Find Profitable Niches
BY MIKE ALLEN
One of the most crucial elements, when getting started, is to find profitable niches in a good market. So let’s find profitable niches together.
COMPETITION VS. BUYERS
If you find a niche market that has no competition but also has no buyers, you will dominate but you will still fail. You will be easily a presence online, but you won’t have the sales. Avoid this.
If you find a niche market that has a lot of competition and a lot of buyers, you will fail unless you have more capital or some sneaky trick. I have heard some people have “ad jacking” strategies but that is outside the scope of this post. It is easy to get into one of these and wonder what happened as you invest what you have just to lose it all. Avoid these as well.
There may be a place where there are no buyers but high competition. I have not seen this but just for the sake of being thorough, you must avoid this as well. I can’t imagine someone trying to get in a niche with no buyers, but just so you know, it does not help.
So all that is left is a niche market with low competition (or even medium) and buyers. This is where you can dominate a key phrase that people are looking for and there are buyers in the niche. How do you find profitable niches like these?
This is what you want if you are trying to make money online. You may be creating your own product or you may be an affiliate of a product you know has value, but eventually you need to find buyers for either.
So how do you find profitable niches?
First you have to decide if you are going to create your own product or sell someone’s product for commission sales. After that you must choose between physical or digital products. For this example we will look at ways you can make money with other people’s products as those are things you can do immediately. Action takers will find profitable niches in the next few days and begin creating a sales funnel for it.
Physical Vs. Digital Profitable Niches
So, what if you are traditional and want to sell physical products? With the advent of the Internet you no longer need to have a “brick and mortar store” to sell physical objects. One of the best places to go for this is Amazon and join their affiliate program. They also have some digital products like Kindle publishing as well. The plus side is that you don’t house inventory and you can meet people’s needs.
For example, if someone needs a microwave, there is not a digital solution. The downside is that these products are often not consumable, meaning the sale is likely a one time deal unless you talk them into related items. The other bad thing about this type of niche (physical) is that the percentages are smaller. You usually make 4-8% on physical products. This means you need to sell higher ticket items to make it worth your efforts.
Living in a Digital World
You may want to consider digital products. These can be memberships (so that you make money monthly from a one time effort) or one time sales. The upside is that these have higher percentages for your commissions. The Downside is that the price point may be small (i.e. it may be a 7 dollar product). The other downside is that these things are also not consumable. So the repeat business comes in selling memberships or subscriptions. I am actually in the process of setting up a membership site. Feel free to join my list at the top left of this article or signup for blog notifications at the top right if you want to get notified first. The top left will probably be given first information when it launches.
Anyway, if you are in the digital products, you just need to find an area with good sales. You need to find a product that has sales, but not a lot of competition. I will tell you about a secret, lazy way, where you can have someone sending you niches that are low competition with buyers if you stay til the end.
One way that you can find products is to join or log in to your Clickbank.com account. There are a variety of subjects to choose from. Just click Marketplace and then there are a variety of markets to choose from on the left hand side. Many people jump into E-Business or Health and Fitness. These are both groups that have a lot of buyers. There is a lot of competition as well so you will to find a sub-niche. This means that you look at a sub group from a larger market. A niche would be working out, but a sub-niche would be working out for ladies who work.
When you decide on a group, you want to look for products with a high gravity number. This means it has a high number of sales. You also want to consider the initial sale and average sale. The initial sale should be low as it is easier to get someone started with a low number. I.E. I could easily part with $5, but you would need to convince me to part with $100. The average sale should be high and you want to look for a product with low refunds.
Ideally these all come together, but you will need to probably focus mainly on gravity. If it is selling the rest can kind of fall into place, I suggest thorough research. Especially research thoroughly before you invest in advertising. You can check the key words related to your product for popularity in Google Trends. This service tells you how often the product name is searched etc.
I also would look at Google ad words and see the cost per click. I am not saying buy an ad, but just look at this to see how much it costs. If the cost is low, the competition is low. If the cost is high then the competition is high as well. Try to find a happy medium.
You can also find digital products at jvzoo.com and warriorplus.com, and with each site you can sort by popularity, average sale. This is especially good if you are selling products that Internet Marketers would be interested in buying from you. Always consider refund rates when you try to find profitable niches.
A secret to grabbing a niche before there is any competition is to look at the launch list or launch calendar section of those two sites. If you can put up a site related (by keyword) to a product about to launch, then you can dominate the searches when people start searching for the new product. This is called “launch jacking” and can be profitable during the launch. As it is you may still get sales well after the launch if you did a good job dominating the niche.
Lazy man’s Secret to Find Profitable Niches
Even then that is not my lazy man’s secret to find profitable niches. Would it be nice if someone sent you a list of niches? What if these profitable niches were low competition? What if they were only sent to a small, exclusive list of marketers? If you want someone to do all the keyword research for you and literally just point you to the money so that you can set up a keyword rich site and dominate that money, then you need to watch the video here FINDANICHE.TRAFFIC-TUTOR.COM
So that’s it. No matter how you do it these are ways to find a niche that you can profit from. If you look at the list at the beginning: 66% of niches are failures and only 33% can lead to profits. If you spend any length of time in the 66% you will believe that this does not work. I do not want you to give up and quit. I want you to fulfill your dreams. Use this to find profitable niches and dominate your finances in 2017.
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