New Niche Finder

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).

NICHE MARKET = PEOPLE WITH A COMMON INTEREST OR PROBLEM + PEOPLE YOU CAN EASILY LOCATE + PEOPLE WHO HAVE MONEY TO SPEND

So you have identified the people you want to serve, and you have figured out where to find them. The next challenge is to figure out if they have money to spend, and if they do, will they spend it on you and your product.

There are a number of clues in the research stage about whether this niche will buy. Microsoft has a nifty little tool designed to identify commercial value of a particular keyword. Adwords bids tell you what other advertisers are willing to pay which can be an indication of whether the niche is profitable.

These tools are just indicators providing clues, but none of them are entirely reliable.

This is where testing comes in. You have to float a trial balloon to see if people will buy. Some marketers do this with organic search and some do it very quickly with pay per click advertising. One costs time. The other costs money. Both work so take your pick.

The fastest way to test is to throw up a well optimized Wordpress blog (please don’t freak…I can help you with this and it’s really not that hard any way) with someone else’s product (ie an affiliate product) and see if people buy.

So you run a test to see. If they buy you know it will be worth spending your time, energy and money to create a product of your own. You already have your marketing engine in place so it’s just a matter of creating the product (much easier when you know there’s a market yes?).

If on the other hand, you can’t sell a product, you have saved yourself a ton of resources that you can now spend on creating something else.

Next – the role of competition in finding your niche…