Selecting A Proftiable Niche
Hi guys, you got to forgive me if I type something wrong as I just taken my medicine and feel a bit drowsy so if I mistype something please forgive me 
I think this topic will generate lots of interest for you guys as I get lots of emails people always asking and saying they have problems selecting a profitable niche.
First Thing What Is A Niche?
Well it’s simply it’s a small portion of a market within a huge market. For instance, you are in a market place where people sell lots of food and food has a huge range of food. But instead of selling everything like a supermarket you decided to be specialized and sell only raw fish. Selecting your market in the fish market compared to a big market has it advances only when there is a demand for the niche.
Benefits Of Being In A Niche Of A Niche
Using the example above, if my store only sell raw fish will my store have a widen range of fishes compared to a giant supermarket. Well chances are you will, and the best part because you are specialized in only selling fish people who want to buy fish. People will look for you first before going for the rest because you can also give more competitive prices for your customers.
The trick in selecting a niche, you must always learn to focus only on the niche and nothing else. It’s real common for anyone to be distracted and look into other things.
Selecting Your Profitable Niche
I selected my niche in blogging way back 2 and 1/2 years ago and I can tell you it was not an easy one. At that time, everything thought blogging is useless and can never be profitable. However, I knew something that many others did not know and I knew the trend of blogging will grow by 2 times in 1 year’s time and I was right The demand for blogging today is much more then before.
Do take note, when it comes to selecting a niche, there must be a demand for it and there must be people online willing to spend on it.
So here’s a check list you can use in helping you to select your niche:
- What is the future thread of the niche you are selecting?
- What are the countries that has a demand for this niche?
- Are people willing to spend money in the niche? (very important)
- How much are they willing to spend?
- How much demand in terms of hits per month are there on Google?
(recommended 10,000 and above) - Are there people already selling products in your niche?
- If there is, how many products there are and what’s the selling price
To help you find out on demand from Google, you can use Google’s New Insight which I wrote an article right here showing you how to use it. That will give you some guideline on your market.
Warning Not Every Niche Is Profitable Online
You do have to take note that not every niche you select will be a sure win. You have do some split testing to test your niche and product that you are selling is profitable.
It advisable to stay in a niche for at least 6 months before you decide to move on to the next thing OR ELSE you will END UP failing like 90% of other marketers around the world. Just remember the key to success is consistency
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To get a more comprehensive guide on blogging, I would highly recommend you to get my full blogging guide book here If you have any further comment please do remember to comment below.
Alvin
Many internet marketers share about ideas on niche creation. Unfortuantely they personally have never go beyong the internet marketing or make money on the Net niche.
It will be interesting if you can shine some light on your other niche outside the internet marketing or making money on the internet or blog niche. I am sure many of your readers will love to read it and even applause.
Being a niche player myself, I have some similar and different views (which is good, so we don’t fish in each others niche!).
First and foremost: Alvin, drink chicken soup and start writing once you are ok!
There is no 1 approach for all niches.
For example: when Alvin says you should get a niche with 10.000 hits a month, then all the niches with 9000 are still undiscovered (if everybody listens to Alvin’s advice).
I totally agree with the: try it out 6 months and evaluate idea. Sometimes you are quiet surprised what the outcome is and sometimes sales are seasonal.
I have a different approach to your fishmarket, in the sense that I am not a fresh fish seller, I will look for that 1 fish that’s in demand but not enough in supply and open shop.
In the end its all about ROI: if a niche site with 1000 hits gives me the same return than the one with 10.000 hits, then don’t be too fixed on the 10.000 number.
And if you are new in blogging, then start with a niche of 100 hits a month or buy Atomic Blogging and go for Alvin’s 10.000 hits a month
Yes, I agree that not every niche is profitable…
Some niche you can easily get traffic but little sales, while some niche with no traffic at all – no sales.
A good niche product must be:
1. Have a lot of demand with good people who are willing to spend money.
2. High converting sales page, at least 1% conversion rate, meaning every 100 visitors send must have at least 1 sales.
3. Good price – $30 or more per sales is my target!
There is a lot of testing and consistency work before we can discover a working niche for our business. Just keep working!
Alvan, Great post on a niche website. Especially in regards to if it’s not working in 6 mths. let it go.. and get on with something else. There’s alot out there for everyone we can all find our niche.
Totally agree!
A lot of people tend to jump into a market even before they done their research. This is the main reasons why so many people fail in internet marketing.
Market research is your key to success on your online success. So, make sure you done your research first before jump into a market.
Alvin did mention on using split testing to test your niche and product you’re selling. Yes! I did that too and this is powerful. Because you will know how is the market response to the product you’re selling. This help you increase your sales conversion. After all, the main reasons of doing marketing is to place your product in front of people who need it.
Here’s the split testing software i personally use:
>> Affiliate prophet
(this software is quite expensive:( but it’s worth to invest)
Hope this help!
Nathan
P.S: The link above is my affiliate link. If you feel offended, simply clear your cookies and here’s are the link without affiliate link:
>> Affiliate prophet
Hi Alvin,
Thank you for posting neich article. It is a great help. Will surely help someone like me who is very new to blogging ( 5 weeks old).
Alvin, your twitter link does not work as it comes up with ” account suspended due to activities”. Have alook.
Once again thanks.
Mayur Sangani
Excellent content – as you always provide and inspires me to come again and again. You are on my RSS reader now.
By the way, there is one more valuable resource I’d like to share with others readers. It’s about getting No #1 ranking for any Keyword on MSN search engine almost instantly.
I won’t waste any of your time because this is absolutely mind-blowing:
http://www.clickaudit.com/goto/?138378
I have no idea how these guys accomplished this…
Go… watch this free video.
We also need to have high interest in that niche and always willing to learn =) Many bloggers fail because they dont have the consistency and not willing to invest in blogging.