Checklist for Evaluating a Potential Niche: There is a lot of money to be made from taking small pieces of big markets. Markets like weight loss, making money, credit cards, mortgages, etc. are impossible to tackle. However, smart marketers who cut out just a small slice of these large markets can make a lot of money.
Here is how this strategy works.
=> Go Where the Money Is
There is a very good reason markets like weight loss or real estate are so crowded. It is simple – there is a lot of money to be made.
Instead of finding small niche markets where the profit potential is unsure, in a proven market you can be certain that there’s money to be made. The trick is carving a slice of the pie.
=> Picking Your Slice
The best way to take a small piece of a large pie is to pick a specialty. That specialty should be a gap in the market.
For example, if there is a lot of content going around about buying and flipping properties but no content going around about how to identify up-trending international real estate markets, that could be a very powerful niche to go into.
What about overweight vegetarians? If nobody is talking to them specifically, that could be another great market.
The secret is to find a gap in a large market where you can have something unique to say that is not already being said.
Make sure it is a gap that has real demand. Use your instincts and your knowledge of the market to fill a gap. That gap will become your personal or company brand.
In other words, you will be known as the “international real estate guy” or the “vegetarian weight-loss guy.” By creating this brand, you will effectively become the point of reference for people who want to know about that topic. Word about your specialty will spread throughout the niche and soon people will begin to seek you out of their own accord.
When people are consistently finding you on their own because of your brand in a market, that is when you know you have cornered a slice of the pie.
=> Getting a Slice Off the Ground
How do you get started?
Once you have identified your slice, start by picking a few choice keywords as well as a few target partners. These are people in the industry who you respect and would like to work with in the future.
Create your website and put 100% of your effort into creating world-class content on your subject. Consistently put out content at least once a week for a few months. Some of your articles can be deliberately written to target easy to rank for keywords, while others are written just for the quality of the content.
Once you build a bit of reputation, approach your target partners with an offer for a JV deal, a guest blog, or a joint teleseminar. Do a few of these and your reputation and backlinks will both grow.
Carving a slice of a larger pie takes time, but the profit potential makes it all worth it. Find an aspect of a large and profitable market that is underrepresented and become the point of reference for that slice of the market.
Checklist for Evaluating a Potential Niche