|
|
|
|
Foundations - Research Your Niche |
Now that we have brainstormed our product idea we need to go out and do some research to see if there is a market for them and what type of associate products we can sell. Do this will enable us to almost definitely guarantee we make sales.
Doing the proper research is the best insurance there is to finding and forming a successful niche business online.
Without research it’s like “pin the tail on the donkey” blindfolded. Too many entrepreneurs make up their mind early and begin without research — a fatal flaw that causes a staggering death rate of new online businesses.
Specialize first then branch out.
Why Niche Marketing?
Niche marketing is one of the easiest ways to cut your teeth in the world of Internet Marketing. It’s very easy to dominate a small niche because by definition, there’s less competition. Having said this we don’t want to go to far off the beaten track to start with.
What is Niche Marketing?
Definition: The process of finding and serving small but potentially profitable market segments and designing custom-made products or services for them. In other words, Niche marketing is when you focus in on a smaller part of a bigger market.
Instead of marketing “golf”, for example, you may choose to market “golf balls” or “Top Flite golf balls”. The further you dig into a niche, the less competition there is and the easier it is to become the “expert”.
Of course don’t forget that when you dominate that niche you can expand out into the broader markets successfully.
The Advantages of Niche Marketing
-
Make money faster
-
Easy for a beginner
-
Dominate a market quickly
-
Less competition
-
Easier to get free search traffic
-
Easier to create a product
-
Less expensive to market
The great thing about niche marketing is that there are new niches being created almost everyday and you don’t have to be an expert to find them! It’s all about supply and demand. During this course I’m going to show you exactly how to properly research this field so that you know exactly whereto find hungry markets that are in need of a product that nobody is giving them.
Imagine being the first person to deliver a product to people who are begging for it! What do you think is going to happen when you are one of the few people selling the product and you have very little competition? You will make good money!
So lets go do some research.
Step 1
The first thing we want to do is check whether it is getting any traffic. It is important here to be specific. For example Health is not a niche. Usually if people are entering a single word they are doing research. People who buy products will usually be more specific. Cure diabetes, or how to loose weight. They will use terms not one word.
You can get an online tool called Google Keywords at https://adwords.google.com/select/KeywordToolExternal
If you want to get even more specific to your region etc try the Google Insights for Search, you can compare search volume patterns across specific regions, categories, and time frames.
http://www.google.com/insights/search/#
There are many other tools like Wordtracker etc however the Google tool is very comprehensive and the new additions to this tool make it invaluable for the researcher. Not only that but you can also tailor the searches to your own country and region. You don't need an adword account to use this tool.
Also just for interest go to this blog and see what are the most popular terms and keywords. http://www.cwire.org/current-top-15-internet-searches
If you want to find out who is paying the most for advertising then go to this site http://www.cwire.org/highest-paying-search-terms/
Step 2
Next we want to go to Google, MSN and Yahoo and see what is happening on those pages. Are there any Google adwords for our niche, is anybody selling a similar product etc.
TIP: Just remember having competition is not a bad thing as it gives you some affiliate products to sell in a similar niche. Again set up a system and record the results like we did in brain storming. Then you can see the results side by side and make an informed decision.
I typically like my niches to have between 10,000 to 40,000 searches per month. This is not a rule of thumb, just my personal preference. You can still make money in niches smaller and larger than these numbers, so it’s entirely up to you.
If you do go for smaller niches try and do it with higher ticketed items.
Step 3
Now go to http://www.spyfu.com/ and check what people are spending on advertising and gather some great information on your niche
Step 4
If you go to Google trends you can now see how those terms you have chosen are performing. I did this one for this blogging program http://www.google.com/trends As you can see it peaked back in 2005 however we can see the tail starting to head up again in 2007. Either way it has remained quite consistent.
Step 5
I also like to keep my eyes open and look in the library, book shops and magazine outlets to see if there is any offline activity. Generally I like to take possesion of what I am doing and have a genuine interest. The reason I created Blogging Empires is I really enjoy it and love all the new innovations and possibilities. Never go in to a product or niche just for the money. You might become very successful and if its something you don’t like it can become a burden.
You can also visit sites like Amazon, magazines.com and similar sites.
Step 6
See if there are any interest groups around like forums, chat groups etc. These can be a great source of prospects and also watch for questions they ask. This can be a way of getting the peoples attention buy researching and answering those questions.
Step 7
Look and see if there are any specialists in your field both online and off. A blog requires a constant stream of content and being able to interview some experts in your niche or associated niches can really spike your traffic.
Step 8
Have a look through eBay and similar sites to see if there is anything in there about your niche. With millions of viewers it is a good place to find related products and if you join their affiliate program you can add these products to your blog. More on that later. Believe it or not there were products on blogging on ebay. This is really useful data because it actually shows you what products have been sold, and for how much!
Step 9
Clickbank is one of the world’s largest sites for digital products.They have thousands of books, videos, audios and software on many topics. Couple this with their huge affiliate network that you can join and it is a great place to look through.
Why so many digital products?
Selling digital products is hands down the highest profiting business on the Internet. There’s no printing or paper expenses and the whole process can be easily automated. (Set it and forget it!) Here’s how to get some good ideas from Clickbank’s database of products:
1. Go to
www.clickbank.com
2. Click on the “marketplace” link on the top right hand side of the
screen
3. You should see a menu that looks like this:
From this menu you can choose your category from the drop down menu or enter aspecific keyword to find a product…
4. Select the option
that shows 50 results per page
5. Sort by popularity and also by gravity
6. Look for related sites that you might be interested in.
If you want to use their affiliate program to sell other peoples products then go here to join as an affiliate for free.
You can also join to sell your products through them and use the huge affiliate base to sell your products. We will talk about this later though you can use that same link to set up your account.
Step 10
Your Own Interests
If you are brand new to niche marketing, it’s always a good idea to research markets based on your own personal interests.
Start with your hobbies first.
Chances are if you like bowling, there are probably a lot more people out there with exactly the same interest. Make a list of all your interests and dig deeper into the niche to see if there might be a sub-niche that is not being catered for?
In other words, something that you can make money from that other people aren’t doing. Remember, don’t give up because you think the niche is too small. There are a lot of “micro-niches” that make lots of money, so make sure that you do all of your research before you dismiss it as trash!
Step 11
Your Existing Business
Ask yourself this question: “Can I take my existing business online?” This doesn’t have to be your personal business, it could be a company that you work for. The point is, you know the business because you do it everyday! And many people have used their own business field to create their own profitable niche website.
My sister is a good example of this. She is an accountant and thought she was stuck in a 9 to 5 job. She really liked it but wanted to try something different. She used some accounting software that when we did the research turned out that thousands used it.
We did some more research on some forums and chat sites and found lots of people had certain problems so she made some Camtasia videos showing how to fix these problems and a blog sharing different insights and best practices.
Finally be proactive
These methods will help you greatly when searching for that goldmine of a niche! Remember, research is the key to your site’s sustainability, and therefore its profitability - so don’t take any short cuts and jump into a market without doing the groundwork first. You’ll regret it.
Trust me!
Take what you found in the brainstorming session and then apply the above research tools to it and find your place in the Internet marketing society.
Next Topic is Design
37+ Niche Market Research Sites You Must Know About
Below is a list of must have niche market research sites that will give you a slew of ideas on niches you might want to enter or find out who you competition or future partners may be. They should all open in a new window.
http://www.omgili.com (new)
About
http://azlist.about.com/num.htm
You’ll discover hundreds of regularly updated guides written by experts with a real passion for their subject.
Alexa
Browse thousands of sub-categories and discover markets you might never have even considered. Micro-niching has never been easier.
Amazon New Releases
http://amazon.com/gp/new-releases
Want to know about up coming products. This site lists the big new product launches before they happen. It will save you hours of research finding out what the latest consumer trends are going to be.
AOL Hot
Searches
http://hotsearches.aol.com
As they say themselves: “Check out what’s hot on AOL Search. Find the hottest searches on celebrity news, breaking news and more.”
Associates Directory
http://www.associateprograms.com/directory
I’m a big fan of conducting my market research by finding products first, instead of conducting keyword research. If there are products for sale in a specific niche, that’s a good indicator that money is being spent and therefore the niche might be worth exploring.
Bella Online
http://www.bellaonline.com/misc/sitemap.asp
A women’s site that will give you a good insight into the female niche mindset. Let’s face it, guys and gals are different and have different desires, wants and needs.
Best Online
Research Apps/Sites You’ve Never Heard Of
http://oedb.org/library/features/best-online-research-sites
Excellent list of resources for the serious researcher.
Big Boards
http://rankings.big-boards.com/?p=all
Lists the top discussion forums by rank
CB Engine
A veritable treasure trove of information for scouting out hidden gems in the Clickbank Marketplace. If you want to sell CB products, this is an essential resource. Grab a PRO membership, it’s worth the measly price tab!
CNet Buzz
http://reviews.cnet.com/4520-12578_7-6527356-1.html
Reviews and comments on the latest tech products.
Del.icio.us
See in real time just what folk are digging about. One of the most popular social bookmarking sites around.
Depth Reporting
http://depthreporting.googlepages.com/websites.htm
Classed as “the most useful web sites for reporters”. Nuff said dudes and dudettes.
DMOZ
People seem to forget about the humble human-edited open directory project. But in it be fields of diamonds my lovelies that might just push you into actually getting off your butt and doing something with your online business.
Dummies
Guides
http://www.dummies.com/WileyCDA/DummiesTitleAll/index.html
The famous Dummies guides as listed by tiltes.
Ebay Categories
http://www.mpire.com/ebayPop.ivk
You will die and think you’ve gone to heaven after taking a peak at just what is being sold over at Ebay. Don’t anyone ever tell me that they can’t find a niche to get stuck in.
Ehow
As the site says “how to do just about everything”.
Ezine Articles
Articles on thousands of niches. Hint: Take a look at the bottom of each article to discover a plethora of product ideas.
Furl
http://www.furl.net/furledPopular.jsp
When it comes to niche market research I like riding the coat-tails of others. After all why reinvent the wheel when thousands of other kind folk have gone before you.
Gizmodo
This is a blog dedicated to gadgets, gadgets and more gadgets. You’ll be first in line to know about those “must-have, I’m gonna kill you to get it” sale scrums.
Google Products
http://www.google.com/products
Yup believe it or not some folk are actually making money selling stuff online. And not just downloadable information products! Hard goods sell real well. Heck I should know, I just sold $13,000 worth of one electronic product in less than 72 hours. Remember Rob’s maxim: Find a product, then the market.
Google Hot Trends
http://www.google.com/trends/hottrends
Daily trend watching to see what people are searching for on this little know about engine.
Google Video
http://video.google.com/videoranking
The Top 100 most viewed videos on Google.
Hobbies List
http://www.hobbieslist.com
A site listing a ton of hobbies. Well what else did you think the name suggested!
How To Do Things
http://www.howtodothings.com/browse-all-categories
People always want to learn how to do stuff. This site will make you head explode with ideas. Is there a way you could create a paid for product using what’s here?
Internet
Movie Database
http://www.imdb.com
If you’re mad about films (movies) and want to sell to this addicted niche, this is one place you must visit.
Intute
Provides some of the best resources for education and research. All the sites are listed and reviewed by qualified researchers. Serious stuff here.
Magazines
It costs tens of thousands of pounds/dollars/euros to start a magazine, so you can pretty much deduce that if there’s one in print and it’s popular that there’s a market or sub-niche somewhere hidden in it. You can’t go too far wrong scouting out what’s available on this site.
Metacafe
http://www.metacafe.com/most_popular
Videos hot, and it’s only going to get hotter as broadband proliferates around the world and speeds just keep on increasing. Which is why it’s important you stay abreast of what’s getting attention in the videosphere.
Movie Box
Office Charts
http://movies.yahoo.com/mv/boxoffice
Films are big money earners, and with each release comes a plethora of associated products that people suck up. Will you be ready?
Nextmark
http://lists.nextmark.com
You can search more than 60,000 mailing lists, email lists, and telephone lists from hundreds of vendors — virtually every list available!
Popurls
http://www.furl.net/furledPopular.jsp
“Popular URLs to the latest buzz”.
Pricerunner
I won’t say it again… Find the product then the market! Millions of products can be found on this quaint little old site.
Technorati
Yet another must visit social bookmarking site. Now let’s be clear here, just because someone bookmarks a subject doesn’t necessarily mean there’s money in it. There might or there might not be, which is why I bang on about finding products that sell first, then explore the market.
ThisNext
http://www.thisnext.com/activity/map/
This one is way cool and seriously addictive. You can actually watch what people are looking for on the ThisNext shopping portal. Plus you get to see where they are in the world. Kinda like Google Earth with Market Research data!
Top TV Shows
http://www.usatoday.com/life/television/news/nielsens-charts.htm
What are all those couch potatoes staring at for hours!
Yahoo Buzz
Top movers and leaders as searched on Yahoo.
Yahoo Groups
If folk are interested in a hobby, subject or passion you’re going to find a group that hang out here. And if there isn’t one, maybe there aient much of a market. Why be a trailblazer when you can be a coat tail trailer.
Yahoo Shopping
Another great shopping portal to explore.
Viral Video Chart
http://www.viralvideochart.com
Lists the top viral videos by multiple categories.
WikiHow
http://www.wikihow.com/Categories
Looking for how-to articles and information. This site is similar to Wikipedia but is just for how-to. Content created by the public.
Wikipedia
http://en.wikipedia.org/wiki/Lists_of_topics
Well if you don’t know of this site you must have been sitting in a cave. A huge resource. Tip: Use the external links at the bottom of each article to dig deeper into a subject.
YouTube
http://youtube.com/browse?s=mp
Here you’ll find the most viewed videos so you can see what folk are interested in. Ideas anyone?
