Dominating Your Online Niche Markets - The Process of Finding Demand
This is a discussion exploring the process on how to dominate your online niche markets. The process will cover defining niche market, searching for the functional list of keywords or keyword phrases, exploring the volume of demand and average cpc for profitability, affiliate program offerings.
We will adopt market accessible free software tools whenever possible but there will be suggestions to explore paid versions should the need arise.
Let me also qualify that I am approaching this topic from the perspective that we are into niche marketing driven more to generate a profit than as a hobby.
And I am a strong advocator for starting things right at the start.
So First Things First. Let us go through the following step by step
Define "Niche Market"
Firstly, I would provide you with a simple description of a "Niche Market" as follows:
A niche market defines a small group of people with similar and very focused demand for a certain product or service. This demand is currently met with little or ignored amounts of supply .
This reason I qualify niche market with "demand is currently unmet with little or ignored amounts of supply" is to ensure that as we proceed, you will find that your supply will meet the demand profitably, with little competition.
Find "Demand"
We proceed to find the niche segment keywords. You would probably have a niche in mind.
Step 1
Find out the functional list of keywords by going to Google Adwords Keyword Tools , a free software by Google. Note that you should start with a niche with a broad term or phrase and narrow down. If you are comfortable with the amounts of keywords sufficient as writing topics, proceed to the next step.
Step 2
Part 1 of Step 2 - This is to explore the volume of "demand " via daily internet search data. Go to Freekeywords Wordtracker which gives you the average searches of your niche on a daily basis. So remember to x 30 to the results for better accuracy. A benchmark measurement for potential successful niche is around 200 per month.
Part 2 of Step 2 - Purpose of this is to explore the Average Cost per Click from Google advertisers’ perspective. Go to Google Adwords Traffic Estimator . We would deem that the higher the average cpc the better because this would imply that the higher your adsense reward .
The real objective of part 1 and part 2 is to derive the potential profitability of your niche from the keywords derived so as to make things worthwhile for you when you finally decide to embark on the chosen niche.
Affiliate Program Offerings
As a niche market product or service marketer, the onus is on you to seek out the most effective affiliate program, evaluated from the perspective of a potential user. Hence, exploring the spread of affiliate programs offerings in the market is essential.
The following listing would give you good coverage although not exhaustive - Associate Programs, Affiliate Guide, Click Bank, Commission Junction, Affiliate programs, just to name a few. Note that there are other successful "undercover" affiliate programs not in the mentioned list, yet to be fully leveraged, if only you look hard enough.
A Parting Note… for this Segment
Check out the the next session where we approach the topic of exploring supply, or rather, evaluating your competition at Dominating Your Online Niche Markets - Defining Competition & Winning Formula for Your Niche Markets.
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