5 Ways to Find a Million Dollar Niche
Choosing the right business niche can be worth millions. One online marketer makes a fortune while another struggles just to pay the rent…even though they’re using the exact same types of advertising. The difference is their market idea…and how they approach it.
A lot of marketers expend their energy and their money to promote a product nobody wants. Or they choose to build a business inside a niche that’s too small. Or they pick a large marketplace and find it too difficult to separate themselves from the pack.
Principle #1 for choosing a profitable niche is to find products and subjects that are already proven to be successful. You don’t want to be a brand new pioneer in a new marketplace. Let someone else waste their time and money testing a new market for you!
Here are 5 ideas generators for markets (all based on making sure someone else is selling into the marketplace first)
Idea Generator #1: Paypal Shops
You can search through the different categories of shops. When you visit different companies accepting Paypal, they’ll even share the number of Paypal transactions that shop has had. You don’t have to guess where the money is at or where it is flowing. Look for products or services that are selling with with a lot of transactions.
Idea Generator #2: Lulu
Lulu is a site for self-publishers essentially that allow book authors and information product developers to upload their material and they will print out a book on demand. They keep statistics about what titles are selling in what categories. You can get a sense of what’s selling there for small publishers.
Idea Generator #3: Shopping
Shopping.com has a Consumer Demand Index showing the hottest searches for what people are actually looking at buying. Consider this. People who search on Google are often looking for free information. You can translate some of those searchers into buyers. The research we’re doing is showing what people are actually buying!
Idea Generator #4: eBay
Choose any category in eBay and find out the most popular searches and the biggest eBay stores. What are customers looking for to buy online? eBay (the biggest online shopping destination) shares their stats with you!
Idea Generator #5: Magazines
If a magazine can be supported and has been in business for a while, that means that people are paying for the magazines and advertisers are making money. The magazines are supported by advertisers. If there aren’t enough advertisers in a marketplace to support a magazine, I’d be very nervous about entering that market.
You’re notice the whole principle behind all these ideas generator is that we’re following the money trail. If others are making money in the marketplace, then it’s passed step one of the marketing process. If there aren’t proven winners already, I’ll pass on the market. And I recommend you do the same.
If you’d like to go further in depth on how to pick your million dollar market, see my low cost online course, “Virtually Foolproof Method for Choosing Slam Dunk Markets.” Picking the right market is the first step, and it’s vital if you want to make profits online while making your life simple. Find out how one of my coaching clients has successfully entered 17 wildly different markets successfully.Related Entries:
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