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Finding profitable Niche Markets - help!

by Dusty196
7 replies
Help please!!
Forgive me if there is already a post that has answered this question if there is I've not seen anything.
So as the title suggests I'm having a real challenge getting this key area right. It seems to be a very time consuming area for many and a real barrier to my progress. My question is is there an easy and efficient way to do the research needed to identifying profitable niches.

I need some help, please would you share what you find works for you,do you have a system or do you outsource this?

Also is there a need to use software such as market samurai? If so what are the benefits over simply using the free google tools?

I appreciate the importance of chosing an niche to work in is an area that needs to be done thoroughly but im sure this is becoming more complicated than it needs to be. So would value help particularly from experience IM's.

Thanks in advance.
#finding #markets #niche #profitable
  • Profile picture of the author Rod Cortez
    Here's some reading that will help:

    http://www.warriorforum.com/main-int...nd-niches.html

    http://www.warriorforum.com/main-int...st-niches.html

    http://www.warriorforum.com/main-int...hes-enjoy.html

    RoD
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  • Profile picture of the author JohnMcCabe
    Dusty, first off, this question has been asked and answered so many times that I'm shocked you couldn't find anything on the subject. You must not have looked real hard.

    Second, you don't find profitable niche markets with some keyword tool and a magic formula. At worst, you end up drilling a lot of dry holes. At best, you end up competing with every other marketer who plugs the same handful of seed words into a tool and follows the same mechanical formula.

    Pretty much all of the really successful niche products come about when someone who is paying attention asks, "I wonder why I can't find a solution to my problem, which a lot of other people seem to share" or "I want to do this thing, but I can't find anything that really teaches me what I want to know specifically."

    Here's an example:

    You want to enter the golf market.

    Don't just regurgitate generic golf tips for every golfer. Pick a gap in the market.

    My brother is left-handed and a golf nut. One of the things I saw as we grew up was that there was a real shortage of instruction for left-handed golfers. If they addressed the issue at all, they just said something like "if you're left-handed, just do everything backwards."

    Had someone come out with a series of instructional videos for left-handed golfers, where the golfer didn't have to try doing everything backwards or mentally swapping left and right, they could have done very, very well. Probably still could.

    Bottom line, markets are just groups of people with common desires and some shared characteristics. If you pay attention, all you need is your own two eyes and the ball of mush keeping your ears apart.
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    • Profile picture of the author discrat
      Originally Posted by JohnMcCabe View Post

      My brother is left-handed and a golf nut. One of the things I saw as we grew up was that there was a real shortage of instruction for left-handed golfers. If they addressed the issue at all, they just said something like "if you're left-handed, just do everything backwards."
      Or just pay Phil Michelson 5K an hour for lesson and that could solve that problem right there.
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      • Profile picture of the author JohnMcCabe
        Originally Posted by discrat View Post

        Or just pay Phil Michelson 5K an hour for lesson and that could solve that problem right there.
        Or just hire Lefty's coach...

        Of course, there's always that minor matter of the $5k/hr, isn't there?
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  • Profile picture of the author Jack Sarlo
    Niche research takes time, I don't know an easier method - but using a bunch of keyword tools isn't exactly how you find a profitable niche - they're just helpful tool - research can include searching marketplaces to know how many competitors exist, what they're selling, for how much price, etc.

    Buy a book that has a step-by-step system to follow. It will require research but you can make it in perhaps couple weeks if not just a week.

    I don't think dropping on a freelancing site and saying: Find me a niche will yield any benefit - especially since you're likely need to find a niche around something you like, if not a passion or hobby (even better).
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  • Profile picture of the author travlinguy
    The Yellow Pages works well. Seriously. Just about every business imaginable is listed.
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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by Dusty196 View Post

      My question is is there an easy and efficient way to do the research needed to identifying profitable niches.
      Profitability is determined primarily according to the marketer, rather than to the niche.

      Successful marketers will find a way to make almost any niche profitable (and unsuccessful ones will generally fail to).

      In the "overall scheme of things" regarding the ways in which niche marketing translates into income, our marketing skills are overwhelmingly more important than which niches we happen to select.

      Originally Posted by Dusty196 View Post

      I need some help, please would you share what you find works for you
      I choose subjects for which I have some enthusiasm and interest, because that makes it easier for me to write about them. I'm mentioning that not only because I'm an article marketer, but because I'm an affiliate marketer, and as such my income is necessarily largely dependent on my ability to monetize by sending out autoresponder emails ("no list ---> no income"), so I have to be able to write about the niche in a way which demonstrates some expertise as well as generating some respect and trust for my recommendations.

      I wouldn't dream of selecting my niches according to any SEO-based or software-based parameters.

      Originally Posted by travlinguy View Post

      The Yellow Pages works well. Seriously. Just about every business imaginable is listed.
      Every time you mention this, I think what an excellent idea it is.

      I do something perhaps (slightly) similar, in one sense, as an aide-mémoire: I go to a really big newsagents' where there are hundreds of different weekly/monthly magazines for sale, and look through the article-subjects listed in them: their commercial publishers have already done the research and know that those are subjects/areas in which large numbers of people are regularly spending money.

      .
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