How To Create Your Own Niche Price Comparison Sites
Ready to learn how to create your own niche price comparison site?
These are hugely profitable and quite simple to create and manage without much content or work required by yourself.
(FYI: This post is chapter 3 of the mega-guide "5 Ways To Create A Profitable Affiliate Site")
In this chapter, we'll look at how to create a price comparison site in untapped markets.
Despite the huge popularity of sites like these they have yet to drill down into the smaller or less obvious markets so there are lots of opportunities.
Be sure to read this very quick, but insightful, post right to the end as there are some golden nuggets of wisdom contained throughout.
And near the end of the article, I've given you some examples of niche sites you can emulate or get inspiration from and show how you can easily create your own profitable site.
So let's find out how you can create a niche comparison site of your own...
(RELATED: Discover the 7+ different affiliate marketing business blueprints in NicheHacks Academy)
Here's What You'll Learn
- What price comparison sites are and why you should get involved
- Ideas you can be inspired from for your own comparison site
- Pros and cons of comparison sites
- How this business model delivers value
- Examples you can learn and inspire from
Price Comparison Sites
Price comparison sites are BIG business - £1bn in the UK alone (Source).
Yet strangely outside a few major verticals (insurance, travel, groceries), we've yet to see many niche comparison sites.
In fact 43% of online retailers said the proportion of sales coming through price comparison sites had increased with now up to 10% of their sales coming from comparison sites (Source)
40% of all car insurance and a quarter of all home insurance policies bought online are through price comparison websites (Source)
These 5 niches comparison websites sold for £1,500 on Flippa.com despite being brand new and earning less than £50 (Source)
Some of the biggest affiliates in the industry (we're talking multi-million dollar affiliates here) use this model.
A lot of people use comparison sites for insurance, flights, credit cards, and more and don't even realize that's how these sites make money.
Basically you go to these sites to try and find the best price you can before buying a product.
This is a billion dollar industry but the mainstream markets are crowded so go niche to see success.
When you find something suitable and click on the deal you're sent over to the end retailers website.
The website you just came from gets a commission on every paying customer (or sometimes in this business model on every visitor you send to them, buyer or not).
Clever and easy but not quite as easy as you might think.
You have to offer real value and a lot of information and features the end-user can't find by simply going to the retailer.
Such as detailed comparisons, special deals, product specs, user guides, news and advice and additional content to provide value to your visitor.
Again it's about providing over the top value and trust so your website visitor feels assured that your recommendation is actually the best deal for THEM and not just for YOU.
Whilst this model is not new it's still mainly limited to a few mainstream markets and hasn't saturated its way deep into niche markets so now's the time to get into this business model.
To discover 200+ profitable niche markets click the image below now...
Some Recent Ideas That Have Seen Success Include:
- Cruises (CruiseCritic)
- Cycling products (Bikmo)
- Parcel deliveries (Parcel2Go)
- Booze comparisons (BringABottle)
If cycling, beer, and parcel deliveries can be profitable price comparison sites just about ANY other product can be too.
- Not so much time spent on content creation in terms of blog posts or reviews so good for people who don't like to spend forever writing.
- A lucrative business model that outside a few main markets (insurance, credit, travel, technology etc) is still very untapped.
- Lots of niche opportunities available for smaller sites with less competition (e.g. shoes, beer, wine, colleges etc).
- Not so easy to rank in search engines as less content on site but on the plus side traffic can be found from niche blogs, forums and social media.
- The main markets of insurance, flights, credit cards etc are dominated by MAJOR players making them tough to compete however if you 'niche down' there's much less competition.
- Will have to offer value outside of simply comparing products and prices through additional content such as a blog or customer guides for example to bring in traffic.
How These Sites Deliver Value
Whether a big site like MoneySupermarket, Skyscanner, Price Runner, or GoCompare or a niche one like CheapShark or BringABottle you have to offer VALUE.
To do that you go above and beyond simply just listing products/services with prices and putting the one that pays the most commission at the top of the page.
You deliver extra information from price, statistics, data, user guides, customer reviews, and more depending on your niche.
And additional information that provides value to the person on your site.
Think “what extra information would I want to see if I was looking to buy 'X' product” and include it.
For example, MoneySupermarket proudly tells it's customers they help them save on average £17 on every shop with them and emphasis saving money constantly throughout the site – they want the customer to get the best deal.
The more information and better savings you can provide to your user the more chance they'll re-visit your site.
Pricerunner includes not just price but detailed product information, customer reviews, vouchers and features like 'price' alert (get alerted when price drops to a certain price) not to mention where you can buy the product locally.
CheapShark, which is a site for the best deals on digital PC games, shows you the saving you're making, honestly rates how good a 'deal' the offer is and has a price alert feature.
VALUE is the key here as with most affiliate marketing style websites.
Go above and beyond and give your end-user the best possible information, price, and deal that you can and you'll be rewarded.
Simply try and force your traffic down an affiliate link of the merchant that pays you the highest commission and you'll not last long.
Example of Mainstream Sites
- Skyscanner.com [Worth £500m]
- MoneySupermarket [Worth £840 Million]
- Pricerunner [Worth $29 Million]
- Bikmo.com – Cyclist Insurance
- Parcel2go.com – Delivery Parcel
- Wine-Searcher.com - Wine
- CheapShark.com – Digital PC Games
- Nick Loper, ShoeSniper.com FYI: At it's peak Shoesniper.com was doing $10,000 per month. Most of that was built on paid traffic.
How You Can Create Your Own Site
You'll first need to pick your niche.
Don't go with something too obvious, and avoid the already overly competitive markets like technology, insurance, finance, and travel, but don't go too obscure either.
It has to be something people buy online and costs enough that they look for a deal rather than just outright purchasing.
The niche sites above show you that almost any market is viable when people can successfully create sites on everything from craft beer to colleges to digital PC games to shoes.
Taking some of those ideas further could be a profitable move. Instead of just 'shoes' why not “niche down”.
Focus primarily on shoes for men or women.
Or take it one step further and focus solely on “men's running shoes” or “women's high heels” or “skate shoes” for example.
Decide before you even start how you can offer over the top value to your site visitor.
What additional information and resources can you give him or her to make their decision-making process simpler and more cost-effective?
Look at some of the popular comparison sites and then dig deeper into the market to see if you can find your niche.
What You'll Need To Get Started
- A self hosted Wordpress install with dedicated hosting – I use WPEngine.
- A catchy and memorable domain from NameCheap. Make it a real brand and not a cheap-sounding keyword-based domain.
- Alternatively, if you'd just like to add a basic price comparison table to an existing site get this plugin
- You'll need to build your email list from the start to drive traffic back to your site, build a loyal following, and market to your audience – Aweber has a $1 trial here.
- Get people to sign up to your list by offering to tell them about the best new deals every week.
- A list of retailers in the niche who have an affiliate program for you to work with.
- A list of the top blogs, forums, and social media groups in your niche to start networking as these will be vital for your early traffic.
Price comparison when done on a large scale can be super profitable as you can see from the figures above.
Some of the big names are worth between $29 to $800 million and it's a billion-dollar industry.
You can even get traffic through blog comments as James talks about here.
Even if you don't have the cash or marketing skills to compete with the big boys you can go niche and find hundreds of untapped markets prime for a price comparison site.
There's been success in shoes, digital games, bike parts, parcel delivery, and craft beer showing that almost any niche has potential as people always want to save money.
Whatever you do focus on offering value and not just showing the offers with the highest commission payouts.
Go above and beyond to give extra information your target audience would find useful – this is the key to success with comparison sites.
So pick your niche (See the report on how you can find your perfect niche in 7 steps), avoid anything too obvious that the multi-million dollar affiliates are already doing but without going too obscure, and start comparing prices.
You could be the next niche comparison site guru.
Remember this is chapter 3 of the mega-guide "5 Ways To Create A Profitable Affiliate Site"