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What is a niche?
According to Merriam-Webster's Online Dictionary a niche is
described as "a place, employment, status, or activity for
which a person or thing is best fitted... a specialized
market".
Have you noticed that despite the closing of many businesses in
these harsh economic times, the local hobby train store is still
around? That the 'hole-in-the-wall' eatery is thriving? Or that
trends such as scrapbooking can start with a bang and still close
within a year when four similar businesses start up in the same
area?
The online business world reflects the same trends as
experienced in the offline world - often with faster turnover
and startup rates. Those who promote a product or site that
targets a small, select audience can tap into a market that is
otherwise not being served. Despite the limitations of the
client base, the targeted nature of the business creates a
devoted and active market - the aim of any business.
HOW DO I FIND A NICHE?
Finding a niche requires diligent research. Whether you have
access to software that harvests and sorts information or you
take a manual approach you must first start with ideas.
With a pen and paper (or computer, if that's more comfortable)
brainstorm a list of businesses, products and industries. Create
a list of keywords and phrases you think would be used by
individuals looking for these items online.
Use a software program such as Wordtracker or a FRE*E resource
such as the Overture Keyword Selector Tool to find keywords for
your niche that have a high amount of traffic.
Although a program like Wordtracker makes it easy to find
details such as how many sites compete for that market, you can
also do your own research.
Concentrate your attention on question phrases such as "how do
I..." or "where can I...". These questions will clue you into
potential markets that need servicing.
Next, look in Google Answers. Type one of your keywords into the
search area. What questions are being asked and how much are
people willing to pay for answers? If you find a group of
keywords with a high number of questions then enter these words
in your browser's search engine.
What sites come up? Do they provide answers or solutions to the
problem? How are they making money? Can you see an opportunit*y
to service these individuals?
Finding a niche can open the door to a profitable online
business. Research the market and be certain that your product or service is valuable to this group. Find forums or groups that target this audience and pay close attention to their concerns.
If you can help these people you WILL make money. The best of both worlds!
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