So What Is A Niche Market Anyway? (Part 1 of The Ultimate Guide to Finding Your Profitable Niche)
This post is part 1 of The Ultimate Guide To Finding Your Profitable Niche.
So what is a niche market anyway?
Well, a niche market is a specific subset of a larger market where a customer with a set problem or problems have been identified.
Woah, don’t worry….
That’s not as complicated as it sounds as I’ll explain now.
It’s basically a topic.
And the more specific that topic the better.
So for example:
You have the weight loss industry, right?
That’s a huge, multi-billion dollar, market with major players competing like Weight Watchers and Slimming World.
You as an individual do not have the resources, time, or money to compete for head to head with the big weight loss companies.
Unless you’re a secret millionaire, are you? In that case, we should talk. 😉
But I’ll assume you’re not…
So you need to drill down and find a smaller sub-section within the weight loss market where there’s a more level playing field or an audience not being catered to properly.
There you will find your ‘niche’.
And that is much simpler than it might sound right now as I’m about to explain.
Because there are 5 areas most profitable niches fall into as covered below…
The 5 Areas Most Profitable Niches Fall Into
There’s a famous marketing quote but no one seems quite sure who first said it…
What do you think it means?
My take on it is this…
Pretty much everyone wants to be happy in the key areas of their life – finance, health, and romance.
They want a stable income and to be secure.
They want to have happy relationships and a partner(s).
They want good health, to feel good, and long life.
So the point is:
If you market in a niche that provides some or all of those things (money, relationships, health) then you can’t really go wrong.
As that’s something pretty much EVERYONE on the planet is interested in and spends money on.
I would take it one step further and say there’s another 2 areas other profitable niches fall into.
Both of these are topics which people spend money on happily.
That takes us to the 5 markets mentioned below…
So the 5 main areas are:
- Wealth / Money
- Relationships & Dating
- Self Improvement
- Hobbies, Interests & Activities
Almost every profitable niche falls into 1 or more of these categories.
And some of the niches overlap into more than 1.
Let’s look at some example niches from the big 5 profit industries below…
Examples From The Big 5 Profit Industries
Here are some examples of niches within the big 5 profit industries…
1. Health & Fitness:
And those can all be drilled down further to find more specific niches…
We covered the profitable diabetic niche in this report
2. Wealth & Money:
- Affiliate Marketing.
- Paid Surveys.
- Amazon FBA eCommerce.
- Finding a job.
And those can all be dug deeper into again to find more targeted niches…
The hugely profitable Amazon FBA niche report
3. Self Improvement
And you can see some examples here of more specific niches…
4. Relationships & Dating
5. Hobbies & Interest
And you guessed it by now, right?
Are you beginning to get the idea here?
The cool thing is there’s a simple formula for all this that I share below…
This Survival Site makes $1 million per month as we found in our case study
The Formula For Finding Niche Markets
In most cases, you can find these specific niches by taking a topic then drilling down into a sub-topic.
Then you find a specific person to market to.
The formula is most often like this…
You’ll see this formula applies to most of the niches we discussed above.
There are always exceptions to every rule.
And do you know why it’s important to ‘niche down’?
Let’s discuss that quickly here…
We explained how to find sub-niches in this post pictured above.
Why You Need To ‘Niche Down’
The further you can ‘niche down’, the more specific and the more targeted to a type of person the higher chance of your success. Trying to market to everyone and anyone (e.g. weight loss for every sex, age, and condition) leads to not really focusing on one specific type of person’s issues and missing the mark.
I mean if you were a 50-year-old man, recently divorced, and looking to get back into the dating game would you want to take advice from a guy in his 20’s who’s never been in your situation?
Or would you prefer advice tailored to divorced men over 50 from someone who understands your situation?
If you were a woman looking to get back into shape after pregnancy.
Would you prefer advice from a mum of 2 who looked great or an overweight 25-year-old guy?
People want specific advice tailored to their situation.
Even better if it’s coming from someone with the same experience as them.
If you just put out generic content and advice designed to appeal to everyone you end up appealing to no one.
As people will think “this advice isn’t aimed at me”
Let’s briefly wrap this chapter up…
Wrapping This Chapter Up
You know what…
99% of websites are generic and broad and try to appeal to everyone and anyone who will listen.
So there ends up being so much noise and samey websites offering little value.
If you go super niche your audience gets smaller.
But there are not so many other people competing directly for the attention of your specific audience.
So you instantly become the go-to guy or girl in that niche.
And think of it this way…
You only need 500 people a month to spend $10 and you’ve already made $5,000 in income.
That’s a very conservative estimate of customers.
You could get 500 people to spend money easily if you go into a specific niche as we’ve discussed here.
Almost every market has going to have at least 10 times that no matter how specific it is.
You’ll have a much better chance of getting 500 people to part with $10 if you’re giving them super-specific advice tailored directly at them.
Then 500 random visitors who only see generic advice they don’t think applies to them.
Do you see why it’s better to go niche than be general now?
That should give you a good idea as to what a niche is and how to start the process of looking for one.
Now click through to chapter 2 to quickly get more of an idea of what makes a good niche market.