This article can help anyone wanting to build or launch an internet business. It will help the reader get a better understanding of what a niche is and determine what markets may be good for your online business niche. I’ll explain what a niche is and why it is important and how to use a free research tool called “Google Adwords Keyword Planner” Once you’re done reading you should be better equiped to find the best niche possible for you in the industry you are most interested in. Let’s get started…
What does a profitable niche mean?
In the context of building an internet business, a profitable niche means that there exists out there in the world a large enough, yet targeted group, of people who have a specific need or want someone that has to be solved. Additionally those targeted people need to be actively willing to pay money for that solution right now. As they say solve big problems earn big money, solve little problems earn little money!
Technically speaking, you will not know that the niche you select is profitable until you do some market research and then ask your audience to pay for it! So at this point I’m simply going to teach you how you can utilize the free Google Keyword Planner to help you research and identify keywords that give you insight into a potential profitable niche. From there you can determine whether or not you personally are interested enough in the niche to complete your marketing/audience research to ultimately build and innovate a business around it that you can be proud of.
So Ask Yourself These Questions Before Getting Started:
- What type of person are you interested in helping or serving right now? And yes, this is important to answer because you are going to be working with these people every day so you had better enjoy helping them! Some people believe that as long as they can make money with the niche they don’t care who the audience is. If that’s you be prepared to have a plan and/or big budget to pay people and set up the proper systems to do the customer service & retention work needed. Someone has to work with the customer and delight them if it’s not going to be you.
- What urgent problems exist currently among your target audience group(s)? Make a list and then prioritize from the biggest problems to the smallest.
- Are you aware if your audience is currently paying money right now to someone else or some other company to solve their problem? If so, what people or companies are they paying right now to solve their problem? Do your research and start making that list. It will come in handy as you launch campaigns later.
- What specific kinds of products or services are these people buying right now? Make a list to refer to later. You could ask your supplier this question and they can send you their list of top 20 best selling products. Start with those.
Why Choose a Niche?
Discovering and choosing your niche is like creating a specialized blueprint you can follow revealing what you should be selling to your audience right now because that product/service solves their need or urgent want/desire at this moment in time. Choosing a profitable niche can also be compared to the simple economic laws of supply and demand that make the world go around. If the people you want to help right now are demanding the product or service bad enough all you have to do it put that product in front of them. If it’s priced competitively (along with some other factors we’ll talk about later), they’ll usually buy it. Without knowing what your audience wants to buy right now you are basically just throwing ideas against a wall, like a bucket full of cooked noodles, to see if they will stick or not. There are much better and effective approaches to take than that. One of the approaches we’ll look at today will involve using Google Adwords Keyword Planner to get an idea of what people want to buy right now.
While it will be impossible to cover the millions of different variations of niche possibilities, I will simply share with you a few good nice industries to consider as you’ll see below:
Good Niche Industries To Consider:
- Health and Fitness: workout DVD’s, prepared meals, herbs, vitamins & all types of supplements are products people constantly buy ever day because the benefits of being healthy are obvious. There are also thousands of other types of products in the health and fitness industry people buy every day like fitness and yoga products that can also be very good to pursue. They key with this industry, as with any other great niche industry, is to choose a specific group of people facing a specific problem or aspiration and consider that as your niche. Choosing the health and fitness industry as a whole is not necessarily a niche, it’s simply a broad market that consists of thousands of specific niches (needs people have) that you could consider building a business around. For example people who want to have more energy falls into this market, along with people who are experiencing hair loss, skin issues, weight loss, and so on. Those are all people who are buying specific products and services for their specific problems & aspirations as we speak. So let the targeted high demand of the audience you choose help you to determine the direction of what products/services you offer them.
- Dating and Relationships: people are always looking for dating and relationship advise. Everyone on the planet has some type of relationship challenge or aspiration. I’ve found that it’s best to offer these people digital products such as eBooks, training programs, videos, etc. when choosing this type of niche.
- Fishing: This is a hobby that is shared by 1,000s upon 1,000s of people and isn’t necessarily seasonal either. People will fish regardless of the time of year all over the world.
- Survival and emergency preparedness: people are always wanting to prepare for the worst, whether it be a natural disaster or economic crises people want to be prepared, so this is a good niche industry to check out.
- Camping and hunting supplies: a hobbies 1,000s of people enjoy, this could include tents, sleeping bags, knives, etc.
- How to Industry: people are always wanting to find solutions on how to do something specific in their lives. How to fix a fence, how to build a dog house, how to create extra income, how to…fill in the blank. Digital products are again a great way of solving these problems for the “how to” market.
- Handbags and Wallets: a niche area that people are constantly looking to buy products in. The benefits are simple and have a full range.
Is there such a thing as a “bad” niche?
Through years of experience and research I’ve discovered that there really are no “bad” niches because a niche, by definition, is a specific need someone has that they desperately want to get help with right now. Any person on the planet is willing to pay money to get their problem solved as long as the solution is not already in the general world circulation of free stuff.
The biggest problem that most people face when discovering and choosing a profitable niche for themselves to build a business around is that they don’t get specific enough. They fail to drill down to identify the real need or desire their audience is paying other people for right now. So avoid the trap of not being specific. Remember, people have real needs and desires and they are willing to pay real money for a real solution right now if you offer it to them.
How do I narrow my niche?
Here is an example of how to narrow down your niche. Let’s say you were interested in the general niche industry of health and fitness. That would be your first step, but as you know now, if you were to stop there and build a buiness around just health and fitness, it would mean that since there are thousands upon thousands of specific problems in the health and fitness industry what products or services would you start offering first? That make sense?
The second step after choosing the health and fitness industry would be to think about a targeted problem or need people have? Or you could reverse the question and ask what targeted group of people with a specific problem am I willing to serve? As I shared above, this could be helping people with hair loss issues, or people with skin issues, or post pregnancy women with weight loss challenges. All of those groups of people have specific needs and are willing and ready to pay money for a real solution.
So to summarize the topic of whether or not there are “bad” niche ideas… there really are not. What is bad is building a website that presents such general information that no body would visit it and therefore not bring you any vistors and therefore no money would come your way. Yes, that would be bad news. So avoid the trap of being too general and get more specific with who exactly is your audience, and what they need or want right now and if they are willing to pay for it right now by looking at where their solution is already being offered out there in the world by other people or businesses?
Now that we are clear about how we define a niche and how to narrow that niche down let us talk about the Google Keyword Planner and discuss why you would want to consider using this free tool to helping you identify a potential profitable niche.
What is the Google Keyword Planner?
The Google Keyword Planner is a free tool created by the company Google. This free research tool allows you to see how many people are searching for a particular word or phrase – which we will be using to give us insight into whether or not there is a real possible niche that could turn out profitable for us.
A good niche keyword will be specific and have lots of activity – at the very lowest level it will have at least 50,000 searches a month. It would be better to have more than 100,000 or more searches per month. Be careful that you are not selecting a niche keyword idea that is too broad. It is easy to tell if you have a good niche idea by using the Adwords Keyword Planner Tool.
To access the Google Keyword Planner you will need to have an account set up with Google Adwords first. You can great a free Adwords account by going to http://adwords.google.com
After you create your free Adwords account you can click on the “Tools” tab as indicated in the image below to access the Keyword Planner tool. Or you may click here to go directly to the Google Adwords Keyword Planner
Type in your desired niche industry into the box that says “Your product or service”. If I was interested in helping people find furniture in general and wanted to get more specific ideas in that industry then I would just type in the word “furniture”. From there click on the button at the bottom of the page that says “Get Ideas” which will take you to the next page to discover the demand (search volume) associated to all the term “furniture”.
In order to view the most relevant search data we’ll need to do a couple things:
1- When we get the results – click on “Keyword Ideas” tab that is found directly under the blue bar graph.
2- We are not actually placing an Advertisement with Google at this point so we can turn off the “Competition” column by clicking on “Columns” and Removing the Check-mark from the
3- Next, we sort the results by search volume. To sort by the number of searches, just click on the Column Header “Avg. Monthly Searches”
4- To see more results per page, just go to the bottom of the screen and choose “Show 100 Rows” per screen.
Watch this 17 Minute Video Training Tutorial I Recorded That Shows You How: