21 Questions to Identify a Profitable Niche
While no niche is perfect, several factors can help you decide on a niche for internet marketing. The key is to identify what resonates most with you in each niche.
Use the following 21 questions to determine if a niche is a good fit for you. Some questions will focus on profit potential, while others will look at how easily you can connect with your target audience on a daily basis. Additionally, some questions will assess how quickly you can grow and establish yourself in that market.
If a niche doesn’t appeal to you after this evaluation, don’t hesitate to remove it from your list. By the end, you should have a select few niches to consider. Keep in mind that these 21 questions are just a starting point based on my experience in internet marketing. Beyond personal interest and ethical considerations, I prioritize niches with profit potential, easy traffic generation, and opportunities for rapid growth.
Question #1: Are there multiple products available in the niche?
Start by checking if there are numerous quality products within the niche. This is crucial to ensure you won’t run out of appealing offers for your website visitors or email subscribers. If you depend on commissions, having various products to promote is essential.
Question #2: How significant is the problem your prospects face?
If the niche isn’t hobby-related, evaluate the severity of the problem your prospects are dealing with. Is it serious enough that they would be willing to spend money on a solution? For instance, people are likely to pay for pain relief but may hesitate over less urgent issues.
Question #3: Are there potential Joint Venture partners for rapid growth?
Consider whether there are potential Joint Venture partners within the niche. Are they too large to collaborate with, or too small to be beneficial? Joint Venture partnerships can significantly boost business growth, making this an important factor to consider.
Question #4: Is building an email list viable in this niche?
Investigate whether other marketers are successfully building email lists in this niche. Establishing a list could be essential for generating significant profits. Check your competitors for opt-in forms and experience their marketing strategies by subscribing to their lists.
Question #5: How expensive is ad inventory in the niche?
Before diving into a new niche, take a look at the cost of reaching your target audience through paid traffic. Costs can vary widely for keywords and URLs, particularly on platforms like Google AdWords and CPV networks.
Question #6: Is generating free traffic easy in this niche?
Assess how accessible it is to reach your target audience using free methods. Utilize tools like the Google Keyword Tool to gauge keyword competition, and explore whether competitors are successfully utilizing platforms such as YouTube, Twitter, and Facebook.