Choosing a niche can be a scary thing for many but it should not be! On the contrary, it should be exciting to you. Every morning you should be excited to work on your niche. Every day you are going to share your knowledge, experiences with your audience. You are going to solve their problems, giving them the right suggestions and help them by providing the required information which they are seeking.
Helping the people in your niche should be the motto of your business. So let’s find out what is a niche and what are the core fundamentals of choosing a niche.
What is a Niche?
What is a Niche? In simple words, Niche is a group of people, having the same interests.
A niche is a distinct segment of a market, in other words, an “audience”.
When choosing a niche that fits you, you should be choosing something that is ideally an interest, a passion, a hobby, but it could be something that you would like to learn about. You don’t need to BE an expert, you become an expert.
Basically, a niche is a subset of a given main market that has a well-defined customer base with precisely identified common needs. In other words, a niche is a clearly defined and well-targeted market segment.
Choosing a niche can be a difficult task if you over analyze it. You must have heard Paralyse by Annalyse. No doubt, choosing a niche is difficult as there are tons of products available in the market.
Choosing the right niche is necessary and a prerequisite for a successful online business and you should invest enough time to find your profitable niche.
A few things that you should understand about niches are:
(1) You are going to be writing content within your niche
(2) You are going to be communicating within your niche
(3) You are going to be choosing products to promote within your niche
(4) You are going to get to help people within your niche.
(5) Your first niche PROBABLY won’t be your last (so don’t worry about it being perfect)
(6) Any SINGLE niche website can become a “full time” income/business
The 3 Major components of a profitable niche
Demand, Competition, and conversion are the 3 major considerations that we need to take before choosing any niche.
Demand
While choosing a niche you should understand the difference between interest, desire, need and a desperate need. If your audience is in desperate need, they are in the last step of buying circle.
Every purchase involves emotion, and you need to understand the psychology of the buyer, why one buys a product. There are different stages of buying, like first if a person wants to buy a product, he does thorough research on the net, reading reviews can be a part of it. He tries to collect all the possible information about the product. If he is reading a review of a specific product with specific model details, he might be on the last circle of the purchase.
You need to study the Buying Circle.
In short, while choosing a niche, you must take into consideration the solution it provides and has the ability to promote the number of products for your niche.
Your goal is to find a highly narrowed (sub)niche with enough people searching each month to make you a nice income stream (preferably at least 1,000 searches per month).
Competition
It is a popular myth about affiliate marketing is that it has no scope to expand as there is already a tough competition within the affiliate marketing arena.
In any field, competition is going to be there, and it is not possible to not have competition, on the contrary, every day new products are launching on online markets. Every niche can be divided into sub-niches and you refine your searches to the limit you want.
Conversion
It’s very obvious: the conversion rate of a given (sub)niche is an essential factor that will have a huge impact on your profitability.
When you are trying to find profitable niches with low competition, you are looking for 3 main components:
- a strong demand which relies on a desperate need and a real commercial intent
- a relatively small number of small-sized competitors
- high conversion rates- once you have made a few initial choices, you can move forward to the second step of the framework.
Ask these 5 questions before choosing a niche.
1. Is it an evergreen niche?
Choose a product which is in demand throughout the year. Also, you can choose seasonal product nitch, and it can create a source of income for you. But if you want consistent income, you need to choose an evergreen product, which is in high demand.
2. Are there enough truly motivated buyer in this niche?
You need to figure out the commercial intent of the audience. Like we discussed above, a product may have high search volume, but it is possible, they might be searching for information relating to the product.
3.will you be able to penetrate the market with your campaigns?
- can you easily identify exactly who your target audience is?
- will you be able to reach the people you want to sell to?
- will you be able to get valuable positions in search engines?
- will your preferred promotional methods work?
- are there any online or offline communities – social platforms, forums, organizations, groups, etc – that can help you to contact your potential customers?
these are some questions you need to brainstorm before choosing any niche.
Passion or profitability
The one thing you need to take into consideration is how involved are you in your niche. It is always suggested to choose a niche which you are familiar and have a passion for
.Promoting a product and a niche online, you need to do a lot of work. Writing posts about your niche on a regular basis is most important. So you need to choose a product which you have reasonable knowledge and interest.
Over time, you may find difficult to write for your niche and your passion helps you to out of this situation.
If you are choosing a niche just because it’s very popular, chances are you may lose interest over time. If you are not familiar with your niche, when you make recommendations for the product, people can feel the difference.
On the contrary, when you are promoting a hobby niche or your passion, the sheer enthusiasm can be felt by your readers and can feel your involvement.
Every niche is profitable
There are some evergreen niches like sports, health and so on, but you can always dig down your niche and there are tons of products to promote in every niche.
Every niche needs proper promotion and constant consistent hard work. Today with the boom in Social Media Marketing, it is comparatively easy to spread a word about your niche and products.
There are many tools which automate the whole process of social media marketing, which can help you to promote products seamlessly.
Conclusion
Choosing a niche can be a laborious task, if over stressed about it. You need to do proper research before choosing a niche. Once you chose a niche, it is your hard work, persistence, and consistency which will lead you to success. Without these hard work, persistence, and consistency even if you choose the most lucrative niche, will not work.
There are thousands of niches are available around us, it depends on an individual, how much efforts the puts to promote that niche.
If you have any queries, suggestions pl let me know in the comments below. I will be more than happy to answer them. If you find this article helpful pl share it with your friends and family.