Usually many business people particularly in the online world make a mistake by having a product with first making a research if the market will accept it. Why is this necessary? Because the product might not cater to a certain demand. Of course without demand, no one will be willing to buy the product, and this would be terrible for any business.
The first thing in any online marketing course should be about looking for profitable Niche Markets. Despite how intimidating this subject may sound, it’s actually not too hard to be successful. All you need to have is an idea. Ideas can come to you at any time… for example while reading a magazine or while watching a movie. The idea here may come from your experience on your current or previous profession, or a passion you keep when you were still in your youth.
It is advisable to carry a small notebook with you, so that whenever your ideas come up, you could write them down so that you won’t forget it and can be remembered easily. Now the question is how can you be sure if the idea you have is profitable or not?
This wouldn’t be hard to figure out. Definitely, an idea would demand thoughts of various possibilities you do with the same. An idea about tropical fish can make you think of a tropical fish pet shop, for example. Or an idea about cooking can make you think of a recipe eBook.
Once you have an idea, the next step is to determine its profitability. To check id it’s profitable or not is to use the overture keyword selector tool (http://inventory.overture.com/d/searchinventory/suggestion/). Just put your idea and see what comes out from the search. What is shown there is the last month of keyword search. The higher the number or keyword search the more possibility of a profitable the Niche Market. But it will not stop there it will only show you the demand.
Demand is just half the battle. You would also need to know how many competition you would have for that particular niche market. To do this, you just have to run a search using the particular keyword or key phrase you have selected using a search engine like for example Google or Yahoo! Search. Determine the number of web pages catering to that keyword. If this number is less than the number of searches made for the same, then you have a profitable idea!
Once you got a profitable niche market with a good demand, take immediate action. If you’re not familiar with the subject, make a research. Then make and promote a website that would provide educational information about the topic.
[tag]niche market,filipino entrepreneur{/tag]
Written by Manuel
Manuel Montala was an online entrepreneur who enjoys blogging about entrepreneurship and gathering information for his blog to help budding entrepreneurs. You can also reach him on twitter: http://twitter.com/mmontala
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{ 3 comments… read them below or add one }
Good post!
I don´t know if is only a way to proscratinate my action, but to find a niche is hard. A few days ago i payed for use a trial version of a wordtracker.com and i finished more confused that i started. There is a lot information, but after you find a subject of your interest come the another hard part: to create the content of the ebook or product that you want to sell, and this is another story.
but nothing is easy, and the valuable things in life require time an effort.
Congratulations, you have a nice blog!
See you.
Fabián
Very informative post here on niche marketing. You have made a complex topic easier to understand. You have to have DEMAND and you also need to check on COMPETITION. I’d just like to add that you also need to check if the niche you found is PROFITABLE in terms of advertisers bidding on those niche keywords. You can use spyfu or google adwords keyword tool to check for cost-per-click. Try targeting niche keywords that have CPCs of US$1.00 and up. No sense wasting effort on low CPCs.
A wealthy and productive 2010 to EntrePinoys !!!
KAYA NATIN 2010
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