Niche Marketing Myths You Need To Know About and How To Research A Profitable Niche Market
Niche Marketing Myths and Profitable Niche Market
Over the years there has been a lot of negativity around niche marketing. A lot of online marketers have tried to do it and failed and a number of myths have emerged. You need to know about these niche marketing myths and why they are not true.
1. You can Make Money Fast and Easy with Niche Marketing
You may have seen products around niche marketing sold on the premise that is is a fast and easy way to make money online. This is not true. There are many different ways to make money on the Internet and some are faster than others and some are easier. If niche marketing was so fast and easy then everyone would be successful with it wouldn’t they?
Never go into niche marketing expecting to make a fortune overnight. It’s not going to happen. It takes time and effort to choose the right niche. OK setting up a WordPress website is fairly quick and simple but then you have to populate it with high quality content and drive targeted traffic.
2. There are no Profitable Niches because they are all Saturated
You will probably see this myth about niche marketing more than any other. Even the most experienced online marketers believe this. It is not true and a niche can never be saturated. It just doesn’t make sense.
Yes some niches are very competitive but that doesn’t mean that they are saturated. Competition is a good thing as it shows that there is demand and people will spend money in the niche.
3. The only Profitable Niche is Make Money Online
This niche marketing myth is a bit more believable but still untrue. Yes you can make a profit in the make money online niche but you can make great profits in other niches too. In fact it is often easier to profit in other niches than it is in MMO.
There are many examples of people making great profits in niches such as parenting, wedding advice, relationship advice, health and fitness, finance, babies and children, finding jobs and resumes and many more. Just take a look on Flippa.com to see websites in many different niches selling well.
4. Expertise is required to succeed in a Niche
This is another popular myth about niche marketing. You have to be an expert to make money. This is definitely not true. Nobody knows everything about a niche and there is definitely scope for you to become knowledgeable in a niche fairly quickly.
It’s as easy as knowing a bit more than your target audience. This happens in conventional offline business every day and it works online too. The fact is that if you study a niche for a few hours then you are going to know more about it than most people do.
5. You need Technical Skills to succeed with Niche Marketing
This is absolutely ridiculous but something that pops up fairly often. A few years ago there would be some truth to this but these days everything is so easy and you don’t need any technical skills to succeed with niche marketing.
You can purchase a domain name and hosting and then install WordPress with one click of your mouse. If you want to modify your theme and don’t know any HTML or CSS then just find someone to do it on Fiverr.com for a few bucks.
If you want to succeed in niche marketing then you need to do a lot of research before you choose a niche. Making the wrong choice of niche can be a total disaster and can lead you to give up because you can’t make any money from it. So follow these steps to research a profitable niche market.
1. Keyword Research
Most online marketers either ignore keyword research or do it half heartedly. This is a big mistake. Knowing what search terms your niche audience uses to find answers to their problems is very valuable and it is easy to find this out.
By using the free Google Keyword Planner you can find lots of keywords related to your niche and also the estimated search volumes which is a good indication of the size of the niche market.
It is really easy to use the Google Keyword Planner. All you need to do is to enter a seed keyword and then you will automatically receive other related keywords for the niche. You will also discover the average cost per click for PPC advertising using Google Adwords and the competition for ads around individual keywords.
You can export lists of keywords very easily with the Google Keyword Planner and create a master spreadsheet with all of the keywords in it. Then you can go through them all and decide which ones to use.
2. Know the Niche Audience
If you are interested in a particular niche idea then find out as much as you can about the audience. You want to know what problems they are having and what interests them the most. It is all about understanding their needs as much as possible.
When you know your audience well you have a lot more chance of succeeding with the niche. You can publish content that will resonate with them and make offers for products and services that will solve their problems.
3. How Competitive is the Niche?
You need to determine how competitive the niche is that you are considering. Whether you will drive traffic using paid ads, SEO or social media (or a combination of them all) it is important that you know what you are up against.
The Google Keyword Planner will tell you the ad competition for Google Adwords and the average cost per click. Analyzing how difficult it will be to rank in the search engines for specific keywords is not so easy but there are services and tools available to help you with this.
4. Look at Trends
Using a tool like Google Trends will tell you whether there is steady demand for a specific keyword or whether there are extreme peaks and troughs. It will also show you if the demand is going up or tapering off.
There are other ways to look at trends too. With most social media platforms you can see the trends for keywords or “hashtags” and again you will discover if there are upward or downward trends. This is definitely worth doing when you are considering a niche idea.
5. Is the Niche right for you?
This is not a method of research but it is still important. Do you feel comfortable operating in a specific niche? Is it something that you can be interested in and even passionate about? If the idea of entering a niche leads to negative thoughts about it then move on to another niche idea.