Make no mistakes about it, if you want to make money online, you have to focus on the right niches. Niches are the subject matter categories products fall under. The more you focus on niches and the more focused your marketing materials, the higher the chance you’ll enjoy more sales. By being aware of niches, you can get a competitive advantage by avoiding highly saturated, highly competitive, or low value niches.
Niches provide a marketer with a conceptual ‘map’ for Internet commerce-it tells the marketer what to sell, how to sell, who to sell to, and other important strategic information. When you know which niches are hot, you can use this information to build sites, buy domains, build products, or offer services. Use your niche ‘map’ to make money online.
The problem with Niches
The problem with niches is that you only learn about them when it is too late. For example, you probably only knew about ecigs, solar panels or forex or certain types of investments when, it seems, everybody and his dog are already trying to make money off such niches. The problem with niches is that you have to lock into them through a website, domain, or product when the domain is still in its ‘formative’ stage. In other words, you have to lock on to niches before they explode onto the popular imagination. This guide steps you through several techniques you can use to quickly identify fast rising niches, size up their potential commercial appeal, and get a clear idea regarding their competition level. You need to do all these so you can figure out which domains to buy or which sites or products to create. First, you need to study how niches come about.
How Niches come about
Niches are created and die all the time. Well, they don’t actually die-they just lose enough of their commercial value to make them not worth the bother. Niches are created all the time. How are they born? New social trends like the short-lived tebowing or planking take hold. New expressions like ‘owned’ or ‘haters gone hate’ or other meme phrases come and go all the time. New technology like ecigarettes or cryptocurrencies take hold. New laws create legal rights or property rights with specialized terms. Regardless, niches are concepts that are created all the time. You can zero in on certain niches and make money off them as they get more and more popular. Sadly, it is often very difficult spotting hot new niches. Also, they can be very confusing-you might end up focusing on a niche that has limited commercial value.
The Good News: People Talk
The good news about finding hot niches to commercialize is that people tend to talk. People talk on social network sites, blogs, chat rooms, forums, you name it. The more people talk, the more certain ideas and trends become popular. Be on the lookout for this chatter.
Not all Niches are Worth your Time and Effortless
Some niches are more valuable than others. The more specialized a niche and the higher the value of its ‘home’ niche, the more money you can make from a niche. For example: if a new law says that a certain investment product can now be offered and that product is related to forex, you can bet your butt you’ll make a boat load off domains, sites, or products specializing on that trend. Why? Forex is a very lucrative niche. Since the trending new investment product niche is related to an established high value niche, you can assume that forex’ high value will rub off on the related new niche. Indeed, the new niche is probably worth more because it is a specialized form of forex and has less traffic. Conversely, avoid the ‘popularity trap.’ There are many niches that blow up quickly like but its popularity doesn’t mean you’ll make money off it. Follow the tips below to help you identify fast rising new niches that aren’t on everyone’s radars just yet.
Find Niches via Social Media
Use Facebook, LinkedIN, and Twitter as listening posts for trending terms. If you keep seeing an unfamiliar term getting repeated by many different people again and again, get curious. It might lead to something lucrative.
Find Niches via Specialized Terms on Forums
Another way to get on the inside track on potentially lucrative niche domain names or site concepts is to pay attention to forums that focus on high value niches like finance or law. Track the chatter on such specialized forums and look out for new terms that come up. If such terms keep coming up, do some follow up investigation as mentioned below.
Find Niches via Specialized Chat Rooms
Filter the words being mentioned on chat rooms that focus on high value niches like finance, insurance, law, credit cards, or other niches. Try to spot new terms.
Finding Niches via Blogs
Same strategy as above: go to specialized blogs and lock in on specialized new words they mention.
Do your Homework
Once you have a list of potential new niche terms, use Google Adword’s media planner to find the level of attention the terms are getting. If they already get some traffic, dig into their traffic patterns. Do you see it rising. Quickly do a domain search to see if the domains for the terms aren’t already taken. If they are, you’re too late in the game. Find other terms.
Assuming that the domains are not reserved yet, do Google searches to find number of competing pages that mention the term. If you don’t find too many sites, that’s a good sign. Reserve the domain.
The most obvious way to make money off a hot new niche is to buy the domains for that niche. This is the most common way to monetize trends. Some niche domains are very valuable to big corporations that deal in certain industries. You might get a huge paycheck by playing the niche game this way. You can also build websites that focus on the niche and sell them on Flippa.com. Additionally, you can create forums and other user content generated-powered sites to quickly capitalize on new trends. You can also build blogs and quickly establish your blog as the ‘go to’ resource for the niche. You can then cash out when the niche has become popular enough.