Tag: Authorities

 
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How to Test Niche Markets

Looking to start making money from a new blog or website? Often the best way to do this is to create a product or to sell an affiliate product – and often the most popular type of product for marketers is a digital product.

Digital products include eBooks, online courses, reports and other files and software. The great thing about these is that they have no overheads, no delivery and no storage costs; all of which means you can start making money and keeping the profit as soon as you have an audience. There’s no manufacturing to consider and you won’t need to hire a warehouse.

But while this might sound like a license to print money, it’s important to consider the amount of work involved in creating a website or blog and building a big audience for it. The very real danger here to consider is that you could spend years creating a website and building it up, only to then find that you can’t make any money from it anyway!

The brilliance behind this is that it lets you start testing your niche right away, before you’ve invested lots of time creating your own niche or building up your audience. This is what you call ‘verifying’ your business model, before you spend time and money creating it.

How to Get Started

To get started, you can find things to sell and sell them however you wish. What you’re then going to do is set up a landing page and try running Facebook ad campaigns to direct some relevant traffic there.

A good  eBook should only set you back a few hundred dollars at most and you will be able to recoup this over time. Why not create a few landing pages with a few different products to test which markets are ‘hot’ before you spend lots of time and money creating your own audience?

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Learn to Master Your Niche Research Skills

If you want to succeed in any given niche, then you need to offer something different that the competition isn’t already offering. This is how you stand out as different and memorable and this is how you make links ‘clickable’ and sharable.

But coming up with new content is hard. Especially in a crowded niche where there are thousands of new articles published every day!

Moreover, you’re going to have to do your research if you want to appear accurate, reliable and trustworthy too. So how do you go about mastering your research skills so that you can really stand out? You read on, that’s how!

Your Inspiration

The more information you take in, the more inspiration you put out. Without meaning to get too philosophical here, most psychologists now agree that there’s no such thing as a truly ‘original’ idea. Instead, our ideas are created when we combine different ideas we already had.

So the more information you are taking in on a regular basis, the more bits of data you will have available to recombine into something brand new.

And this shouldn’t just mean reading on the topics that you’re writing about either. Reading on different topics is also important as this way you can bring related knowledge in from other fields or combine subjects in order to come up with something completely new.

What’s more, reading other blogs and websites can give you ideas for structuring articles or spinning them that you can apply to your own work in new ways. Like that article on how to dress like a bodybuilder? How about taking it and applying it to your own niche for an article on ‘how to dress like an entrepreneur’?

Great places to get ideas and material then include:

  • Websites
  • Blogs
  • Magazines
  • Books
  • TV

Subscribe to some RSS feeds and keep reading!

Looking for News

It’s also important to try and stay up-to-date by following the latest news and developments. This sometimes means going straight to the source, which can mean reading journal studies (look for them on Google Scholar) or looking at press releases (you can find sites that collect and publish these).

Taking it Further

The truly unique and interesting stuff though comes when you start going deeper and really researching into your topic. Often this begins with asking the right questions. When you next read an article telling you about a new discovery for instance, ask why that’s true. Why does that new workout routine work so well? And what if you were to turn it up a notch or introduce a new element?

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The Biggest Impacts of Choosing a Niche

When you pick the niche for your new site, you are actually picking much more than just a niche. This decision isn’t just going to affect what you’re writing about for the lifetime of your new business – it’s also going to impact very nature of your business model and the very fabric of your website…

It can’t be overstated just how important this is for the eventual success of your blog as a whole. So to demonstrate just what a profound impact this one decision will make, read on to see some of the top areas affected by your choice…

The Look

When you choose a niche, this will almost certainly impact the design of your logo. In turn, this is likely to spill over into the look of your site if you want to strengthen your brand identity. As a result, your web design will be heavily influenced by your choice of subject matter – which is why football sites tend to be green and technology sites tend to be white/blue/silver.

The Tone

The niche you choose is also going to dictate the tone of your site and the ‘voice’ you use. A website on lifestyle for instance might have a colloquial and ‘fun’ tone of voice, as though you are speaking directly to your audience. On the other hand though, a website on finance or on medicine is going to sound a lot more professional with far more terminology.

Your Audience

This is one of the biggest ways your niche will influence your business model: once you choose your topic, you will also have decided on the type of person who is likely to read your content. In turn, this will influence the types of interactions you have on your site, the amount of loyalty your audience displays and even their disposable income.

Monetization Options

The way you monetize your website will depend on which products and adverts are available. If you’re in the ‘make money’ niche for instance, you’ll find there are tons of eBooks and courses being sold on the topic and that people are willing to spend a lot of money here, viewing it as an investment.

But on the other hand, if you’re writing about your favourite TV show, there won’t be many things you can sell without facing copyright issues – which means you’ll likely make most of your money through Amazon sales.

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The Top Three Niches That Marketers Target

While there are countless different niches out there to make money from, three of them get more attention and are more popular than all the rest. These are:

  • Fitness
  • Making money
  • And relationships

These three topics are the most popular for new bloggers, the most hotly discussed on sites like Warrior Forum and the most ‘tried and tested’ when it comes to making big money.

So what is it about these topics that makes them so popular? And what are their big strengths and weaknesses? Let’s take a look…

Making Money

Making money online is a hugely popular niche for one big reason – it promises readers a way to escape the ‘rat race’ and to start living the lifestyle they’ve always wanted. What’s more though, it also has the advantage of being an investment for visitors. In other words, people can justify spending money on almost anything in this niche because they believe in theory they should get that money back. Their purchases are investments rather than expenses.

The make money niche also appeals directly to the sort of tech savvy individual who is likely to buy digital products – especially if they’re considering making money online.

Fitness

The fitness niche is another highly popular one because it again shows people how to live the lifestyle they want. With abs and big biceps, guys believe they can get the girl, feel more confident and impress their peers – all things that appeal to all of us.

At the same time, fitness appeals to pretty much everyone giving it a hugely broad appeal. Here in lies the problem with this niche though: it is highly competitive. The best way that you can get around this is to look at a smaller sub-section of this larger audience. For instance, you might consider writing a website on fitness aimed specifically at the over 50s, or at people with diabetes.

Dating

Like fitness, dating is a subject matter that appeals to pretty much everyone – including that demographic of young professionals with lots of disposable income. This is a topic with a great emotional hook, making it one that’s very easy to sell in.

The only problem with this niche is coming up with new content. You can come up with new ‘techniques’ and look at related niches (like style and fitness) but this is a subject where very little ‘new’ information will become available otherwise.

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How to Solve the Problem of Niche Saturation

There’s a big problem when it comes to creating blogs or selling products online – and that’s niche saturation.

What we mean by this, is that there are hundreds of different topics out there but when it comes to the most popular and the most profitable there are really three major ones: money, fitness and dating. After all, these are the subjects that make the world go round!

So if you want to create a blog or a website with the biggest potential for growth and the biggest possible audience, you’ll likely want to write about one of those topics. But here’s the problem: any of those topics will mean going up against a huge amount of competition and struggling to get noticed. There are thousands of big fitness websites and thousands of eBooks on the topic to go along with them. These niches are saturated.

So how do you stand out? Here are some options:

Hone in on One Area

One option is to hone in on a specific aspect of your niche. ‘Fitness’ is a massive topic for instance, so instead why not consider going a little narrower – by looking specifically at running, or flexibility, or even calf strength.

Hone in on One Demographic

Another option is to look at a specific demographic that might be interested in your subject. For example, you could write about fitness for bloggers, or fitness for teenagers.

Go Broader

Conversely you can also go broader. Instead of focussing on fitness, how about ‘bodybuilding lifestyle’ which could also incorporate dressing for your physique and finding good meals.

Create a New Angle

Or why not create an entirely new angle? A cool example of this might be ‘Art of Manliness’ which is a website that has created its own niche entirely, despite it overlapping with many of the big ones we’ve covered.

Get Personal

Another way to stand out in a new niche is to ‘get personal’ and to turn your website into a personal blog where you use a personal brand to attract attention. This is what Tim Ferriss has done with the Four Hour Blog and what Pat Flynn has done with Smart Passive Income. There are plenty more examples but either way, putting a face and a name on your product makes it much more individual and much more memorable.

Find a New Route to Market

Even if you aren’t different in anyway, you can succeed if you find a new way to tap into the market that hasn’t been exploited yet.

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