One of the biggest problems that both new and seasoned Internet marketers share is selecting good niches that offer the best chance for success. The web is so vast that the number of possible niches a marketer could select to enter into seems almost infinite. Yet, that huge number of options is also the downfall of a large number of online marketers. Selecting and entering into a poor niche without strong earnings prospects wastes time and money, and pursuing the wrong niche is often one of the main causes of burnout among Internet marketers. Here are few tips new and experiences marketers alike can use to help with niche selection to ensure the best chances of success
1) Know the competition.
In many ways, marketing on the web is a lot like doing business in the brick and mortar world. In the offline world, the more significant competition that exists in a specific market, the less attractive that market is to new entrants. On the web it’s no different, yet many marketers don’t appreciate this. They see the huge amounts of money that some people are making in niches like weight loss, and they determine that those niches must be the best ones to enter. Unfortunately, the amount of competition that exists in such super-concentrated niches means that it’s nearly impossible for new entrants to make a dent unless they have huge budgets to work with.
Instead of focusing on huge, highly concentrated markets, focus on niches with more space and less major competition, that also have strong upside potential for expan9on and solid earnings. There are a number of ways to filter potential niches by the amount of competition. For instance, marketers who use ClickBank can filter their searches by gravity. Niches that have a wide variety of products with high gravities are probably very congested. Another great method for estimating completion is to use Google’s Ad Words tools to research the cost of CPC advertising. Higher costs for major keywords likely indicate strong competition.
2) Head where the money is.
Too much competition can be a huge hindrance, and as a result, some marketers go to such lengths to find ultra low-competition niches that they end up spending a ton of time and effort trying to make money in niches that just don’t have much to offer. Low competition is great – unless it’s low because other marketers have already determined that there isn’t any money to be made. There are a lot of niches that just don’t have a lot to yield for a multitude of reasons. Whether it’s because the customers in that niche are all seeking freebies, or because there just isn’t anything to sell, getting stuck in a niche that doesn’t payoff is a waste of time at best, and often a waste of money as well.
The key is to find niches that have a strong base of products to promote, with high enough commissions or costs per click to bring in significant earnings. A marketer might find that they can dominate some keywords in the paperclip niche, but earning 4% at Amazon on paperclip sales probably isn’t worth the effort. Affiliate marketers should focus on niches that offer strong commissions. On ClickBank that might mean focusing on products that offer $20, $30, or more per sale to ensure that each sale is worth the effort put into generating it. On Amazon, it might mean focusing on higher priced products that result in the 4% to 6% commission earned being significant. Website creators who primarily use ad networks should ensure that the keywords they plan to focus on offer more than a few pennies per click, which is all that the vast majority of keywords will yield.
3) When all else fails, shoot for knowledge or passion. It takes a significant amount of work to succeed in any niche. Making money online isn’t a get-rich-quick scheme, despite what a lot of headlines on the web will try to claim. Niche marketing takes persistence and the work can often be repetitive. One way marketers can help themselves is to focus on niches that they’re already passionate and knowledgeable about. For example, sports enthusiasts could focus on sports betting or training niches. Pet lovers could focus on one of the many sub-niches that exist in the greater pet niche.
Not only will focusing on a niche they’re passionate about help a marketer beat the boredom that often comes with the repetitive work this type of online work often demands, but it will also help them in content creation. By focusing on a niche that they’re already highly knowledgeable in, marketers can reduce the amount of research required to write high quality content, thereby reducing the overall time needed to get content and websites up, running, and earning. Quality content is one of the keys to successful niche marketing, and the more existing knowledge a marketer has, the more of a head start they can give themselves, and the more likely it is they’ll be able to successfully tap into potential revenues existing in the market.
Regardless of what course of action a new or experienced Internet marketer decides to take, at some point, niche selection will almost certainly be part of the process. Niche selection done properly can lead to strong earnings and fulfilling work. Done poorly, it often leads to wasted time, wasted effort, and underwhelming earnings – if any. By following these 3 strategies when selecting niches, marketers can be sure that they don’t end up trying to break through in niches that are too saturated, have no earnings potential, or are soul crushingly boring. While the only guaranteed path to success is consistent hard work., sticking to niches that aren’t overstuffed with strong competition, have significant upside potential for strong earnings, and involve an area of existing knowledge or passion are sure-fire ways to help increase the chances of succeeding online.