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Niche Market Selection Guide

Aug 27th 2010 at 8:46 PM

For your your homebased business to become self-sustaining, you have to find a niche with fanatics in it. A fanatic is someone who has an irrational enthusiasm. A fanatic is somebody you shuld be looking for because of his/her enthusiasm and willingmess to spend money on their topic of fanaticism. OK, so we know what a fanatic is, but how do we find them?

    * One simple idea that’s easily forgotten is to scan the magazine racks when you’re out and about. Because it’s becoming harder and harder to keep print periodicals profitable these days, if you see a magazine on the shelves, you know it’s making money. And that means there are lots of people interested in it. This is a very good indication that it’s a good niche for you to go into.
    * Watch and listen for fanatics in your daily life. Pay attention to conversations, social events, TV, restaurants, public places to see what people are talking about. If people are talking about something, they probably want to know more about it. Which means you can start a membership business providing information on it.
    * Again, looking in the physical world for clues you can tell there are lots of people interested in something if there are clubs and organizations around the topic. Likewise, if there are enough people to hold a convention, there are definitely enough people to fill your membership website.
    * And of course there are all the things you have an interest in, too! If you’re interested in something, it’s highly likely others are, too. And, as an added bonus, it’s much more fun to build a business around things you’re interested in.
    * Another fantastic way to discover what people are interest in is Google Trends. Google Trends tells you the most popular current search terms. These topics are the hottest topics because lots and lots of people want information about them. Building a membership business around things people are actively searching for is a great way to ensure your success.

Second – Analyze the “commerciality”

After selecting a possible niche to build your membership site around, the next step is to find out if it’s a profitable niche to be in. An easy way to determine this is to figure out if anyone else is making money in this niche.

Here’s how to determine if you can make money in your chosen niche

    * Find out if there are blogs or forums related to it. Just search Google for “YourNiche blog” & “YourNiche forum” and see what comes up. This lets you know there is a market (a group of people actively interested in the niche.)
    * Check Amazon, eBay and Google Shopping to find out if others are making and selling products in your niche. It’s a good sign if there are because it tells you people are making money here.
    * Look at Google Adwords for the same ads are running over time. If people are running the same ad over time it means they are making money in the niche. They would not continue to spend money on the ads if there were not making a return from them.

Step 3 – Determine ease of entry

After figuring out a good niche and determining that other people are making money in it, the last thing to do is decide if you will be able to enter the market. How do you gauge the ease of entry?

    * Figure out what kinds of products people are interested in. If it’s mostly physical products, coaching and live seminars, then it will be harder to break into this niche. The easiest membership website to create and maintain are information membership sites.
    * The next thing to look at is the competition. You don’t want to try to break into a saturated marketing, so figure out how many people are already selling in this niche.
    * Compare the size of the market versus the number of competitors. Some competition is a good sign – just make sure the market is big enough for you to join in.
    * Market readiness. Are people ready to buy? Are the receptive to marketing messages? Some niches are made up of people who require lots information and have a very long lead time, and some markets are filled with people who will spend lots of money right now.

Now that you have already figured out what niche you’re going into, you should find your fanatics. you know they spend money and you’re confident there’s room in the market for you. Once you’re properly prepared, your success is 99% guaranteed. How to actually run your membership website is the only thing left to talk about…

Please to comment
Oct 29th 2013 at 11:55 PM by foxychops
interesting advice - thanks

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