Niche Markets Research in 4 Simple Steps
Many people are never quite sure if they have found a niche that is open to additional competition and still has considerable demand, or if the niche is closed off to new entry.
The answer is there is almost always demand in niche markets, and if you feel the demand is being met then there is demand for additional niches within a niche market.
Step 1: Initial Brainstorming.
You can start your niche markets research with reading the news, find out what's hot, read the top rating lists, browse huge shopping malls, scan blogs or use your feedreader to read RSS feeds.
When researching niche markets and trying to decide what would be most profitable, you should first look at what you enjoy and would be best at doing day in and day out.
The reason it is important to analyze your desires and strengths is because you want your home based business to work and be profitable, and if you do not enjoy it you will not be able to give it the attention it needs to grow, regardless of the demand within the niche.
So, evaluate what you like, your skills, what services or products you can provide, and then begin figuring out the niche for your particular skills and products.
Step 2: Keyword research.
Once you have several ideas for a niche market, you'll want to know what the demand is by finding out what keywords and keyword phrases people are using to search for this and related information via the major search engines.
You can use the Overture Suggestion Tool for that or you can download and use a program called Good Keywords.
If you don't feel there is a high demand, or the market is already saturated, then consider altering your product or service a bit so there is a niche market for it. All you really need is a little creativity.
If you have several niche markets in mind, you will want to go with the one that is searched for the most because this one has the most demand.
If you have only one in mind, make sure the number of people searching for your product or service will make it worthwhile for you to engage in it.
Once you have decided on your niche market, or on several, you will want to come up with several hundred popular keywords that describe this niche market or that people might use when searching on Google and the like.
Step 3: Your competition
Now you will need to consider your competition.
Research the Internet for other competitors and what they offer and how they offer it.
You can do so by entering the keyword phrases you've found in step 2 into Google, surrounding them with quotes. Look at the number of sites that come up. Compare the Google results to the number of monthly searches for each phrase.
By the way, there IS a way to fully automate step 2 and step 3. It's a nifty software program called Adword Analyzer. All you do is type in a generic keyword and the software comes up with all the specific keyphrases in Overture, the number of searches last month in Overture for each keyword, the number of sites listed for these keywords in Google and, as an extra bonus, the number of ad for the keywords found in Overture and Google.Maybe you will discover that some of your keyword phrases with good monthly traffic don't have many results in Google yet.
As you can see that will save you lots and lots of time.
If that's the case, chances are you have found a very good niche to exploit with your next online project. If not, go back to the list you created in step one and repeat the process.
Find a way to offer something more for less, or offer specialized products and/or services so they are not exactly like competitors. All of these actions will differentiate you from the rest.
Step 4: Niche Potential
Find some interesting affiliate progams to promote within your niche market.
Once you have entered a niche market, always provide consistent and professional service, maintain your web page and products, change your marketing tools or products if necessary to react to new competition, and always be on the lookout.
Write articles to pre-sell your products or your affiliate programs. As long as you are proactive you will be an aggressive competitor.
Finally, if you're really stuck in this process, just have a look at these ready to go 50 'SECRET' NICHE MARKETS. It won't get any easier than that!
Wish you success.
Case Stevens
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- Article by Case Stevens, of http://www.anownsite.com/.
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