How can your business recognize a possible lucrative niche market? This question haunts many Internet business marketers because it can denote the difference between the business’ success and its failure.
Many people will say that it’s difficult to find a moneymaking niche market that’s got very little competition but this isn’t exactly true. Sure, it’s not near as simple as it once was but it can be done. This niche marketing strategy can assist you in recognizing these potential markets?
Step 1 – Locate A Niche Market That’s Got Low Competition
Don’t believe it’s impossible for you to find a section of the business sector that’s got little competition in it. That’s just not true. The only thing about these sectors is that it may not be profitable (remember you want an area with low competition that will make you money). Sometimes the market has low competition because the sector just doesn’t do very well for the product/service you are offering.
What can you do? Check out popular websites that can answer these questions such as ehow, yahoo answers and more. See what kinds of questions are being asked. Check out the theme-based forums, reading through the different posts to find you some answers. These places can give you some great niche ideas and a good niche marketing strategy.
For instance, you found a cat forum and found a common cat question about how to deal with hairballs. You create your niche to deal with “dealing with hairballs” From this information…you can create about four to five three to four-word key phrases.
Step 2 – Locate A Demand and Your Competition
Now take all your possible phrases and input it (with quotes) into the Google/Yahoo search engines. Look at the quantity of results that are returned. If you input “dealing with hairballs into the Yahoo search engine, you’ll have approximately 258,000 results.
Step 3 – Narrow Down Phrases That Can Produce Potential Profits
You want to narrow down particular phrases that will help you to earn profits. Do this by using a free Google keyword tool, located at https://adwords.google.com/o/KeywordTool.
This keyword tool will inform you see just how many people have searched for your phrases in the past few months. A keyword phrase search of anything above 500 a month is good for business; it means you have the possibility of gaining clients/customers. Essentially, you have the possibility of earning a profit.
Step 4 – Locate One Or More Products That You Can Market In This Sector
Taking the example of “dealing with hairballs”, you will find many products that are widely available to help cat owners. Many of these products come with affiliate marketing potential. If you want to find them quickly, type in the key phrase plus affiliate program or you can do a broad search of the phrase and find businesses in your area that have products which have supplies to deal with hairballs. Make sure you register for the companies’ affiliate marketing program.
As you can see, you can find a probable lucrative niche market… just by following this niche marketing strategy.