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What Is A Niche?


what is a nichePhoto by Andrea Piacquadio from Pexels

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If you are a complete newbie in this internet marketing or online business world, then I'm sure you've asked yourself, "What is a Niche?" 

We've all asked that question at one point or another. 

For those of you who still struggle to figure out exactly what is a niche, I am going to explain it here for you. Knowing the answer to that question is imperative to your online business success, so you must know what it is. 

Why is having a niche important?

There are many reasons why having a niche is super important. For some, having a niche is a no brainer and is one of the easiest parts of their online business plan but for others, it may not be as easy. 

If you start an online business without having a niche, your chances of success will be very low. 

If you have no niche, you don't know who your target market is. If you don't know who your target market is then you don't know who you should be targeting and knowing who to target will help your income increase.

You should focus your content, your message, to the right kind of people - the one's who actually have an interest in whatever it is you are offering. You want the interested to come to you.

If you know what your niche is, you'll know what target market to focus on, you'll know what specific keywords to use in your optimization plan of your website to get the most visitors.

Knowing what your niche is also makes your content creation so much easier.  Thereby allowing you to provide value to your visitors and potential customers.

What type of niche is good?

There are so many good niches out there. When you pick a niche, you should make sure that it is something that you have knowledge in or are at least willing to learn more about. 

A niche should be one thing, subject, or topic. You want to specialize or be an expert in one particular niche. Plus, having just one niche really does make your online entrepreneurship journey easier. 

Example:

Let's say you're an engineer who's looking for an accountant, after doing a google search, you discover that there are 10 different accountants in your area. One of those search results say, "Helping engineers with their accounting needs."

Wouldn't that cause you to click on that one before any of the other ones?

You need to stand out.

You don't need to come up with a whole new niche - competition is always a good thing. But you should differentiate yourself in one form or another to make yourself (or your business) stand out above the rest.

You want your potential customer to recognize him or herself in your message (and marketing). People want to feel connected, understood, and they want someone that knows how to relieve their pain, solve their problem, or fix their issue. 

ask your customer

Before researching and picking your niche, ask yourself a few questions:

  • What do you have knowledge about?
  • What do you enjoy talking about?
  • What type of customers would you like or love to have? (Note: the "buying" kind is not an answer.. lol)
  • What age group are they in? What are their interests, hobbies, dreams, etc.
  • What type of issues and problems are they looking to solve?

Go deep with the questions, until you get specific in your answers, and then review them. 

I participated in a great challenge a while back called the One Funnel Away Challenge, maybe you've heard of it. One of the things that participating in that challenge helped me with, among other things, was finding out what my niche was, by going deep. 

So go deep and take your time, it's worth it. You want to get into a profitable niche.

I discuss the process on choosing a niche in another blog post, so I won't go into the details about doing that here. But all this doesn't mean that you can't test a few different niches until you find out which one you want to pour your marketing efforts into.

Still asking yourself, "What is a Niche?"

If you're still asking yourself, "What is a niche?" just go to Amazon or ebay, look at the categories section. You see books, clothing, toys, etc. - those categories are also known as niches. But you don't want to stop there. Lets say you love books and have knowledge in books.

Does that mean "books" would be a good niche for you?

No.

Because "books" is just way too broad, in this case you want to niche down. So you would look at the sub-categories (aka sub-niches) section for books. What kind of books are you most interested in or know a lot about?

Get specific.

Keep niching down until you get into a category of one type of book (not one single book). Then you can create content around that category - let's use "cook books" for instance. You can create valuable information talking about cook books, you can review different cook books, and what types of cook books are available in the market today for people to buy.

And if you don't have your own cook book already, you can create your own cook book later on and sell it.

In the internet marketing business world, you're essentially competing for something quite scarce - a user's attention. 

It's getting kinda hard to capture the eye of your prospective customer if your content - social media posts, blog posts, web copy - doesn't resonate with them. This will lower your chances of success due to the general effectiveness of your online marketing because people won't click through to your site, read your blog, or share your posts on their social media networks.

You must supply them with content that's relevant and useful to their unique needs. By recognizing your ideal customer and crafting content that's specifically targeted towards that individual, you will have increased your chances of success.

Hopefully I've explained this subject good for you and helped you get the idea on what a niche is in internet marketing. It's pretty important to know this because you only get seconds to get someone's attention when your site show's up on the search engine results. You want that visitor, who chose to click and learn more about your site, to stay on your site. The way to get your visitor to stay on your site is to show them that by doing so they will get the information they seek.

So be picky and take as much time as you have to in determining what your niche is, before starting your online business.  Now lets talk about evaluating a niche.

Evaluating A Niche

niche

In order to ensure you're getting into a profitable niche, you should go over a few things before diving in. 

Anytime you're looking into a new niche, just go over this checklist to ensure your new niche has the makings of a winner. 

Your niche needs to have enough traffic in order to meet your minimum income goal... which is for you to decide.  When evaluating your niche, ask yourself the following questions:

1.     Assume you'll be able to get 15% of your main keyword's traffic at a 1% conversion rate, will you get enough traffic?

arm wrestlingImage by Ryan McGuire from Pixabay

2.     You want to target low-competition search terms, but make sure they do have competition. 

Don't let competition scare you.  

Why? 

Because it simply means that there are others profiting from it - it's proven to profit! 

You want at least 3 low competition search terms, terms you believe you can rank for in 3 months or less. 

3.     Make sure people are spending money in your niche. Many niches may appear to have low competition but aren't being marketed to, simply because people don't spend money in that market. 

Therefore, you want to make sure that people are spending money in your niche. 

4.   You will almost always make more money in a niche that can be sold repeatedly. 

In other words, look for markets where the problem you want to solve does not get solved with just one sale.  A good example of this includes, subscription models. 

Therefore, a product with great repeat product potential would be best. 

Photo by Andrea Piacquadio from Pexels

5.     You want the market that you get into to have at least one person making money.  If a market has no competitors, it can mean that others have already tried it and failed.  I'm not saying you'll fail too, but chances are slim to none when you're trying to make money in a market where there are no competitors. 

Ideally, your market should have just a small number of marketers who are making a decent amount of money. 

6.     Are there people that are passionate about the issue or in the case of a problem (ie: acne or weight loss), are they desperate about finding a solution? 

The more passionate and/or desperate the end user is, the more willing they are to part with their money. 

7.     Sometimes you'll find a market that looks good on the surface, but you just know it will be way too much work.  In that case, you should ask yourself is it really something you want to do.  Getting good rankings can take a long time.  Is this an industry you want to be in for the long haul or just a few months?

If any of the above listed 7 things are missing, you may want to do a bit more research before jumping in.  

Just don't get stuck in that "researching" phase.

If you answered "Yes" to them, then chances are you have a winner on your hands - SO GO FOR IT!

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