How Important is a Good Niche?

13 replies
I'm going through an IM course and the teacher seems to give short shrift to picking a niche. According to other "gurus" I've listened to, picking a niche is maybe the most important part of setting up an online business. In the of offline business world, I doubt anyone would debate that fact. Just wondering what others' opinions are on the subject.

Any insight is appreciated.
#good #important #niche
  • Profile picture of the author Matt Morgan
    The niche should be profitable, and it is good if it offers a problem where you provide the solution = your ebook.

    Problems could occour:
    -Trying to save your relationship
    -Trying to lose weight
    -Improving your gold
    etc

    Here are some popular non IM niches

    Babies
    Bird Training / Train Your Bird to Talk
    College Prep
    Cure Hemorrhoids
    Dating Advice
    eBay Sellers
    Golf
    How to Get Your Ex Back
    How to Learn French
    How to Learn Guitar
    How to Learn Italian
    How to Learn ____ (any alternative language here)
    How to Play the Piano
    How to Quit Smoking
    How to Save on Your Taxes
    How to Save Your Marriage
    Investing
    Job Hunting
    Martial Arts
    Natural Health
    Photoshop Users
    Real Estate Investing
    Registry Cleaner
    Sports Betting
    Stock Trading
    Travel
    Wedding Favors
    Wedding Planning
    Wedding Speeches
    Weight Loss
    Wine Enthusiasts
    World of Warcraft

    and Not to forget Internet Marketing
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  • Profile picture of the author nyrsimon
    You need to find people with either a problem or a passion and a propensity to spend money

    Then you need to solve said problem or fuel their passion

    Simon
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  • Profile picture of the author waken
    Generally speaking, it's very important but of course that will depends on 2 things:

    1) what's your definition of a good niche?
    2) how you are doing the marketing part?
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  • Profile picture of the author ComputerGirl
    You have to search for a niche that is not just profitable, but also which you would be interested and then you will be able to earn good money on it. You will have to spend much of time on your business at least at the beginning so, I think that it cannot work, if you are not pasioned about what you are doing! Big money can give some satisfactions also from the work that you don't like, but the question is how long can you live like that!

    My advice is that you would think what you would like to work with, what does interests you, or maybe about what you would like to learn about. Then next step will be searching the problem that you could solve for others and get money for that!
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  • Profile picture of the author Alexa Smith
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    Originally Posted by healingaqua View Post

    I'm going through an IM course and the teacher seems to give short shrift to picking a niche. According to other "gurus" I've listened to, picking a niche is maybe the most important part of setting up an online business.
    I don't think there's necessarily much of a contradiction there, actually.

    I agree that niche-selection is extremely important, but I'd expect it not to occupy the attention/time of an "IM course" too much, myself, because it's pretty easily learned/discussed elsewhere (such as here). I don't think one should really expect that the relative emphasis on course contents should depend on how important they are to setting up an online business, should it? It's not what I'd want or expect from a course, myself: I'd want to concentrate on the hard-to-learn/hard-to-do stuff (even though much of it's a little less important), to get the "best available value out of the teacher". :confused:
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  • Profile picture of the author RSK3000
    I agree with Alexa.

    However, I suspect that half the people who come on here and say they are not making money have not chosen the correct niche or have not exploited the niche properly.
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  • Originally Posted by healingaqua View Post

    I'm going through an IM course and the teacher seems to give short shrift to picking a niche. According to other "gurus" I've listened to, picking a niche is maybe the most important part of setting up an online business. In the of offline business world, I doubt anyone would debate that fact. Just wondering what others' opinions are on the subject.

    Any insight is appreciated.

    High Global Product/Service Demand + High Demand Urgency + High Consumer Buying Power + Lack of Supply + Low Competitor Strength + Low Competitor Volume = Profitable Niche

    Our free Grayscale Keyword & Competition Research Tool can nicely provide you the data you need in a few minutes. I programmed the software, using PHP.
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  • Profile picture of the author Rod Cortez
    Originally Posted by healingaqua View Post

    I'm going through an IM course and the teacher seems to give short shrift to picking a niche. According to other "gurus" I've listened to, picking a niche is maybe the most important part of setting up an online business. In the of offline business world, I doubt anyone would debate that fact. Just wondering what others' opinions are on the subject.

    Any insight is appreciated.
    Having participated in wide variety of niches I would say that niche selection is definitely important. However it's not just about choosing a good niche. I view this as a 3-part process:

    Phase One: Niche research. Here's the way I do it. I jot down 8 to 12 niche ideas which I get from a variety of sources (talking to people, keyword research, checking out where the advertising dollars are, etc.).

    Then I go to Google, Yahoo, and Bing and check out the comptition. I subscribe to their newsletters and opt-in lists if they have them. After a precursory search I order the top 2 or 3 products or services from each one. I take extensive notes on their sales process, what their front end and back end products are, how often they send out e-mails, etc.

    Phase Two: I choose the one niche I want to go into.

    Phase Three: Execution. Picking a niche is actually the easy part. Where a lot of people drop the ball is in phase one and phase three. The previous poster was dead on when they stated people don't exploit the niche.

    I prefer to use the term execution. I see a lot of websites that are just horrible. They are not designed to generate any interest, they don't push for the opt-in strong enough, and they don't have a solid product mix. There are a lot of niches where it's nearly impossible to make any money with just one product.

    Which is why I strongly recommend creating no less than 3 products during your product creation phase. You can always create the one product first and then create the other ones as you begin driving traffic and getting more solid conversion numbers.

    Picking a niche is very important, just remember it doesn't operate in a vacuum, there are elements that go hand-in-hand with it.

    RoD

    Originally Posted by Marx Vergel Melencio View Post

    High Global Product/Service Demand + High Demand Urgency + High Consumer Buying Power + Lack of Supply + Low Competitor Strength + Low Competitor Volume = Profitable Niche

    Our free Grayscale Keyword & Competition Research Tool can nicely provide you the data you need in a few minutes. I programmed the software, using PHP.
    I find this equation interesting. We've gone into niches that have had huge supplies and high competitor strength. Where we were able to beat them was in pure execution, a better back-end strategy, better service, and using distribution channels that they weren't using or used them more effectively.

    A good example of this are press releases. Most corporations that I've seen execute them poorly. "James Woods promoted to VP of Division Sales". No one is interested in reading those kind of press releases. It should be something newsworthy that ties into what the company does at the end.

    RoD
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  • Profile picture of the author magicmarcus
    i have a totally different outlook on this

    i believe that you can profit with any keyword / niche.

    i have done this in hundreds perhaps thousands of niches over the past ten years and it allows me to go into markets where there is NO competition and clean house!

    here is the key... find the keyword first.

    dont worry about stuff like...

    do they spend money
    is there an offer
    what can i give them
    ect...

    just find low competition words that have traffic... then think about what the traffic wants and how you can help them.

    this is how i tapped into a 7 figure niche with no competition at the time. at the time other marketers laughed and said... you cant make money in that niche... they dont wanna buy stuff.

    but that is a big lie... you can make money even when people dont buy stuff by being creative in your niche. think of all the tv shows... people dont watch american idol to buy stuff... the watch it so they can be entertained... same with funny home videos and countless other tv shows.

    yet the advertisers are still paying countless millions to advertise to these... dare i say... FREEBIE SEEKERS... and the program creators make big money!

    so stretch your thinking and think... here is a word with no competition... what can i do for them, how can i help them, and where is the money.

    trust me... this works.

    here is a cool video on the topic.

    Finding A Niche
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  • Profile picture of the author sidpoudyal
    healingaqua,

    I am actually on your teacher's side with this one. If there is any money to be made at all in a niche then it is one worth going after. The key is really with what keywords you decide to fight for. Just make sure that the niche you choose is more of something that interests you rather than something you believe could make you the most money. I wish I had done this when I had started out.

    Kind Regards,
    Sid Poudyal
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  • Profile picture of the author williamrs
    IMO, many (most) niches are profitable, so finding a niche wehere people are spending money is not a hard task.

    However, it's not possible to deny that some niches are more complex and expensive than others. Talking about CPA, for example, it's much easier for a beginner to promote something related to dating or mobile than insurance and debt consolidation offers.

    So, yes, I think that choosing the right niche is very important.


    William
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