Finding A Profitable Niche
The boat has long sailed where you could just choose any market and turn it into a profitable niche.
The online market and some niches are getting saturated as more and more people get started in online marketing. This makes a broader niche harder to rank if you have a website. If you are running a Facebook or Instagram page you will notice that there are hundreds of other pages running broad niches.
It is true that most of the profitable niches already have a lot of people marketing in them. That is not a bad thing as it means the market is healthy and there is money to be made.
If you want to compete you simply have to find your own smaller sub-niche. Still lots of demand but much less competition. You can still find a profitable niche.
Broad Niches vs Narrow Niches
A broad niche would be something like Sports and can even be broken down in sub niches such as Fishing. Then that can be even further narrowed down to types of fishing such as Bass Fishing or Ice Fishing. Narrow that even further and you could have a profitable niche in say Ice Fishing Gear, Ice Fishing Clothing.
Or look at the over saturated Dog Niche lets start with Dog ====> Dog Care ====> French Bulldog Care ====> Breeding French Bulldogs. You see how you can narrow the niche down.
A narrower niche is proving more fruitful because these narrower niches are easier to rank for. If you choose a very targeted niche and create great content then you have a higher chance of ranking on Google for your website even though there is a smaller audience.
The narrower the niche the more specific the buyer and generally more passionate.
When looking at Facebook the broader niches have a smaller affinity. There are more people that would put on their profile that they like Fishing but they may not necessarily fish on a regular basis. The passion is just not there.
A person that says they like Bass Fishing or Ice Fishing will have a higher affinity because you are narrowing down the interest. It is more specific.
See what happens to the affinity when you narrow down to Bass Fishing…..
How to tell if a niche is too broad or too narrow?
A niche is generally too broad when you have trouble isolating the specific pain point your product solves, the audience is in the millions and competition is everywhere.
On the flip side a niche is too narrow when you find the pain point but the market is too small. A niche is also too narrow when the audiences on Facebook are limited.
There are so many products you can sell to niches now that I have started to reverse engineer finding a niche which means that first I find the “Super Niche” then I find the products.
With all the print on demand products and products you can easily get access to it really easy to find something to sell to any niche.
The hardest part is finding out if your niche has what it takes to build you a strong income.
- Find a Broad niche
- Break down the broad niche into sub-niches
- Break down the sub-niches so that they are narrower
- Establish whether there is a market for the sub-niches
- Build a website or social media platform for your chosen niche