter whether it’s a new business or an established but struggling business. I see businesses with great potential flounder because they get too attached to their idea of a niche market or product before they’ve done any research or testing to [...]
NICHE MARKET = PEOPLE WITH A COMMON INTEREST OR PROBLEM + PEOPLE YOU CAN EASILY LOCATE + PEOPLE WHO HAVE MONEY TO SPEND
To Recap, when finding your niche, you want…
1. A group of people who share a common interest or problem
2. You can find those people through the organizations where they come together and/or through the keywords and keyword phrases they use.
3. There are clues in keyword research tools that can tell you whether the people in your niche have money to spend but you can’t really know for sure until you test the market.
4. Even in a niche with lots of people, if there is a large amount of competition it will be hard to compete…at least at first.
NICHE MARKET = PEOPLE WITH A COMMON INTEREST OR PROBLEM + PEOPLE YOU CAN EASILY LOCATE + PEOPLE WHO HAVE MONEY TO SPEND
Okay, this one isn’t directly in the equation but it’s a vitally important consideration…competition. In some ways it’s the most important information of all because it tells you what you need to do in order to show up in Google’s search results or SERPS (search engine result pages)
To find your niche you need to consider how many other businesses you’re competing with. Online that means how many other sites are competing for the same keyword or keyword phrase.
If the number is too high and they are all well established, it could take you years and lots of thankless work to reach page 1, never mind position #1.
If the number is too low then you may want to consider carefully whether this is a profitable niche.
Bottom line is that some competition is good but too much is going to kill your business before you even get started.
This is always a number I provide in your keyword research report along with how to evaluate the data.
For more information about keyword, market and competition research for your business, I do offer a 30 minute no obligation consult (no selling either just good information).
