Choosing a Niche Market
Choosing a niche market on the Internet is not difficult but requires some research and planning. One of the most common mistakes people make is they tend to identify a “niche market” as something that is new or has never been tried before.
It is well and good if you can find and exploit such a niche, but this is rare. Instead of focusing on finding a new niche, it is easier to have a look at the niche markets available on the Internet. Find out where money is being spent and target those niches.
To monetise this, you must identify the correct niche and then build a website which is better and easier to navigate than your competitors. It also needs to offer better quality products and services, or at least something that your competitors don’t have.
To achieve this takes careful planning and research to ensure your website is unique and your services or products are ahead of the pack.
Medium and large authority sites tend to rank better during a Google search. Selecting a niche that gives plenty of opportunity to play around with the keyword is one of the basic factors in selecting the best niche for you. The kind of niche markets that will succeed are those where a lot of keyword variations are available to exploit.
To illustrate the importance of having multiple keyword variations, just have a gander at this example. Suppose you decide to enter a niche market for “wedding cakes”, then your keyword variations are limited to wedding cakes. Suppose you enter the niche market to make cakes. Now, a whole host of new opportunities come your way. You can use keyword variations for wedding cakes, party cakes, birthday cakes, or cakes of any kind. By using more keyword variations, you are enabling your niche website to be ranked higher by search engines.
When selecting a niche, one aspect that must be carefully considered is whether an opportunity of improvement is there. Is it possible for you to improve on the services or products offered by the other niches? Can you think of doing it in a different, efficient and economical way to achieve the same ends? When selecting the niche, pay attention to the keywords for SEO. Is the keyword highly competitive in the niche? Can you think of other angles for the same keyword? If it is not possible, then it would be best to select another niche.
Monetising Your Niche
By merely getting traffic to your website, you will not be able to monetise it. To monetise the traffic, you can use several different methods such as AdSense, lead generation, affiliate marketing, e-commerce stores, etc.
All this requires is a bit of planning, ensuring that the visitor to your site can carry out these transactions with ease. If you are doing affiliate marketing, look for the best offers available. Similarly, you must research before deciding. Always remember that your “customer is king” and they will not accept excuses for shoddy service.
Despite detailed planning, your website may not work out as planned. You may lose your affiliate marketing sites due to any number of reasons. This means you will be stuck with a website that may not generate sufficient traffic. You need to have a fall-back plan when choosing your niche.
It will be easier to script a fall-back plan if you’re domain name allows room for change. You can refocus your business to still make a profit. There are a whole host of options you can use as a backup plan. You could sell the site, but then the price is limited to your traffic generation. If your site depends on lead generation but the leads are not sufficient, you could approach the other merchants in the niche and see if they are willing to pay to run a banner on your website.
Indulging in a niche you are interested in is primary to success. However, the downside is it may be difficult to monetise. You may have to strike a balance between interest and your income. You can indulge in your interest in other ways, but hard cash can be generated only if you can monetise your niche.
Choosing a niche market is not difficult but it takes some time, patience, and effort. Remember, however lucrative an unethical business may be, in the long run sticking to an ethical business will be in your best interest.