How to Find a Profitable Niche Market?

How to Find a Profitable Niche Market?

To make money online as an affiliate marketer, it is important that you choose a profitable market to enter. There are so many markets and products on the Internet, so how do you choose the right niche market to enter? 

Basically, there are 3 things that you need to take note of when choosing the right market to enter… and they are as followed: 

1) Choose a niche market with a very targeted audience. 

2) Choose a profitable market with disposable income. 

3) Choose a market with lots of competition… this proves that the market is healthy and profitable.


How to Find a Profitable Niche Market
How to Find a Profitable Niche Market


As an affiliate marketer, the market that you choose to enter will really affect the income that you will make online. There are so many potential markets that you can enter, some of them are: 

- Golfer 

- Car Buyers 

- Pregnant Women 

- Beginners in Investing 

- Newly Weds 

- New Moms 

- Guitar Players 

These are just some of the potential market that you can enter. Notice that each of the markets that I have listed is a subset of people who may have a specific product needs based on their careers, hobbies, etc. These are all potentially profitable niche.

 

Let’s say that you intend to enter the guitar market and target guitar players. It is not enough to just determine that you want to enter the guitar market which is way too broad. You need to further break down the market into a subset of markets. In this example, do you want to target advanced guitar player or guitar beginners? This is because these 2 groups of people have different needs. Advanced guitar players may be looking for equipments whereas beginners to guitar may be looking for guitar lessons or tips for beginners.

 

Now do you understand why is it not enough to just say you want to enter the guitar market or any other broad market? When you are staring at a broad market, it is important to sit down and brainstorm what are some of the potential submarkets that can be derived from the broad market.

 

Let us take the Fashion market for example. You may think that as an affiliate marketer or information marketer, you do not want to sell something online that deals with inventory. But looking at it, do you really think that you can only sell clothes and accessories in the fashion market?

 

Think of other ideas that revolve around clothings: 

1) dress to look thinner 

2) latest fashion trends 

3) how to dress for an interview 

4) how to dress for your first date 

5) how to dress to express confidence and personal style

 

Now do you notice that how a broad market like Fashion can be broken down into sub-niches, that represent a potential information market?

 

After you have identified a niche market, it is time to see whether the market is profitable. A market is profitable when the audience has a lot of disposable income. For example, the golfer market is a profitable market. This is because golf is an expensive sport and it is a sport well-liked by many CEOs and businessmen. This means that your target audience consists of high net worth people and they should not have any problem spending US$ 97 for golf resources that help them play better in golf.

 

You can also know whether a market is profitable by checking the average price of existing products or services, and how much demand for those products and services is being expressed. If you find that there are a lot of products available in that market and have various price points, you can be sure that that market is healthy and profitable.

How to Find a Profitable Niche Market? How to Find a Profitable Niche Market? Reviewed by Ankit Saini on October 04, 2020 Rating: 5

No comments:

Powered by Blogger.