To find a profitable niche market, begin with some detailed research. You’ve heard the old saying, ‘Do what you love, and the money will follow.” However, this does not necessarily hold true. What you really need to love is the marketing.
To market successfully, and profitably, you’ll want to be in a niche where people are buying, where others have a strong interest or a passion. There are millions of people online every day who are searching for something they are ready and prepared to pay for. You’re looking for committed buyers, not freebie seekers.
Okay, how do you find these desperate buyers? Think of problems that many people have, that they are desperate to find solutions for. Now this could be information, but it could also be some sort of product.
Here are 6 niches or markets you can explore:
1. People who are unhappy with how they look – too much hair, too little hair, skin problems, overweight, poor teeth, etc.
2. People with financial stress – needing credit, about to be foreclosed, needing medical attention, etc.
3. Those desiring to improve their quality of life – work less, have more money, work at home, get a better job, buy a dream car, take a dream vacation, find a soul-mate, etc.
4. People with pets – their pet may have a behavioral problem such as chewing on things or disobedience that needs a solution. They may just be looking for information about choosing a pet.
5. Children – parents will spend on their children for many reasons – educational, living with a disease (ADD for example), new baby items, home schooling etc.
6. Hobbyists – this group is not really looking for a ’solution to a problem’, but they are ready and willing to spend money on their hobby – getting the latest gadgets or supplies. Especially true of ‘craftspeople’.
These key areas are all where you’ll find people who are searching for something to change – where they perceive a problem or lack or desire, and they are willing and ready to pay for a possible solution. Now your next step is to narrow your focus, by doing some further research.
Visit online groups, such as Yahoo Answers, Google Groups, and MySpace to find out exactly what people are looking for. Check out the Movers and Shakers at Amazon, or the Pulse at EBay. Then conduct keyword research to narrow and refine your selection, and you’ll see even more sub-niches come to light. Take your time, be thorough, and you’ll be well on your way to having a successful niche marketing site.
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