Vital tips on what to look out for when targeting a prospective niche market.
– Is Money already being spent in this niche?
It’s important that money is already being spent. I say:
“Put your product in front of the tidal wave of money that is already being spent online”
There is no need inventing some market or creating some giant, eBay type site or service. First, keep it simple and provide a product to a hungry market where money is already being spent.
I check to see if money is already being spent. Is there AdWords for the specific keywords for this niche? If so, then there is probably money already being spent.
I’ll check all the PPC avenues and see if there are ads on Yahoo, Google, Lycos, MSN, etc.
– Is there “Fire” in this niche?
By fire, I mean emotions. Do people feel compelled to buy? What types of emotions are involved in this niche?
People buy on “emotions”. Hit those emotions, and BINGO! You’re converting and making money. This is why copywriting is so important.
For example, let’s look at high blood pressure. What types of emotions come into play with this niche?
o Health and Safety
o Lack of happiness
To me, that’s “fire”. If someone is about to lose their car to the repo-man, and they log onto the net and find your site that says:
“I Can STOP The Repo Man Dead In His Tracks And Prevent Your Car From Being Taken In Just 23 Seconds Once You Download This Critical Information!!”
That’s fire and your product is addressing a specific and targeted need by tapping into the “fire” emotions!
So, is there any kind of fire?
This is not always an absolute with me. There are other niches that can be quite effective online without this “fire”. For example, entertainment is one that comes to mind.
People who are looking to kill time and mess around also buy online. They may not have fire. However, you can still tap into their emotions.
I prefer “fire”. However, I have had success when people just “want” something. In other words, I don’t have a burning “fire” dying need to go to the movies, but I do. I slap $29 down for tickets, popcorn, soda and chocolate… in a jiffy.
– Is the niche Rabid?
Yes, is the niche crazy or rabid? I mean, do they buy tons of this stuff and buy over and over? I mean, not everyone looking to buy in this niche has to be rabid, but is a good percentage of them rabid?
Look at golf and weight loss as an example…
People who buy golf books and stuff, buy a lot of it don’t they?
And, people who buy weight loss stuff, but all the time.
– What are the cross-over niche markets?
Let’s look at high blood pressure again ok? I look to see what the cross-over niches are. For example, health insurance, exercise, nutrition, stroke, smoking, diet, retirement, vacation, medicine, diabetes, etc.
Those cross over niches are deeply important to me. I go after those cross over markets to generate traffic. For example, I may have a product on high blood pressure. So, I write up a short report (like this one you are reading now) and I offer it up to those cross over niche sites.
So, I may give a health insurance site my 12 page report on high blood pressure. I’ll let that health insurance site give my report away free. In my report contains my links to my site. That’s free traffic huh?
Also, always remember there are countless advertising opportunities in cross-over niches by going wide.