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Understanding Your Market Niche
Choosing the right niche is possibly the most important step you need to take before you do anything else to start your business. Profiling your market would hold a very important role in your success. Not knowing your niche market would mean that you do not have any idea of what kind of product or service to offer. Don’t you think that would be recipe for failure? I would ask myself whether the product or service I am offering would have enough demand. If your niche is overly competitive, you are not going to make many sales, if any. Likewise, the same holds true if your niche has no buying customers. A perfect niche will have enough people willing to spend money, while not being overly competitive. To get great ideas for your niches, you can peruse through this website: http://www.dmoz.org. It has a list of categories and sub categories. It also gives you links to websites in those categories, where you can get great ideas from by studying what they’re selling and how they’re doing it. You can also visit Google Trends to see what people are searching. Use keyword tools such as http://www.inventory.overture.com/d/searchinventory/suggestion or http://www.wordtracker.com to find keywords related to your niche would be a great idea too. Once you find a niche that interests you, check its stats. Type your seed keyword for that niche into a keyword tool to find out how many searches it gets every month. It’s best to stay over 10,000 searches. (Obviously, the more the better.) You then need to check to see if it’s overly competitive. Go to Google, Yahoo, and MSN search engines. Type into the search in quotes “your seed keyword”. On the sidebar there should be a total number of search results. Here are some ideas: with Google, it is best to stay under 1,000,000 results. I would keep under 500,000 with Yahoo, while with MSN under 300,000. This will keep your competition at a minimum, and obviously, the less the better with these numbers. These figures are what I go by; however, you will get different recommendations from different Internet marketers. Once you find a niche that fits into the above criteria, type the keyword into Goggle and scan through the websites that come up. See what other people has to offer to judge your competitions. You may be surprise to find that the markets for your product or service you are thinking of are saturated already that it would practically be impossible to sell. That should not discourage you though; it is just mean that you need to do more research to find another product or service. If you like to see the result from your research, it is time to build a website with your service or product and/or find an affiliate product. The key is to keep your momentum going. If you persist, you will soon find yourself with an army of niche-targeted websites that bring in a great monthly income. Some people succeed because they destine to, but most people succeed because they determine to. |
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