Financial freedom is what most people strive for. And niche marketing affords you this opportunity.
No longer do you have to depend on clients for your livelihood. By creating a profitable niche website, you are your own boss. You dictate how you want to earn and how much.
At best, you can even make money while you sleep!
But before you dream of having this kind of life, you need many things to go your way. And aside from working tirelessly to build a site from the ground up, you must know how to research the right niche market.
This post outlines the exact process of performing niche research to find niche markets and filtering them down to the most profitable, and nailing the steps down guarantees you the most money in the shortest period.
You can use these tips to find profitable affiliate niches, markets with the highest RPMs for display ads, and lucrative product ideas for online store.
Look for Familiar Niche Ideas
For starters, take a look around and look at the products you’re currently using.
Do you have dumbells and weights lying around your home? Consider the fitness niche market as your entry point.
Do you find yourself playing guitar often? You can get into the guitar niche instead.
Other than products, list down your hobbies and interests as potential niche ideas.
If you like cooking and love to try out new recipes during your spare time, the cooking niche is a good starting point for you.
Even interests like cryptocurrency, movies, or basketballs are possible niche ideas that you can turn into a profitable website.
The idea behind going into a familiar niche is because you have pre-existing knowledge about the niche and have a special attachment.
Working on a niche you know gives you the edge against competitors who are just doing it for the money. It gives you insights into the subject that ordinary people don’t have.
This is important, especially when you create content on your site since your content will better resonate with your audience.
At the same time, not all the niche ideas you’ll come up with here are and will be profitable. The point of gathering as many niches as possible is to narrow down the selection to the most profitable one.
Find a Niche from Products You Can Sell (and Make Money)
Another place where you can perform niche research is by going to online marketplaces.
These sites carry various products across different niches that you can promote and sell on your website.
What you’re doing here is reverse-engineer the process of niche research.
Usually, you search for products to sell and make money at the latter part of your research. But you can use these marketplaces for hunting down niches you didn’t know existed.
There are many marketplaces to sink your teeth into, including Amazon and eBay.
The former is the largest online marketplace with a host of products to sift through for niche ideas. And while eBay isn’t as big as Amazon, it hosts products you may not find on Amazon, in particular auctioned and pre-loved items.
Upon visiting either site, look for the Category section and check out the subcategories of the one that is of interest.
Click on the subcategory to visit the related products and subcategories page to broaden your search.
At this point, you might as well look for the best products sold under this subcategory.
On eBay, scroll down until you reach the products section. You can filter the results based on price, brand, and others to get a general sense of the average product cost in this niche.
If you’re on Amazon, you can even filter the results based on their rating to help you find what customers think are the best products in the category.
This will be much more important later on , especially if you’re going the affiliate marketing route.
But if you’re planning on building an online store, research on AliExpress instead. The site carries the most affordable products you can purchase in bulk.
Analyze The Niche Market and Audience
Once you have brainstormed for different niches, you must filter which are the most profitable.
Knowing how much you can potentially earn from your niche enables you to choose the one that will help you make the most money.
To do this, you must check out their respective market shares and their online audience.
Regarding the former, you can check Statista to help you identify the market shares for a niche.
For example, Statista has a collection of statistics and data about cryptocurrency as a whole and the different currencies for trading.
You want to find out whether the outlook towards the niche is good. A good sign is when you see growth based on the graphs shown from the different studies on the site.
Some of the niches ideas may not have statistics available in Statista. In this case, search for “[keyword] statistics” on Google to show you other sources that provide the latest stats about your niche.
In this niche market example, instead of seeing statistics about marriage, the top-ranking page is about divorce. While both terms are related, Google showing results about the end of a marriage is not a very good sign.
If anything, the results should tell you to consider divorce as your niche instead of marriage or wedding!
Aside from leveraging statistics to determine a niche’s popularity and profitability, you should also search for online communities dedicated to your niche.
The goal is to find lots of communities with thousands of vibrant members discussing the topic in depth.
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