This is the second part of a three-part article. You may want to ready Part 1 if you haven’t done so.
Are you new to internet marketing? If so, at some point you will ask yourself this question, “what do I promote?”
Well, I would like to cover an approach contrary to what most gurus’ recommend.
How to Find Your Niche In The Middle of a Haystack
Three essentials elements of niche marketing, interest, supply, and demand, can be broken down into five requirements.
1) Are people online in large numbers? Internet marketing is all about the numbers. You want a large audience without the competition. Your goal should be to sell more for less. (Interest)
2) Are people actively seeking solutions to their problems? You want an audience that is “currently” searching the internet for a solution. Being in a niche that was hot twelve months ago does nothing for your business today. (Demand)
3) Do people have a strong emotional need to find a solution to their problem? When you put emotions vs. rational, emotions win the majority of the time. When doing your research, you want to choose a niche with an attached emotion, here’s why.
People that are desperate for solution to their problems are driven by their emotions, which play a much larger role then we think, especially when it comes to seeking solution. Cost seems too no longer be a factor. (Demand)
4) Are people willing to part with their hard-earned cash for the solution? With today’s economy, emotions are running rampant, and solutions are infrequently found, you want an audience that is able (and willing) to spend their money for the solution to make their problem go away. (Demand)
5) Is the market underserved? Have you ever did a search, and were unable to find what you wanted? This is because some markets are not very well served. Look for those markets where you will have limited competition. (Supply)
I came across an article written by Moe Muise, M.A., a ClickBank vendor and affiliate.
Moe has a great story of when he first began his adventure into affiliate marketing; he came across a niche market for farmers that had very little activity.
At the time, Moe was researching “low cost-per-click” (CPC) keywords. Moe’s rationale was to launch a low CPC campaign in a market underserved, hoping to keep his cost to a minimum, and letting his profits explode.
His research eventually leads him to develop a product; however, with limited activity, Moe’s profit potential was limited as well.
Know If Your Niche Is A Long-term Profitable Audience
There is no need for calculus, and all the other methods of math solutions known to man when seeking a niche market.
The fact is all markets with continue to have problems, and needs solutions for years to come; however, there are some niches that are better than others are.
If you follow the list above, How to Find Your Niche in the Middle of a Haystack, you find the list to be very helpful when looking for your niche.
Finding Gaps in Niches to Explode Your Profit Potential
Once you become successful at affiliate marketing, you may want to begin thinking about creating your own information product in order to take you online income to a new level.
Getting an information product created in not as hard as people think, the challenge is making sure you bring a product to the market that will be a moneymaker before you produce it.
In Part 3, I will bring you two techniques for discovering gaps in niche markets.
- Why Affiliate Marketers (Not Just Vendors) Need To Do Market Research
- Research Techniques That Find Gaps in Niche’s To Create Your Own Product