The first rule of niche marketing to learn is that it is advisable to research a market first and to try to establish a shortage in the market place, after which you will need to find a product to fill that shortage. Do not try to find a market for a product that you already have as it is almost certain you will fail.
So, before doing any research you will need to decide on the type of market that interests you. There are a lot of them on the Internet so it is important to choose the right one for you. To begin the research it is advisable to start on a broad theme and then dig down into the market. The following is a good starting point to find your potential list of markets to review.
1. A market following one of your passions.
2. A market within the Internet Marketing (IM) niche.
3. A market that follows the high spenders.
The first is obvious. You need to list any, and all the subjects that you feel passionate about, such as hobbies, sports, your work, or any subjects that you are knowledgeable about. If you are passionate about the subject then it would seem natural that you could make others passionate as well.
The second market – IM – is probably the largest market currently on the Internet, but it is a highly competitive one. There are many niches within the overall market, and maybe there would be something that could be of interest. Some of the high flyers in this market are:
- Private Label Rights
- Resell Rights
- Search Engine Optimization
- Traffic Generation
- Membership Sites
The third is one that tempts most newcomers, but they really don’t know where to start to look. The key here is to find information regarding which subjects have the most searches made, and there is a high spending value in that market. Some of the highest money spending markets include the following:
- Stock Trading
- Real Estate
Again there are many niche markets within each of the above topics with room to dig down to find the best possible returns.
With your list of markets to explore, it is time to fully research each one thoroughly. Make extensive notes as you dig into each market. Ensure you can evaluate the number of searches in the niche; assess whether there is money being spent in the niche; and then that vital “something” that is missing, which hopefully you will be able to find and sell to the market.
When you have completed the research on your niche market list, you will need to make an evaluation of which one(s) presents the best business proposition, then start developing the niche. Remember that Rome was not built in a day, so be patient and don’t try to short-cut the research or you may miss some important information.
When the product is selling like hot cakes – start all over again.