Deciding on a market sector in which you can build/monetise websites or blogs, create digital information products or any other money making activity is actually fairly straight forward. Everywhere you look online you’ll get a lot of ideas. The key to it all is selecting a market that has a top chance of always being a highly profitable niche and is evergreen. Below are 3 key indicators that I’ve broken down and give you a better idea of what to pursue further before diving in deep. It could save you a lot of hours or even days in wasted research time. Following these indicators is something that has worked for me over the years.
Every time you start a brand new campaign in a fresh market you haven’t done before you need to remember that it takes t just as much time and effort in order to create something in a highly profitable market than a low one. The product end result might be different but you still follow the same process or amount of time to produce it.
With that in mind, it’s easy to see why you’d want to take some time to identify the profit potential of a market before you start building anything. The small amount of time you take up front can save you weeks of wasted effort.
Key Criteria #1: Are there buyers?
The first indicator that a market will be profitable is whether or not there are buyers in that market. In other words, are people actually buying stuff related to that market?
You can quickly determine would what it is from these main source that I use (most other marketers use):
- Google search results (just by looking at the number of paid ads competing on page 1)
eBay, Amazon and ClickBank can usually tell you either way if you’ll get high demand products to sell in the niche you’re targeting and if so, you’ll see how well they’re selling. If you check the paid ads in the Google search results this will give you a very accurate indication of the competition. If there are lots of ads you know its in demand and more than likely profitable. There’s a very good chance people are buying from those sellers since they wouldn’t be paying for ads otherwise.
Key Criteria #2: Are they printing magazines about that topic?
The 2nd key indicator of any profitable niche or market is the print magazines coverage on that topic. If there is a big mag coverage – as in more than a couple, that’s a very good indication of money spending in that market. Consider too that printing is high cost, so they only get published in markets when it makes financial sense to do so.
Key Criteria #3: Is there enough demand?
The 3rd key indicator in any profitable market is the ongoing demand for information about that topic or subject. If the subject is happens to be something that most people will want to keep going on to learn more, or maybe even there is a lot of sub-topics or sub-niches (often referred to as a micro-niches) that you could take on as a campaign, then that’s great news as it means its better than a niche that has a limited opportunities.
So what I mean by that is this – say if someone is on Google looking for information about how to stop snoring and then they find a product that solves their snoring problem. Then that’s it. They wont need any more solutions to offer them as the problem they have is fixed.
But let’s say that you are looking at a big evergreen niche such as the health and fitness niche (which is a much broader market) it would have a lot of different sub-topics. So a person looking for guidance on how to lose to weight, for example, would more than likely be very interested in knowing about healthy foods or recipes, fitness training programs and progress on to seej a variety of advanced information – way after they achieved their initial goal of losing weight.