I’m starting to create a product, so I am researching what niche to create it in. I’m going to guess that maybe you are or have been in the same boat. Did you ask yourself “do I follow my passion or do I follow the money?” I have read articles that say “what are you passionate about, start with that and the money will follow”, well I’m passionate about watching the TV series “Game Of Thrones” but I’m not sure how I can create a product around that. Maybe sell merchandise, create a fan page, cosplay or online events for it, but I feel like it would be a big time and money sink to try and create a product when the profit potential to meet by business and financial goals is most likely not there.
Creating a product or business requires a lot of time and resources, building a website, design a logo, working on SEO, get traffic and leads which means it’s not a hobby to just do on the weekends or when you have a spare hour, but something you really need to spend time on, have a strategy, build and provide value.
What niche market is profitably, in demand and you have an interest in learning about or have a good base knowledge about? I don’t know what your knowledge, skills or passions are but here are some tips on how to identify a potential product market and get started on your product.
So what is a niche market? It is a segment of a market that is focusing on a specific product and with specific demographics. So for example, Internet marketing, article marketing, blog marketing, email marketing, social media marketing and many more are a segment of the make money online niche. You can then break these down into smaller niches e.g. social media marketing, into Facebook marketing, Twitter marketing, etc. Each may or may not be profitably, in demand or you might be interested in learning more about them so you will need to do some research and study.
How To Research Profitable Niche Markets
Finding a niche to create a product isn’t impossible, but it can take time to research. Choosing a market that seems like it is in high demand doesn’t always mean it is profitable, and finding a highly profitable market doesn’t mean it is in demand. For example, watches (Graff Diamonds Hallucination or Jacob & co.) can be highly profitable but may not be in high demand just like baking cakes and starting a website about them when readers are just after free recipes.
I’m going to go through what I have read and been shown on how to choose a niche, using different sites and tools. These tips can be used for physical or digital products as well as services you want to sell.
Find A Need And Fill It
How to choose, how to choose… decisions, decisions. It can be time consuming to find the right niche/audience for you to want to build a product for. Some questions to ask yourself, “What do I have knowledge about?”, “Am I interested in this niche and want to learn more?”, “Is there demand for a product in a particular niche”, “Is there an audience that I can feed?”.
A couple of things to keep in mind:
- Take the time to understand what is needed by your potential audience, what is missing, what are they looking for, why are they not satisfied with what your competition has created? By doing this you get a greater understanding of what is needed, what you can do and how you can do it to feed your starving audience.
- Remember that products come and go, e.g. everyone needs a mobile phone, Nokia was king, now Apple Iphone, next maybe Google Nexus Android. What still exists? The mobile phone niche. So look at the niche more that the product.
Take the time to connect with your target audience and determine if they have a need and are willing to pay for a solution.
Researching Your Niche Market Keywords
So to get started you should use a keyword tool for example Google Adwords Keyword Tool. You will need a gmail account to login.
When looking for keywords try to identify ones that indicate a problem, pain, need or desire. This will help you determine if there is potential profit in this niche.
Google Keyword Tools can provide you with a lot of info like level of competition, AVG Monthly searches, suggested bid and more.
The AVG monthly searches column shows that higher searches can mean a bigger potential market. Most people say anything over 2,000 exatch match searches a month is worth investigating further. But please remember that there are also niches that are smaller and more specific that will have lower monthly volume but still can have a good profit if there isn’t a lot of competition and there is a starving crowd.
When you open the keyword planning tool and start searching for keywords e.g. Website Traffic. Look through the list and check what the suggested bid is, as this shows how much is being paid for ads and how valuable it could be. Also look for long tail keywords that might indicate a searcher is willing and ready to buy. You can refine your keyword search to more specific niches, e.g. website traffic from Facebook or how to get more traffic from Twitter. Make sure to export this into a file so you can look these keywords up in Google and look over what otheres are doing.
The other thing you can do is, find forums, blogs or websites about your interested niche and look at what people are posting, commenting and discussing. These can give you valuable insight into whether something is working or missing and needs a solution. Make a list of these problems.
Analyzing your Competition
Next take your keywords/problems and search for them in Google to look at your potential competition and whether it is worth your time and effort to create a product within this niche.
See if there are any ad’s and what the quality of them are like, check what the other websites are offering. If people and companies are spending money on good advertising then there should be money in the niche.
Some sites and people will now get really technical about using keywords, what each it worth for ads, how is the search trending over time etc but you don’t want to get bogged down or overwhelmed with looking at what others are doing, you just want to get a feeling and some ideas of what is going on in your potential product niche. Remember there are thousands of plumbers, electricians, accountants etc, how can they all be making money? Because they are providing a service that is needed, they offer great value, a good service or are cheap and affordable.
Depending on your niche you can also check out some sites that are selling products similar to your niche. For example if I were looking to create a digital product for the make money online niche I could look at Warriorplus, Clickbank or JVZoo. You can also find products on other affiliate networks, offervault, ShareASale, Commission Junction etc. See how many products there are, check out reviews on them maybe buy a few to check out what the competition is doing. By reviewing what others are doing you can see if they are missing anything, if you know anything more or can add additional value. Just remember “don’t copy”!
For digital products take a look at Clickbank, JVZoo and Warriorplus, they should have data on sales of different products and how many affiliates are selling them. For non digital products you can look at ShareASale, Amazon Associates, Ebay or any other affiliate network programs, they should have similar information.
Choosing a Product Name
If you have decided on a niche to create a product in then the next thing you could do, is come up with a name for your product. The reason to do this early on is it gives you a clearer idea of where you are going and gets you excited and starting to visualize what you are going to create, e.g. what the cover could look like, what will it contain etc.
A good way to create a product name is using keywords in your product name. Use Google keyword tools with your niche or go through your exported list and see what keywords are being used the most and have the most AVG monthly. Take those keywords and start mixing them up or put them into a thesaurus to find related words. e.g. keywords “buy website traffic” change into “Website Traffic Buyers Resort!” or put ‘buy’ into the thesaurus and get similar words ‘value’ or ‘bargain’ to create “Value Website Traffic Generator” or “Website Traffic Bargain’s”. You can keep mixing the wording up, add more keywords or if your niche is a little more specific like blogging traffic generation it could be “Bloggers Traffic Paradise”.
Hopefully you can see where I am going with that, just playing with words and getting ideas of how it looks and start visualising the end result.
The other thing you can do it check out the product names of the competition (either Google searches or looking at platforms like Clickbank or ShareASale) and what is currently trending in your niche. So there might be a product called “Twi-raffic Generator”, which is about getting traffic from Twitter. So you might play with that and get “reTwe-ffic Generation Methods”. You might have seen that ‘Covfefe’ went viral on Twitter so you might call it “Covfefe-raffic Generator!” or “Viral Covfefe Traffic Exchange”.
Put together a number of product names you like, check to see if they already exist, if the first one does go to the next one and so on until you find one you can use. You should also check to see what others think of the name, you can use Facebook Groups within your niche, talk to family and friends or try emailing a mentor or influencer (if you know one and are already chatting with one about creating a product).
Do You Really Want to Enter This Niche Market?
Creating a product for a niche is up to you, no one can tell you if it is the right decision. You need information and the more information you have the more informed decision you will make. Take the time to look over the data you have collected properly and then decide. Just don’t take to long because someone else might come along and fill the need.
Try asking yourself some questions: “What do I need to learn to create a product?”, “What value can I add?”, “What is missing and can I provide a solution?”, “What is the competition like?”, “How long will the whole process take approx?”, “Once I have a niche and product, then what?”
I’m in the middle of creating my own product, so I have asked myself these questions. I made a decision to invest in myself and I decided to get a mentor. John Thornhill. This is his bread and butter. He has a mentor program called Partnership to Success. It is all about creating products, and then how sell it so “you” build a profitable business “for yourself” not working to build someone else’s business.
Check out what John has to say here! It is a great investment in yourself and business, with excellent team and student support, tools and broken down and easy to follow steps.
Have you created a product yet? What other things helped you create your product? Any tips for a newbie product creator? Please leave your thoughts in the comments below.
Are you struggling to create your first product?