If you can determine the level of interest in a topic early on, you will save a lot of time when researching possible niche markets. A healthy, profitable niche is one that people are interested in learning more about. And while there may be a book or two on the topic, information online isn’t readily available.
As you begin your research, take note of how many books are listed on websites like Amazon.com and BarnesandNoble.com. If you find three or more books that have been published within the last six months or a year, then you should continue your research. Since these companies are in the book selling business to make money, they will not carry books that are not selling quickly. Books that are in demand can tell you a lot about the niche.
The next step is to see if there are any magazines or other publications on the topic that are available to the general public. This can also tell you if there is a sufficient level of interest to support the niche. Newsletters, online or off, are a good resource as well.
The last place to check when trying to get a read on the level of interest is to conduct keyword searches for possible niches and topics on Google and Yahoo to see if people are actively searching online for more information.
Keywords that have been searched at least 10,000 times show a moderate level of interest and indicate a niche that is profitable.
Once you have determined the level of interest, you should decide whether it’s worth your time to pursue the topic in order to find the niche, or abandon it and begin researching other possible niches.
Determine If There Is A Need For A Product
After finding a niche that is thriving online, the next step is to find products that already cater to this niche. Visiting websites that are related to the niche will direct you to products that are available. During this stage, you should consider the following:
Even if you find that there are products already being sold to a niche group, if these products are not suitable, or if they only appeal to a small cross-section of the niche, then there may be room for your product. Take note of what is missing when conducting research. This can help in determining if a niche will be profitable and also when brainstorming for product ideas.
If you find that the niche is saturated with products, then you should move on to the next niche. Profitable niches come and go very quickly, so oftentimes it’s more about timing than the product you want to sell. Since there are many niches out there, you should find new ones with little difficulty.
On the other hand, if you find a niche that is not getting the attention it deserves from other niche marketers, then you need to act on it quickly before the competition finds it. Creating a product within a few days as well as a website is important. Once you start your marketing campaign and people begin buying the product, the competition won’t stand a chance.
For many in niche marketing, as soon as they see one or two others selling products to a niche, they will move on to the next one. Just because someone else is selling to a niche you have researched does not mean what they are selling what the niche audience really wants. Take a serious look at the potential competitors product and critique it. If you find it lacking, there is a good possibility your potential customers in that niche may feel the same.
Don’t let a little competition scare you away from developing a niche. Do let a LOT of competition scare you away. Niche marketing is about finding markets with the least amount of competition that still has the potential to be profitable.