Some of you already know that I offer coaching and marketing services for online businesses as a side hobby in the evenings and weekends, for those who don’t, welcome! This coaching is really anything from advice on where to start all the way to how why is my marketing campaign not working. Over the years, many like you have asked, “how do I find a niche?” or “what market can I choose that will make me more money?”. This post will explain how to proceed when faced with the question of how to find a niche. In all reality, it is not that hard to find one. Finding one that a) you are good at, and b) that is not already overrun with competitors; that is the real trick. A later post will cover the blue and red ocean concepts.
1. Picking Your Niche
Let’s begin the conversation by asking what are you good at and what is your passion? Usually, the first thought is some very general answers such as computers or baseball. While both of these answers are fine, the point of the exercise is to find something specific inside of the larger categories that could be a fruitful endeavor. Next, start asking yourself some more questions about the market. Let’s say you choose computers just as an example. Start to inquire about what types of things with computers, what gets you excited about computers? Keep going until you can identify a few specific areas that you are good at or that excites you. Once you identify a list of possible niches, it is time for research.
2. Is the niche worth it?
It’s great to have a list of topics but what do you do with them? You need to look at the target niche and see if it will be a fruitful endeavor. For this, you will us some popular online sites such as Google Trends, YouTube, Amazon, and Facebook Ads. This example will use computer repair since that seems to be where this post is headed. The techniques can be applied to anything though so do not stop reading because you do not understand computer repair.
Out of the four, start with Google. Looking at the interface for Google Trends and search for the term computer repair you can see that there are decent results.
Let’s keep going. Next, you can go to Amazon to see if there are any best sellers in the computer repair industry. While reviewing Amazon for this example, there were many reviews over 4 stars with best-sellers, but the number of people that purchased seemed lower than other topics. The books that had the highest number of reviews were books to study for certification programs. So, as to be a bit thorough here, if you were to stick with this niche, you would not want to sell a book on computer repair alone. There is a possibility to sell in one of the other niches for computers such as security, web design, or something more targeted. There is also the possibility of some type of online course, let’s check YouTube for computer repair and see.
Searching for computer repair on YouTube, the number of views was fairly high. So you could possibly use YouTube as a platform for video sharing as a way to get yourself out there to establish a presence as an expert. Then sell courses on computer repair through a private membership or purchase. This also tells you that the market would rather see a video and follow along than to read a book about computer repair.
Last, you can go and perform ad research on Facebook to see if there are any inactive ads in an effort to try to identify your market age and gender. Browsing to the Facebook ads library page, you can perform searches of your niche to look at the ads. There are a few things to look for here. The first is older ads that are still running. This will tell you that the ad is still making money. The other thing to look for is any inactive ads as these will hold the market data for the target market.
While searching for the niche in computer repair, there were no advertisements. So Best Buy is used only as an example for this post. Once you get started on ads, you can get stuck in adland for hours looking at the good, the bad, and the ugly. believe me, there are some ugly.
At the time of this post, there were no inactive ads running for Best Buy. If there were, you could examine the target audience to save for later when you run your own ads. You can deduce from the constant running ads that they are making money from them, otherwise they would not still be active. As you can see from the image below, there is an active ad that has been running since September 27. It is currently December 15. This ad has been running for a couple of months so it would appear that the ad is still making money.
Note: The last example from Facebook was just that, an example. When searching for computer repair, there were no ads. Again, this was just an example of market research. These ads could be used to identify techniques that are still working later in the process.
3. Niche Selection
Once you have finalized a niche that you feel you can make money in and help others, you will use this as the basis for your business. The niche can be literally anything, you just have to pick one and get started. One thing that you should also be aware of is markets that are overly saturated with competition. The goal is to find something that you are good at, a product that you already know about (computer keyboard), or a service you can offer that has a gap or issue that you can solve. As a recap, in this instance, we found that there were a lot of videos on YouTube.
If I was to personally go down the route of computer repair, I would either make a video course on something very specific with computer repair such as virus removal or have a physical mobile computer repair business. Though outside of the scope of this article, there is less overhead with a mobile business than traditional brick and mortar. There is also a lot less overhead with an online course than there is with both.
That’s all for this post. As always, remember, JUST KEEP GOING!!