You can always spot the online marketing newbie by the type of site they build. You’ll get the EverythingUnderTheSunInMyMall.com types – sorry guys Amazon have already done this. Then you have the types who build a website about the first thing that pops into their heads…and then they watch it fail miserably. Neither of these approaches have any hope of working, Ever!
If you want to be successful in making money online then you need to think niche. What does niche mean? Well let’s look at cars for example. You’re not going to build a website just about cars are you? It’s just far too massive and would take years to make any impression at all. But how about a website on replacement body parts for Chrysler cars? Or custom painted bowling balls? Get my drift here?
Some niche audiences are better than others and here’s my 5 step process for picking a profitable niche.
1. Market To The Masses
You might have the best website in the whole wide Universe about handcrafted donkey saddles….but your market is probably quite limited. The bigger the audience you have the more sales you’re going to be able to make. Small markets can be profitable too but they’re also usually hard work and usually for very little return.
2. Provide Solutions
A vast amount of people are online looking for solutions to their problems. It could be acne, acid reflux, relationship problems, how to quit smoking or even how to build the best chicken coop. Provide them with answers for their particular problem and you’re already 90% of the way to them having their credit card in their hand and ready to buy.
3. Emotionally Motivated
You want to find a niche where people aren’t just window shoppers. You want people who need an immediate answer to whatever their problem is and they want to solve it there and then. One example of that is the “Get Your Ex Back” market. People who are suffering from the after effects of a break-up are an emotionally charged market. What would motivate you to go online? What situation would make you willing to part with money to solve your problem?
4. Disposable Income
There’s very little point in marketing a product to a niche that has no money to spend. Senior citizens for example would fit into this category. They may need answers to their problems but they simply can’t afford to pay for them. You need to go where the money is when it comes to niche marketing.
5. Untapped Market
Believe it or not there are thousands of untapped niches out there. Sure you could go after a niche like credit cards but you’re going to find yourself struggling to get anywhere. Look at it this way – how often have you searched for something online and just not been able to find it? My favorite example of this is a musical hobbyhorse carousel (the type that spins around). I’ve been trying to buy one of these for my mom for the last 5 years and can never find anyone selling one. Can you think of any other examples?
Here’s one final tip. You’ll hear a lot of Internet Marketing gurus tell you that if there are no paid searches for a certain niche then you’re wasting your time trying to monetize that niche. That’s probably true if all you’re using is Adsense. But there are dozens of other ways to profit from a niche so when it comes to selecting your niche market rely on the number of actual searches for keywords each month (from the Google Keyword tool) and not just a quick glance at the number of PPC (Pay Per Click) ads running at any one time.
This is a guest post by Lakshmi. She is an experienced entrepreneur who makes most of her income via the internet. In the last 2 months she has been part of the launch of a new voucher website where you will find the latest Micfo web hosting coupon and Coolhandle promotional code.