Choosing a wrong business niche will completely undermine all your future efforts, time and money before you even start working
There are two main steps when you need to come up with a decision if your business niche works.
- Step 1. Come up with an idea of what you would like to offer.
- Step 2. Assess whether or not there is a market-ready, willing, and able to buy.
You might wonder, “What should I offer to my customers?” and even more important “How am I going to know if market is ready for me?”
Well, I will answer these questions in a minute. I will give you good tips to assess your ideas.
Question 1. How to come up with an idea?
Before we jump into the solution I would like you to remember that your business must at first solve people’s problems.
Your offer needs to lead people from an unhappy phase into a happy phase. Your offer must be a truck that carries their feelings from bad to good.
Remember this for life!
At this stage do not limit yourself with the ideas. Later on, you will decide if you go into services or physical products.
Two great hacks when looking for trends
I will present to you 2 great hacks when looking for trends. Google Trends and Buzzsumo. So let’s dive in.
Method 1. Google Trends.
Open Google Trends and do the following:
- Choose a region you want to operate in.
- Type a general word in the main text-bar.
- Check the results.
- Play with a time range (more than a year! You are interested in long-lasting up-trends. You do not want your business to fail just because you choose a one-month-lasting trend).
- Choose among “evergreen” topics: health, wealth, security or pets.
- Deep dive into categories and subcategories.
- Try to play and take your time. Once you choose the keywords that resonate with your ideas, write them down. You will need them during the assessment.
Method 2. Buzzsumo.
If you are interested in what are the content ideas, what is trendy and what is your potential competition up to, you will be delighted to use Buzzsumo.
Check the results and read what your potential competitors offer in your business area of interest. Start exploring the topics you are interested in and check what is shared and trendy.
- Open Buzzsumo.
- Enter a keyword or idea or a domain and click the search icon.
- Check the results.
- You will see the top performers, a number of shares in different social media. That might give you a good feeling if your idea has a Chance. If there is a lot of shares, that is a good signal. Again, once you decide on an idea, write it down. We will assess it later.
Question 2. How am I going to know if the market is ready for me?
To answer this very valid question I will present you with a framework on how to assess it using online tools.
It might take you a little bit longer than a day, but this point is worth spending some time.
The Framework consists of the following elements:
- Research and brainstorm
- Check the monetization on Clickbank
- Double-check your business on Adwords.
Step 1. Research and brainstorm.
You have been playing around with google trends and Buzzsumo to check for trends.
This time we will deep dive into assessing our niche. If you have ever wondered, a niche business is a very specialized market.
For instance, a niche product could be something like macadamia organic soap, while normal bath soap is mass-produced and bought in large quantities. Macadamia bath soap is a smaller market. Companies in this soap segment aren’t as large, and there is a smaller group of people buying it. Taking this under consideration, it is easier to compete in the organic soap niche than compete against Palmolive or Dove.
To get started, head over to the brand builders list of over 1400 niche sites and start exploring what is in it. Check if your ideas resonate somehow with the niches you explored. I bet, you will be delighted by the number of ideas, to begin with. Take your time and once you are ready, go to the next step.
Step 2. Check the monetization on Clickbank.
It is important to check what the demand is on your product or service and how your potential competitors are doing.
One of the most effective ways is to check Clickbank. If you have never heard about it, it’s ok. This article is for you.
There is no sense in getting into a business niche if you cannot monetize it, and you cannot drive traffic and sales.
Clickbank is a good site to start with because of how many users are on the platform.
Now, I will show you, step by step, how to assess your niche.
- Step 1. Click on the affiliate marketplace link in the top menu.
- Step 2. Start with searching for your category on the search bar at the top.
Be sure to check the left-hand side menu as Clickbank has already presented a list of topics.
- Step 3. Once you select your category or search for your niche in the search bar take a look at the results.
Here Is How To Read This Data.
- The left side is where you can filter the search results. The table on the right is all the product results for any given topic.
- Each result under this search is giving you products that you could sell in your niche or business.
- The first step I would recommend is sorting your results by “gravity:” this metric essentially highlights how well the product sells for a given niche.
- Secondly, take a look at the search results and investigate to check if any products look like they will be easy to sell in your researched niche or business. Both first two products have an awesome average income per sale and extremely high Gravity score.
- In my opinion, getting into the “Brain Training For Dogs” niche would be a good shot and definitely worth it.
- This is a useful way to scratch out your potential niches to figure out if there are products or services that people will actually pay money for. Unless you find anything good, simply repeat the process and rethink your offer. The aim here is to spot products that wouldn’t be hard to sell.
Step 3. Double Check Your Business On Adwords.
The next crucial step when finding a niche is double-checking the typical cost per click of keywords in that niche. Because your aim will be driving traffic and sales, you need to know what the competition is like. This means finding out who is bidding, how much clicks cost, and how you can compete.
To get started, go to Google Adwords’ Keyword Planner.
- Choose Tools & Settings.
- In the opened menu, you want to click Planning and then Keyword Planner.
- You will be interested in the option of Discover New Keywords.
- Now let’s type keywords in your niche — focus on related words bringing diversified results. Take our example, we will use some phrases related to dog training.
- Click the “Get Results” button at the bottom.
The point here is to look at average monthly searches, competition, and the suggested bids.
- The monthly searches will show how much traffic these keywords get.
- The competition will spot how difficult it will be to rank for them.
- The suggested bid will tell you if a keyword niche is worth spending time on.
- Next, click on the top of page bid, to discover which searches have marketers willing to pay high amounts for a single click.
This usually suggests that there are high-value affiliate products to sell for these searches if someone is willing to pay big money for a single click. I have noticed here that “Petsmart Grooming Academy” and “Dog rehabilitation near me” are huge. People are ready to spend over 60$ per click on that niche without a guaranteed conversion.
Profitable niche analysis results revealed
Think about what you have just seen. If marketers were only generating $10 per sale on training pets’ brains, they wouldn’t be bidding over $60.
That means they are bidding $60 because they know that there is big money involved in closing a sale.
As a next step, I suggest going back to ClickBank and trying to search again to narrow your search further.
For example, Pets Training.
Congratulations! You have found a profitable business niche.
In case you don’t like to read long articles, here’s what the article is about
In this article, we are explaining:
- That your offer must solve one’s problem to take your customers from unhappiness to happiness.
- 2 effective methods of searching for trends and ideas.
- How you can assess if your niche is worth your time and effort and whether or not it will be profitable enough.