Position: Craft Money Tree - Make Money - How To Select A Profitable Niche?

How To Select A Profitable Niche?

Posted by Clarky Wang on Monday,August 24th 2009 In : Make Money Tags : How to Select a Niche, Internet Marketing, Niche, What is a Niche

I think this topic How To Select A Profitable Niche will generate lots of interest for you guys as I heard that people always asking and saying they have problems selecting a profitable niche.

First Thing What Is A Niche?

Well it’s simply a small portion of a market within a huge market. For instance, you are in a market place where people sell lots of food and food has a huge range . But instead of selling everything like a supermarket you decided to be specialized and sell only raw fish. Selecting your market in the fish market compared to a big market has it advantages only when there is a demand for the niche.

Benefits Of Being In A Niche Of A Niche.

Using the example above, if my store only sells raw fish will my store have a wider range of fish compared to a giant supermarket. Well chances are you will, and the best part is because you are specializing in only selling fish to people who want to buy fish, people will look for you first before going
for the rest, because you can also give more competitive prices for your customers.

The trick in selecting a niche is you must always learn to focus only on the niche and nothing else. It’s very common for anyone to be distracted and look into other things.

So How to Select Your Profitable Niche?

Do take note, when it comes to selecting a niche, there must be a demand for it and there must be people online willing to spend on it.

So here’s a check list you can use in helping you to select your niche:

1. What is the future thread of the niche you are selecting?
2. What are the countries that have a demand for this niche?
3. Are people willing to spend money in the niche? (very important)
4. How much are they willing to spend?
5. How much demand in terms of hits per month is there on Google?
(recommended 10,000 and above)
6. Are there people already selling products in your niche?
- If there is, how many products there are and what’s the selling price.

To help you find out the demand from Google, you can use Google’s New Insight on which I wrote an article right here showing you how to use it. That will give you some guideline to your market.

Warning Not Every Niche Is Profitable Online.

You do have to take note that not every niche you select will be a sure winner. You have to do some split testing to test your niche and the product that you are selling, to see if it will be profitable.

It is advisable to stay in a niche for at least 6 months before you decide to move on to the next thing OR ELSE you will END UP failing like 90% of other marketers around the world. Just remember the key to success is consistency.