To misquote George Orwell, not all niches are created equal. Some are more profitable than others. In the short term, the long term, the holiday period, or in the season. Some are more profitable because the Adwords cost is about $50 and therefore the Adsense potential is very high. The Five P’s Of Niche Selection And Profitability will help you choose a profitable niche.
So Let’s see what the 5 P’s of niche selection are and why you should aim for as many of them as possible.
- Practical knowledge
What Does Passion mean in the context of affiliate marketing? It means that you are interested in your topic and can find a sustainable amount of subjects to write about to prevent boredom setting in.
Is it imperative?
Yes, it is for me because I found out the hard way what happens when there is no passion. I had a look around at niche marketing and in those days niches were top level domain niches.
I concluded that acne was a profitable niche and there was no real product to sell. Consequently I spent four months researching how acne could be cured by diet alone. I wrote the definitive acne cure diet, as a product. Then I came to write the website content. After five articles I knew that it was not going to go anywhere.
I was bored and tired of the subject. I did get out of it, and it did do me a lot of good, but it was a steep learning curve.
I had to outsource 400+ articles, and I had to get them proofread as well, I could not even face reading them. Now there are people who say that you can’t outsource articles and retain control of your content.
I have never heard so mush tosh in all my life, anyone who thinks that has never outsourced content. First of all, I did my keyword research diligently, and then I drew up a prototype for each article.I didn’t just jump in and outsource 400 articles to one person.
The prototype I think went something like this. Mention the keyword in the first sentence and then tell them what the article was going to say. Have an introduction of one paragraph with the keyword in. A five or six paragraph article body and an end with the keyword in once, then a summation of about 100- 150 words to recap on what you have just told them.
Don’t try that anymore it no longer works but at the time that was more or less the structure of a good converting article.
I had to Outsource
So the lesson here was I learned to outsource, and I am still an outsource manager today as my Linkedin profile shows. I eventually could no longer maintain the website or even be bothered with it, but I still had a fantastic product. So that was another learning curve, I had to find out to be an affiliate manager. I still do that today, and it taught me how to keep a product in the top ten of the product list for Clickbank for over three years.
So yes without passion you can make a profit but be aware that to be successful you need to outsource.
Most people who make a permanent living online do outsource. There are several reasons for this. Sometimes, something just doesn’t float your boat interest wise. It is cheaper to outsource them than to waste your time doing the work. There is too much to do especially when you have multiple domains.
So yes unless you want to learn to outsource immediately then passion is a definite plus in niche selection. I can tell you because I learned the hard way that it is better to do it yourself and learn exactly the system for your business before you outsource anything!
The second of the P’s Profitability.
To be fair, most niches that exist in the real world also exist online or digitally.Sometimes a target market or demographic are not always conducive to business (If you don’t know the difference between these two read here ) For instance the crochet patterns for teapot covers may not be a great niche, but hey it would not be in the real world.
What you need is a hungry market
The late great Gary Halbert was renowned as one of the best salesman of his time i not ever. When teaching a class one day he asked his students what advantage they would want from him, if the two of them were in competition to make the most hamburger sales. The answers were varies
“lower price.” etc
Eventually, Mr. Halbert could stand it no longer, and he burst out that his advantage would bet them all, hands down every time.
His answer was a hungry market!
So how do you find out if it is a hungry market?
To have a hungry market it must be an evergreen niche that always has people wanting to solve problems and if Amazon has a book written about it or the Dummies series has a book about it, or is is a magazine on your local new stand then there is already an established market.
Another niche generating method is to look through the categories of the following websites:
Head over to Amazon’s Book Department and scroll down the left side until you see all the different categories to choose from. If you see something that interests you write it down then click on it and on the next page there will be a list of even more related categories that you may be interested in.
While you’re browsing through the categories make sure to take a look at the books associated with what you’re currently looking at. Just reading the titles will give you a good
understanding of the types of problems in that niche.
While you have a category selected type in “how to” in the search box at the top and hit enter. What you’ll find is a bunch of books solving popular problems in that niche. This is also usually where the money is in that niche.
Another good use of this trick is doing it without a category selected. While you’re in the books homepage of Amazon type in “how to” again.
Peruse the vast amount of books solving people’s problems. This will especially help you if you’re having troubles finding a niche you’re interested in.
The Dummies book store is another great website for discovering niches you may not have thought of. It’s pretty much the same process asAmazon – browse the categories along the left side and within each broad category you’ll find more narrow categories.
Now you should have a decent sized list of potential money niches. That covers two of The Five P’s Of Niche Selection, three more tomorrow.
Incredible article, very informative
This blog was Relevant!! Finally, I’ve found something which helped me understand niche selection.
Greetings from New York! I’m bored to death at work so I
decided to browse your website on my iPhone during my lunch break.
I enjoyed the read can’t wait to take a look when I get home.
Helpful information. Looking forward to The Five P’s Of Niche Selection And Profitability Part 2
Somehow niche selection is much clearer now