Market research, hard to believe that many people actually skip this but not you, because you’re going to learn how to do it properly here.
Let’s think about something that you’re good at, or something you’re really passionate about, it can even be something that you’re spending money on.
Now do a quick check: Is what you’re thinking right now in the Big 4?
The 4 Biggest & Most Profitable Niches
- Health and Fitness
- Money Making Opportunities (both IM and non Internet Marketing related)
- Sex and Relationship
- Passion and Hobby
If your niche is NOT in the Big 4, let’s do some market research.
Go to Google and type in your niche keyword + forum. If you see some relevant forums, click in and look at the level of activity.
Let’s use “fitness forums” without the quotes as our example.
As you can see, this is very active with over 32 million results for fitness forums, let’s continue.
Go to Amazon.com/Best-Sellers and type your niche keyword into the search bar. If you see a lot of products and buyer reviews, go to the next step.
Go to Quora.com and type in your niche (fitness) keyword.
Looks like a ton of questions relevant to your keyword, you have found a profitable niche!
Once you’ve decided on your profitable niche (whether it’s in the Big 4 or not), it’s time to “niche down”.
Right now you have the whole market, fitness, and you can’t possibly sell to everyone in the whole market.
If you want to sell to everyone in the whole market, you’ll need some money…and A LOT of luck to be able to zero in on your true target customers who are really looking for what you’re offering.
So, the key is to narrow your niche. Let’s look at our example, the fitness niche.
Decide on who you want to target specifically. Are you going to focus on fitness for men or women? If women, are you targeting teenagers, single ladies, or moms?
If you’re targeting moms, are you targeting stay at home moms or working moms?
Once you’ve decided on a specific niche, (e.g. fitness for working moms), it’s time to come up with your buyer persona, your customer avatar.
Next Post: Building Your Customer Avatar