Creating any sort of business, online or not, will always come with the first question, what sort of business to open? To choose a niche to work with is the decision to be made at this first step, so to make it a little more clear, let’s define what a niche is.
What is a Niche Market?
A niche market is a segment of a larger market, that can be categorized and refined due to its specific and unique needs or trends to this particular niche. In this post we’ll help you to choose a niche market for your online business and show you the importance of choosing a niche and to focus your efforts on creating content for that specific audience.
To help you identify and characterize a niche, you can use some of the following items we listed down below.
- Product or service quality
Take a close look at the items above, because they can be very important when is time to choose a niche to work with.
For example, let’s supose you decide to start promoting a specific type of shampoo. What is the age range, and sex you’re trying to reach and sell to? Where is your company located or what regions can you reach or deliver your products?Does your customers are willing to pay more money for quality products or they choose by price? Is your product impacted by trends? It is super important to know and target your clients, so you can customize your content and adds to get the most out of it.
Why choosing a niche market?
The idea to choose a niche to work with can be of great value to you and your company, because by being specific in a topic, you’ll face less competition compared to the larger market your niche is in.
Going with a small niche is not only provide you with less competitors, but it’ll make it easier for you to become a reference in that subject and rank your pages and posts better in search engines.
Some say the more specific you get when you choose a niche, the better. I personally like to believe in balance, so find something you like and can focus on that niche to be considered among the top influencers on the topic.
How to choose a niche?
There is no right or wrong on the way of choosing a niche to work with, but it is always good to take a look at a larger market that you enjoy, and from there drill down to a more specific niche.
A great exercise to help you to choose a niche to work with, is to write down at least 10 categories that you feel interested the most, like your passions and hobbies for example.
To help you to have an idea of categories, we listed here 10 items as potencial categories, but do not get stuck with only this ideas. You should take your time and come up with several other items to your list that in fact you’re passionate about, the items bellow are only an example to illustrate the task for you guys.
- Sports Cars
- Healthy Food
Why choosing something you like is so important? Content marketing is one of the best ways to sell online, and this strategy will require you to produce relevant content for your audience by to talking about specific subjects and products on your niche market. If you’re passionate and really enjoy the subject you’re promoting, it will be much easier to produce the content, specially if you already have previous knowledge about the related products or services you’ll talk about.
After gathering this list of at least 10 things you like the most, it will be time to get an overview of the larger market of these topics. At this point you could use affiliate marketing platforms (either selling physical or digital products) to help find products that fits in the categories that you’ve listed and could potentially sell or promote in the near future.
Make sure to take notes on how many interesting products you can find for each item of your list, so this way you can compare the categories later on. For the next step, you can use either Google Trends or Google Keyword Planner Tool, and check which items on your list are more popular and searched for in the internet.
Combining both the number of interesting products and the most popular items in the search engines, it is time to narrow the 10 items in your list to the top 3 items.
Ok, so by now you should have your top 3 items on your list. These are the ones you are moving forward with, to pick the number one, and winner in your personal preference.
To help you narrow your top 3 list to the winner and finally choose a niche to work with, we came up with a few questions to help you do that. For every question you choose only one item, and at the end, the topic that has more points is the winner.
- What is the topic that interests you the most?
- Which one has more interesting products you’ve listed from the previous task?
- In which of these 3 niches would you personally spend more money with?
- Using Google trends, which one has more people looking up for it online?
- What topic do you imagine your self talking about for the next weeks, months and years to come?
In the end, it is all about finding the balance between what inspires you and the potencial of monetizing your content in the internet. After realizing that there are people willing to spend money in the niche you chose and it is a topic you’re passionate about, your chances of making a profit out of it either by promoting or selling your own line of products will be very high.
Just always remember that creating an online business is not a quick scheme to make money fast as lots of Gurus out there try to sell you. It indeed has great potencial, but it will require a lot of effort and dedication from your side, but if you choose a niche wisely and stick to it, you’ll see the results.
Best of luck for you and your new business ideas my fellow entrepreneurs!