If
you haven't heard the word 'niche' being batted around by Internet
Marketers then you haven't been listening. Finding a niche has become
the antidote to competing in overly saturated online markets.
What is a niche?
According to Merriam-Webster's Online Dictionary a niche is
described as "a place, employment, status, or activity for which a
person or thing is best fitted... a specialized market".
Have you noticed that despite the closing of many businesses in
these harsh economic times, the local hobby train store is still
around? That the 'hole-in-the-wall' eatery is thriving? Or that trends
such as scrapbooking can start with a bang and still close within a
year when four similar businesses start up in the same area?
The online business world reflects the same trends as experienced
in the offline world - often with faster turnover and startup rates.
Those who promote a product or site that targets a small, select
audience can tap into a market that is otherwise not being served.
Despite the limitations of the client base, the targeted nature of the
business creates a devoted and active market - the aim of any business.
HOW DO I FIND A NICHE?
Finding a niche requires diligent research. Whether you have access
to software that harvests and sorts information or you take a manual
approach you must first start with ideas.
With a pen and paper (or computer, if that's more comfortable)
brainstorm a list of businesses, products and industries. Create a list
of keywords and phrases you think would be used by individuals looking
for these items online.
Use a software program such as Wordtracker or a free resource such
as the Overture Keyword Selector Tool to find keywords for your niche
that have a high amount of traffic.
Although a program like Wordtracker makes it easy to find details
such as how many sites compete for that market, you can also do your
own research.
Concentrate your attention on question phrases such as "how do
I..." or "where can I...". These questions will clue you into potential
markets that need servicing.
Next, look in Google Answers. Type one of your keywords into the
search area. What questions are being asked and how much are people
willing to pay for answers? If you find a group of keywords with a high
number of questions then enter these words in your browser's search
engine.
What sites come up? Do they provide answers or solutions to the
problem? How are they making money? Can you see an opportunity to
service these individuals?
Finding a niche can open the door to a profitable online business.
Research the market and be certain that your product or service is
valuable to this group. Find forums or groups that target this audience
and pay close attention to their concerns.
If you can help these people you WILL make money. The best of both worlds!
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