Truth About Internet Niche Marketing
Quit LOOKING for the niche that has no one in it.
It no longer exists. Sure you may have a found a market like that 5 years ago, but you won’t today. While some may take that as bad news, it is actually good news. Instead of going into a market blind, you can go into it after seeing what competitors are already doing.
A dream market isn’t one with no competition. It’s a market where the competition is profitable even though they’re not doing a very good job of marketing.
Bottom line…If you find a phrase that no one is advertising in Adwords on, it’s because no one is buying anything.
If the term was profitable there would be competitors advertising there. When you find a ton of competition on a term, it’s because people are buying stuff from the advertisers there. Someone may advertise on a losing term over a short period of term but when you see them keep advertising for months, they’re making money (or at least breaking even).
The reason there’s no competition is because no is buying.
The reason another business has a lot of competition is because people are buying stuff.
If someone how you find the one exception in a thousand, don’t worry. Soon it will have competition in it after you spend all your time pioneering the field.
Sorry I had to get that out of my system before I get to the rest of the article.
Here’s a very simple system for helping you pick your next market niche.
1. Find the Intersection of Passion and Profits.
Some people say you should simply do the math and find markets that offer the most profits no matter what. Other say, “Do what you love and the money will follow.”
The truth is in the middle. Sure you could pick a profitable market you hated and make money, but why in the world would you want to do that? Or you can pick one that you have no passion for. Then you’re just setting yourself up for boredom in the market. Again why?
In my view I don’t see the internet lifestyle just about money. It’s also about creating a lifestyle you enjoy which means you don’t want to just “tolerate” your business…you want to be connected to it.
On the other side of doing what you love, what if what you love doesn’t involve anyone spending money? Even if you don’t sell products and just sell advertising – someone needs to buy from the advertisers or they’re not advertising with you very long.
Start out making a list of markets you have interest in. Then do the research on those markets to determine which ones have the best chance of producing profits for your new business.
2. Do keyword research to find a phrase that has people looking for it.
My current favorite tool for doing keyword research is the Google keyword tool.
And don’t just consider the traffic on the specific phrase by itself. Look at all the related phrases and additional phrases which come up hooked into this phrase.
Business is really becoming even more focused. Since similar keyword phrases can have wildly different customers searching, it is important to also spend time looking at the PPC results (and free results) which come up under the term. An example of this is “headache” versus “headaches.” People searching for a headache are people who have one right now and want to solve it. Those looking for headaches experience them regularly and are looking for a solution or are students doing research on the subject.
Zero in your research and find a phrase that represents your business that you can build out from.
3. Use the Google estimator to make sure that phrase is worth ranking for.
You can find the Google estimator here.
Do estimates on the keyword phrases you find (notice I said to focus on a primary phrase first above and then expand out to the related phrases).
The more people are willing to spend for PPC, the more money is in the market (in general terms). They’re willing to spend the money because they’re bringing the money back in through sales (this is why I prefer to check in PPC even if you never planned to do any PPC advertising yourself).
How much are those phrases WORTH to the advertisers? That information can be very valuable to you in multiple ways (selling advertising, figuring out the income per visitor other sites are getting, etc.).
4. Check the front page of search listing to make sure it is practical to rank for these terms.
While you don’t have to rely on seo (just like you don’t have to rely on PPC), I’m using it as a core method in the majority of my marketing now. Personally I prefer it to just relying on affiliates (which of course is another possibility).
What do the top sites on Google look like? Do they have a large number of links coming in or a small number? Do all the front page listings use the keyword phrase in their title? Do you feel you can push your site up into the ranks for the terms you’ve chosen?
A quick way to judge the sites are the pagerank scores. Lower numbers mean less incoming links and that you’ll be able to rank here sooner. Higher numbers are much more difficult to rank for (and of course the PR ratings don’t mean everything).
5. Check the Adwords ads to see what people are currently selling to these visitors.
If every one of the big players in the market runs a membership site, you might need to do a membership site to be compatible. What if they are all sell software? Perhaps that is what the customers are looking for.
This really comes into play once you think about low ticket versus high ticket items. If everyone who can afford to advertise is running a high ticket coaching program and you simply want to sell an ebook, that’s probably not going to fly. Their customers are worth $1,000 plus and yours would only be worth $30. That doesn’t work.
The big question here is whether you’ll be willing to do what it takes to be profitable in that market (through your own products or through affiliate promotions).
Even better would be to track the Adwords results over a 2 month period to see who can afford to advertise continually on the keyword phrase. What is their business model? How can you create something similar while having clear point of difference or added benefit. Even affiliates today need to be thinking about how they can add value to the market – not just an affiliate link anymore.
6. Remember what People buy.
They want more money, more time, or to feel better about themselves. They want to fit into a group. They feel a sense of duty to those they serve (this can be best seen by firefighters, the medical profession, etc.).
Can you create a site that focuses on these? Can you add value to their lives by focusing on the above?
That’s why you see me talk so much about blogging in my approach. Even if you don’t become a “blogger” you can still use WordPress to build a site with content and value for the target market. In my opinion it’s the easiest content management software you can use.
Plus Google has shown they love WordPress sites and the way they’re setup.
Check my Blogging for Fun and Profit DVD series here to find out more about how you can build your site based off of it…
Find a market. Do your research. Build an authority site. All with the plan of how you’ll turn that traffic into income.Related Entries:
- 5 Cool Internet Marketing Resources
- Using Long Tail Keywords for Profit
- Wonder Wheel for New Content Ideas
- Simple Systems of Success
- Laser Focused Marketing Approach