Researching a profitable niche for your blog can be a bit of a challenge. It’s easy to assume that a market characterized by a high demand will be a profitable one, but this isn’t always true. A good example of this might be the cookie baking market. You might be amazing at baking cookies, but starting a blog about cookie baking might not be profitable for you, especially if your visitors are looking for quick recipes and not interested in actually buying anything. Let’s look at a basic methodology for market researching a niche topic that is commonly used by internet marketers. While this approach is geared toward entrepreneurs who want to make revenue from their website in the niche of their choice, which is very essential if your business is solely online, it’s very powerful if you’re a brick and mortar business seeking to develop online type income streams. While researching niche methods may differ slightly, contingent on whether you hope to sell physical goods, digital products, or services, the standard is still the same.
Step One – 1: Identify the Audience If you’re a starting entrepreneur looking to start a viable business in a market you’re passionate about, instead of focusing on what product you want to sell, start first with understanding your audience. So why should you focus on niche audiences first, instead of products? There are two solid reasons you should prioritize finding an audience to promote over identifying products to promote. Products will come and go, but a niche audience will stay with you forever. If you’ve ever promoted a product to great avail and then had it decay in demand or was removed from the market altogether, you know what this means. When you choose a niche audience, and you take the time to understand what they want, a whole new world of options is available to you. You’ve suddenly gone from trying to find concepts for a product to trying to figure out the types of products you need to promote because they’re the ones your niche audience needs. This is excellent advice for anyone who’s trying to better connect with their audience, who has the ability to buy something and buy it.
Step Two-2: Research Keywords You need to identify the keywords that your audience will use when they research a topic related to your niche market, especially searches that relate to problems, deep desires, or pain points. This information is not only going to tell you what topics your audience cares about, but it will also tell you if there’s profit potential in this niche. An easy and fun way to get started is with the Google Adwords Keyword Tool. You can use it to figure out the keywords your audience will use to research services, products, solutions, and information related to your niche market. This tool will provide you with a lot of useful data that relates to your keyword, such as global and local search volume, the level of competition for it, the average CPC or cost per search, and much more. What you want to pay attention to when you do industry keyword research is the monthly search volume. The higher it is, the bigger the market. Anything that gets more than a thousand exact match searches is worth looking into. Still, there are some niche markets, with a smaller monthly volume, that also have some profit potential. Let’s take a look at the example of the personal development market. In this market, at twenty-nine thousand five hundred exact matches a month on a global basis, that’s a huge amount of people who are interested in all things that relate to the Law of Attraction.
Step Three -3: Analyze Your Competition The level of quality your competition has in a niche is a decent indication of whether or not it is an attractive niche. So what are the most attractive keywords?
• They have a high average CPC or cost per click.
• They have more than one page of ads.
• There are advertisers in the top three premium positions.
• The ads are highly targeted to the keyword.
While the Law of Attraction niche is rather large, the competition appears to be low to medium and with an average CPC of less than a dollar. This raises the question of whether or not this niche has enough money to make it a worthwhile investment. The best way to get an idea is to see if there are any PPC or pay per click advertisers bidding on the Law of Attraction keyword in Google Adwords. These ads are text ads that appear at the top and right side of the sidebar area on Google search results pages. While there are plenty of various competitive pages in the organic search results area for this keyword, this high key phrase is devoid of any PPC advertisers. The drawbacks of PPC are that this key phrase is not very attractive and that it can be a tough market to make money in. With forty-eight million competitive pages, it will be very hard or tough for you to launch a new blog and rank on page one of Google for the key phrase law of attraction. Odds are, it won’t be worth your any type of time.
This doesn’t mean it’s not a profitable niche. Ask yourself why no one is advertising because that tells you a lot of information. A great way to find some answers is in the list of keyword suggestions that is presented by Google Keyword Tool. Are people looking for Law of Attraction books or could it be that most people are looking for free information? Beyond the book, are there any other types or products that this specific audience would buy? Teaching? Maybe some courses? It might be worthwhile to drill down into long tail keywords that relate to the niche market’s desires and audience pain points. For example, people who believe in the Law of Attraction can’t make it work well for them, and they’re seeking some help in unleashing its full potential.
Advertisers in this keyword niche suggest there’s money to be made. However, the number and quality of advertisers and ads suggest that law of attraction courses is not a hyper-competitive market, and there may be room to accommodate some new players. However, just to be sure, you should go back to Google Keyword Tool and see if there is enough search volume for this particular keyword niche to support a decent business or audience. With only thirty-six matches globally in a month, it may be difficult to build a business that focuses on just selling a few law of attraction courses.
Step Four-4: Research the Industry Another important piece of knowledge is to find out where the niche market is heading. A great free tool to use would be Google Trends. The keyword law of attraction peaked in 2007 and has declined ever since. This indicates a declining market. This means that it will be harder and harder for you to increase traffic to your blog if the overall traffic in that niche is becoming smaller. If you want the blog to be around for the long term, it’s better to set yourself up in a niche that’s growing or remaining the same rather than starting a business in a pie that’s starting to shrink.
Step Five- 5: Decide if You Want to Enter the Niche Market This is the point where you’ll need to decide if the market is worth it for you. The Law of Attraction Courses sub-niche shows some profit, but not much competition. Unfortunately, it doesn’t display a great enough monthly search volume to be viable by itself. As a general rule, if you see a lot of targeted ads at the top and in the right sidebar, on multiple pages, with the top brands in the market consistently in those top three spots, it’s going to be a tough break to get into that market as a new blogger. You’ll be up against some established brands with a huge marketing budget. However, there are plenty of other lucrative long tail keywords or audiences you can target. The key to figuring out what you are is to find out if there are products, services, and overall solutions this audience is eager to pay for. So if you are determined to be in the Law of Attraction market, or whatever niche you decide to go with, the solution would be to establish a blog presence around less competitive keywords.
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