How To Start Researching A Niche
How Do You Research A Niche?
How Do You Research A Niche?
First off an observation - don't skip over or skimp on your research because the real pitfalls of not doing your research carefully and properly will come back to haunt you and are pretty obvious. Without well-constructed and properly organised research your efforts are likely to produce poor or even worse misleading results without any clear objectives and direction and most importantly it's the enormous loss of your valuable time that will really hurt and frustrate you.
Now I know like I am sounding and being a little bit harsh but what you've got to remember is the real opportunity with an online business is massive in terms of potential and is also relatively low cost start up as well - but your main investment is going to be your time - don't waste it because you can never, ever regain time, once its gone its gone
Don't Kiss Goodbye to Time
So don't be fooled into thinking ok its low cost start up business and it doesn't matter if I fail first time round - that's just a plain daft approach and the worst thing is when you do start to fail you'll get fed up, stop marketing and eventually give up - kiss goodbye to the exotic holidays, nice house and flash cars pipedream - you'll be heading back to your boring day job!! So listen up do it right from the start.
Let's Get Started.
You research a niche by assessing the profitability and competition level of that niche .It is just like any offline business.
Before you start out in any particular business, you have to assess the demand for your product ideas, its profitability, price and so on. An online business is no different; it requires you to identify what is popular among buyers, what the competition level will be in that niche, how many affiliates are selling a product or service into that market, don't forget competition is good - its means there's plenty of 'active' buyers, how price sensitive is the sector and how easily can you bring a product to market, that the market needs, will pay for and volume people are looking for.
How Do You Know What Is Popular Among Buyers?
There are several ways to measure the demand in specific niches on the Internet. One is by checking out Amazon. You can research a niche by visiting its bestsellers section where you will discover the most popular products for sale. Amazon also has a function called the "wish list" which gives you an idea of what products buyers are keen to buy. Products found in bestsellers and wish lists can help you pick a niche that is actively buying, looking for information and solutions that your online business could satisfy. It's a useful indication as to what is a hot topic of the moment. Look at the explosion in a very old fashioned past time - knitting, its really making a comeback, big-time! I know it sounds daft but do a Google search, 141 million results - I kid you not.
Another method to research a niche is to use EBay pulse. Naturally with EBay being possibly the largest auction store online they have a buyer preference pulse. This is where products on popular demand are listed. Again a really great indicator to current demand.
One more method to research a niche in order to discover profitable products and services online is obviously Google itself. Google AdWords is the sponsored listing for advertisers. If you conduct a search on Google for a particular niche, among the results returned, you will notice several paid listings. If there are a good number of paid advertisers on that page, it is a starting point indicator of a profitable niche. Few or no advertisers beware, don't try and re invent the wheel here.
Being Passionate Helps
In the past I have ventured into a particular niche because I was pursuing my passion, it was an area and interest in which I had knowledge. But here's the problem - I failed and you want to know why? I did not do proper research for that niche, I was so blinkered by my own 'knowledge' and passion I thought I knew best - what a fool it cost me time, money and set me back because it stopped me believing in myself for a while - then I realised I'd just b been stupid.
However it is important to note that for you to enjoy a degree of success in internet marketing; you should operate in niches you are passionate about if its possible and appears profitable - that's the key to starting out and receiving a level of success relatively quickly - after that you can armed with that success move on to niches where you may need to buy in expertise.
The key to having the best of the best is to combine your passion with the other methods I've illustrated above for researching your prospective niche. Finally consider offline research as well, walk into a store selling magazines, if there's loads of specialist magazines then you can be fairly confident there's a market being satisfied there. But most importantly be critical of your research, make sure it ticks all the boxes and your confident you've spent sufficient time and effort on it.
by: Toby Russell
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