Niche businesses that succeed solve customer problems and meet unmet needs. To find profitable business opportunities, you need to do keyword, competitive and market research. Also, you need to find opportunities that align with your skills and interests. This is how you can find a niche market that will be profitable.
Three stages of niche market drill-down
1. 1.List Your Skills, Hobbies, Passions, and Interests
List all the topics and interests you are familiar with and enjoy to help you find a niche market. Two reasons are good to use your interests as a niche market launchpad:
It is important to focus on niche marketing activities that you are familiar with. Before you make any money, you’ll spend a lot of time setting up a website and developing content. It’s best to do this work with love, or at least some of it. You’ll quickly lose interest and get disappointed results.
Niche audiences will know if your business is authentic. This is the second reason why you should focus on your interests. It’s impossible to fool anyone. Niche audiences are experts in their field, so it’s difficult to make a good impression amongst them. It won’t work if you don’t have the knowledge and drive to learn everything you can about the niche. Niche marketing is only possible if you are authentic.
“Niche marketing websites use content to build credibility, rank high in search engines, and connect visitors. It is important to create content that offers value to niche audiences, regardless of whether it is for affiliate marketing or direct product sales. Your message will resonate with your visitors if you have a deep understanding and an interest in your niche. This will help your brand stand out from other shallow, superficial competitors.
Sarah Beeksow Blay is Vice President of the affiliate network, ShareASale
The first step in finding your niche is to create a list of all your interests, expertise, and skills. Even if you find your topic of interest to be limited, don’t be discouraged. It doesn’t matter if your topic isn’t of interest to you. There will likely be someone who shares your interests. This list can be used to help you identify your niche and determine how you can best reach them by finding solutions that don’t exist.
2. 2.Identify the Problems that Your Niche Faces and Solve Them
You must identify the gaps in the market when you are trying to find niche markets. This means you must identify gaps in the market and determine where solutions are needed.
All of the most successful products or services today share one thing: they solve problems. The more you can solve problems in your niche as a marketer, you will be more successful.
Consider your interests, talents, hobbies, and passions. Now think about the products and services that you would like to see. Think about the challenges that your niche market faces. If you can imagine a solution, there is gold in these problems.
Here are some examples of niche marketing success stories that have solved problems and made great money.
- Spankx: Sara Blakely, the founder, couldn’t find a high-quality, smoothing undergarment that was beautiful for women. So she created one. Blakely is today a billionaire, because she solved an issue that no one else was solving in her field.
- Lush This cosmetics company stands out by only selling organic, fresh products that have never been tested on animals. Lush has created products that are now almost impossible to find for cosmetics consumers.
- Kaioptics is An American-based online seller of eyewear solves the problem many Asian-Americans face with their poor-fitting glasses. Kaioptics sells only Asian Fit eyewear. Their glasses are sold online, and most frames cost less than $100. The Asian-American eyewear-buying market is in dire need of affordable, well-fitting glasses that can be ordered online.
Your success rate will increase if you are able to solve problems and address pressing needs in your niche. Consider the needs of your niche and what you can do to make it stand out by offering unique solutions.
Lush cosmetics carved out a niche in the cosmetics world by offering handmade organic products.
3. Assessing Niche Viability: Keyword Research & Trends Analysis
You need to ensure that your niche is big enough to be financially viable but not too large to be difficult to reach. You have many options to decide if a niche is viable.
Keyword research is the first step to determine market viability in different niches. Market trends can be explored in the second method. These two methods can help you find out how popular niche topics are, and more importantly, whether there are shoppers looking for similar goods. You can confidently say that there is an audience for a niche topic if you find search engine traffic and trends on social media.
To find your niche, conduct keyword research
There are many keyword research tools available. Google’s Keyword Planner, Keywords Everywhere and Keywords Everywhere are two of the most popular keyword research tools. You can also purchase keyword research software for a monthly charge. KWFinder, Ahrefs and SEMrush are some examples of paid research software.
Use Google’s Keyword Planner to Conduct Keyword Research
Every Google AdWords account comes with this research tool. The Keyword Planner allows you to see the search terms people use when searching for keywords.
It is essential to know the top keywords used in your niche. Smart keyword marketing is essential to ranking highly on Google. This is key to making money in niche businesses.
To find your niche using the Google Keyword Planner, you need to enter a keyword. Keywords are often a phrase that contains two or more words, rather than one word. Google will show you the average monthly searches volume over time. Google will also show you search volume for similar terms. This is useful in finding popular topics and products within the niche. Google also measures the competitive outlook of niche terms in its “Competition” column.
Using the Keyword Planner in Google AdWords, the initial keyword search entered here was “soccer for kids,” which produced this list of related keywords and related traffic statistics.
How to Use Keywords Everywhere For Keyword Research
The Keywords Everywhere browser app provides quick access to Google’s top-level keywords data, without the need for a deeper dive into the Keyword Planner. Although KE isn’t as comprehensive as AdWords it’s still a great way to quickly research the overall search volume for a large number of terms. Install KE on your browser to display related keywords every time you do a search.
In this example, Keyword Everywhere shows search volume for keywords related to the search “backpacking in the Southwest.”
Find Your Niche Using Paid Keyword Research Tools
There are many paid tools that provide more powerful keyword research capabilities than the free ones. KWFinder and Ahrefs are some of the most well-known paid software programs.
These paid research platforms provide a range of features that vary from one provider to the next. Many programs can help with keyword research as well as search engine optimization (SEO), for your specific niche website. Some of the most popular functions are advanced keyword research, domain authority ranking, backlink tracking and competitor research.
These are some examples of highly-rated paid keywords research tools:
- Mangools : Plans start at $29.90 and go up to $79.90 per Month.
- Ahrefs Monthly Plans: Prices range from $99 up to $999
- The plans range from $99.95 to $3999.95 per month. Enterprise plans can also be purchased and include custom pricing.
- Moz Monthly Plans: Prices range from $99 up to $599
These tools are expensive so make sure you try them all before buying. Each paid research tool offers a free trial.
Research Online Trends to Find Your Niche Market
You should also take a look into niche trends when you are trying to figure out how to reach your target market. It is important to evaluate how much conversation there is about your niche and, more specifically, what topics people are discussing and how the online conversations have changed over time. Google Trends is an excellent tool to understand niche market trends. You can also use other tools, both paid and free, to spot trends such as BuzzSumo and Social Mention.
How to use Google Trends for Niche Research
Google Trends allows you to check the popularity of niche markets and products. You can quickly search for keywords to see if your audience is consistent, up or down in popularity, or seasonal.
Google Trends does not provide actual search numbers, unlike Google Keyword Planner and Keywords Everywhere. It maps keywords search popularity trends in easy to understand graphs. It also allows you to compare keywords against each other. Trend data can be paired with your search volume data to help you spot niche markets or products that have potential audience.
Using Google Trends, you can see that a search for “dog collars” shows consistent search volume year-round, while “dog costumes” searches peak in October and plummet in other months.
Other ways to research niche trends
Google Trends is a popular way to find niche trends. However, it’s not the only option. There are many effective ways to find out how much niche topics are being discussed online.
These are some of the sources for online trends monitoring:
- The Free, independent digital media company receives more than 7 billion views worldwide each month. To view the most popular topics, click on BuzzFeed’s Trending button.
- RSS This is a news aggregator that collects news from many online sources. Feedly can be used for free up to 100 sources, and three feeds. When paid annually, the monthly cost of paid plans is $5.41-$18.
- Twitter Mention: This free tool provides real-time statistics on social media searches. Simply type in your keyword and select the platforms from the drop-down menu. You can view mention statistics as well as links to other sources discussing the topic.
- Hootsuite Hootsuite offers social monitoring and social media management services. You can get a 30-day trial for free and plans range from $29-$599 per month.
- BuzzSumo This tool allows you to find the most popular content on social media and identify key influencers. It also helps you monitor activity from competitors. Plans start at $99 and go up to $499 per month.
- Hashtag Expert The Hashtag Expert app is available from the Apple Store. You can browse millions of Instagram hashtags that are trending in 35 categories with Hashtag Expert. You can get a 30-day trial for free; then, $9.99 per month.
When you are looking for trends in your niche market, pay attention to the common themes that are being discussed online. Your success in making money with your niche website will depend on how well you know your audience.
You can also search Google and social media for the most popular content in your niche. Also, keep an eye on what your competitors are doing. This brings us to the next step of how to find niche markets: competitive research.
In addition to social media scheduling, Hootsuite can help you monitor trending social media conversations.
4. To evaluate niche profit potential, conduct competitive research
Conducting thorough competitive research is the final step in finding your niche. It is important to assess the demand for the products in the niche markets you have chosen. There are many ways to determine the potential profit of niche products. These research methods are completely free.
You should also know that competition is not always a bad thing in your niche. Do not let competition stop you from achieving your niche marketing goals. Instead, do your research on the competitors you find. Find out what they are doing well and what they don’t so you can be more successful with your niche-focused website.
Use Amazon Bestseller Lists to Conduct Competitive Research
Amazon is the largest online retailer on the planet. It gives niche marketers an excellent research tool: best seller lists. You can simply visit Amazon to search for best-sellers lists related to your niches. Then you will see all the top products on the market today.
Take a look at the current market and consider what you can do for the product or to make it more appealing to your target audience. Pay attention to customer reviews. Many customers include detailed information about their opinions about the products in product reviews. This customer feedback goldmine may reveal a problem that has yet to be resolved.
“Amazon is the king and largest online marketplace in the globe. Amazon has its best-sellers page by category for niche marketers. You can explore niches within very specific categories to uncover lucrative marketing opportunities, including drop-shipping, affiliate and direct ecommerce sales.
– Derek Jones, CEO, ProScootersMart
Conduct Competitive Research Using Affiliate Marketplace Best-seller Lists
You can still use affiliate-related tools, even if you don’t plan on using affiliate marketing for money. You can join affiliate marketplaces such as ShareASale and ClickBank for free. You can search niche-related product categories to see the popularity of products in your market.
It is a great way of determining niche profitability. It gives you an advantage in finding affiliate partners if you want to make a living blogging . It also gives you an opportunity to see the competition in your market, their products and their pricing.
With a free ShareASale account, you can search niche market terms and see how much various merchants pay when an affiliate sends a customer their way.
Conduct Competitive Research Using Drop-ship Best-seller Lists
Drop-ship marketplaces offer a variety of products from drop-ship suppliers. These listings can be used to search for niche products and explore the potential profit of starting a drop-shipping company. Many drop-ship marketplaces offer free memberships. These include top sites such as AliExpress or Oberlo.
Drop-ship marketplace research allows you to see what other businesses are selling and gives you an insider’s view of the products. These huge product databases can be searched by keyword, category, or item name. You can filter products by price, number of sales, or other criteria.
This helps you to identify and select the most popular products in each niche. You can also see the actual sales figures of your products and their profit potential in different niche markets.
FAQs Frequently Asked Questions (FAQs), How to Find a Niche market
You may still have questions after learning how to find niche markets. Here are some of the most common questions we get about finding niche markets.
What niches are the most lucrative?
There are many niches that can make you extremely rich. These niches are most lucrative in terms of making money: health, beauty, finances, parenting, relationships, fashion and hobbies.
What does it take to find your niche?
Your niche is a narrow group of people who share common interests. This group may be smaller than others with different interests. Niche marketers and business owners need to identify their niche in order to effectively market and sell their products or services.
How can I find niche keywords?
You can identify the top keywords in your niche using popular keyword tools such as Google’s Keyword Planner and Moz. These tools will suggest keywords that might be relevant to your niche.
What is a good example of a niche?
There are many niches. Sports, for example, is a broad category and not a niche. Although football is a niche within a larger sports category, it’s not a very narrow niche. The niche of youth flag football is much narrower, while the niche of Michigan’s 12-year-old boys’ flag football is extremely niche.
Niche businesses that are most successful offer solutions customers won’t find elsewhere. Finding the right niche market for you is as simple as finding the intersection of your skills and customer needs. Do thorough research on the market and competitors to find solutions that no one else offers.