Wednesday, October 22, 2008

How To Find A Niche Market - Passion or Market Research

You've probably read several articles or ebooks about how to start an online business. And what do they say about choosing your niche? They probably all advised you to focus your business around something you are either passionate about or on something you know a lot about. And while this is usually the best advice when starting because of the amount of time and work you'll be spending on your business, it isn't always the best.

For many, telling them to focus their business around their passion or expertise doesn't work. You see there are many who have jobs and hobbies however they aren't passionate about them. They know enough to do their jobs and hobbies however they don't consider themselves an "expert" so they don't think they have anything to share.

So today, rather than tell you how to find a niche within your market I'll focus on finding a niche market when you aren't passionate about anything.

The first thing you must know is that there are 3 things all online businesses need to succeed. They are:
People looking for information or products
People willing to buy the information or products online
Good products or information to sell them
Now whether you're passionate about your niche or not the niche market you choose must have these things.

So when you are passionate about something after you've picked what your business will be about you do market research to identify your targeted niche by identifying the types of things people are looking for and the things they are willing to buy.

However when you aren't passionate about something you start by doing the market research first. In other words, first find something a lot of people want to know about and identify what they're willing to pay for.

Here's an example:

This morning I went to a keyword research tool and typed in - how to. I found there were 1536 searches daily for "how to play soccer." I also found there were more than 93,000 pages listed for that search term on Google. The thing that's interesting is that this is the number 1 site for that search term -
http://www.soyouwanna.com/site/syws/soccer/soccerfull.html

The site soyouwanna isn't focused on 1 product type. Instead they've identified their niche market as people who want to learn how to do things. As such they have lots of information about lots of things.

And the same thing happened when I did a search on "how to play basketball." (Without the quotes.) I found 1389 daily searches, over 600,000 sites found and the number 1 site was -
http://www.howtodothings.com/sports-and-recreation/a3447-how-to-play-basketball.html

Now I'm not suggesting you try to identify your niche with the phrase "how to ..." because that's where everyone before you has gone and they have pretty much established themselves. However if you do know enough about something to write some articles you may still want to investigate to see if this information is something people are looking for and if there's very much competition.

Or you could do some research on what you're interested in right now like I did.

Earlier this month I wanted to share some craft ideas on my blog. However before I wrote the articles I did some keyword research and found the phrase - homemade halloween crafts and decorations - as something people were searching for and there was almost no competition. So I wrote the articles centered around my keywords.

Now in the event you don't have an interest that anyone is searching for then you can always start by looking for a product that has information people want. Did you know that the 9th most popular product in ClickBank's Home & Family category is "Discus Fish Secrets", there are 240 searches a month for: discus fish care and feeding - and there is very little competition? Oh, you don't know anything about Discus Fish. Me either but then I didn't really know anything about pumpkin painting when I wrote that article either.

The important thing to remember about picking your niche market is that you must do some research. You must find out what people are looking for and willing to buy online. Then you find good products or services to sell. And then you put in the time and effort to become an "expert" so you can give information that will draw traffic and make sales.

To Your Success,
Susan


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