I’m following on with the series, giving some tips on starting out in Internet Marketing.
If you haven’t chosen your business model yet, check out my post on the various Internet Business Models.
So what is a Niche?
Niche is a small sub-section of a bigger market.
What are the most profitable/evergreen markets?
Generally speaking, the following broader markets are considered evergreen and are profitable:-
1. Dating and Relationships
2. Business and Finance
3. Health and Beauty
These are really broad markets, and if you try to enter a general market, you will find it very hard to build a profitable business.
An example of a niche in the Health and Beauty market would be say, ‘cure Acne’. To be successful, you’d have to go into an even smaller ‘sub-niche’, and a sub-niche in the ‘cure acne’ niche would be, ‘herbal acne cure’ or ‘teenage acne cure’.
The reason for going that specific is that these smaller markets may have lower competition and when buying paid advertisement, cost per click would be cheaper than going for the broader search terms.
What resources do I use to choose my niche?
Other resources I personally have used are Amazon.com, eBay.com and Clickbank.com.
You would want to get into a niche that has a good volume (above 10,000) searches every month. I also check clickbank.com to see if there are products in the niche I am planning on getting into. If there are a few products, then the niche is profitable. Remember, to succeed in business, we need to give what the market wants (ie. where the money is) rather than giving the market what we want. The main thing we need to remember is that we are here to ADD VALUE to our customers lives.
The niche selection would also depend on your business model. This is a basic guide on niche selection. I will be covering niche selection in more detail in a future course. But for now, this should help you get started.
If you think I have missed something in this post, please feel free to let me know. Also if you found this useful, do let me know by leaving a comment below.