The most appropriate method to find a profitable niche is to conduct proper research. Take notice of what people are searching for on discussion boards ( example-Yahoo Answers, Ebay forum, etc) Keyword research software can be used to see what the most popular searches are on any given subject, or alternatively if you are on a budget, you can do keyword research use the free Google keyword Tool
How do I know the niche I have found is profitable? You can tell if a niche is profitable in plenty of ways. Maybe you've found a good niche if the terms related to the niche seem to be searched often and that there aren't too many people competing for them on search engines like Google. But it's still possible that the niche is not heavily marketed, simply because it is not marketable. You will find some niches have heavy search volumes and a lot of competition. Because of the high level of competition, your product or any niche marketing effort could be clearly profitable or it might fail if it's not top notch and efficiently promoted.
How do you measure competition? Here are the steps to take: 1) Look for a keyword in the Google tool mentioned above that has at least 1,000 searches per month, 2) Go to Google.com and type that keyword in the search box and see what the result is on the top right corner. You will see something like (Results 1 - 10 of about 16,300,000), write down your number, 3)Then go back and type in the same keyword, but this time, surrounded by quotes "" (for example - "dog food"). Then write down the result. If the result without quotes is under 500,000 and the result with quotes is under 100,000, that keyword merits extra attention and would be considered a keyword with "low competition" and a good keyword to target.
What's the proper way to test my niche? Well, you can go on discussion boards and ask questions about a hypothetical product you might pitch or create. Poll people that will read your thread so you can use them to gauge exactly how people are responding to your idea if the Internet marketing discussion boards will allow that. Before launching a product, do a pre-launch as this will show you how people are responding. If you were thinking about promoting products through niche affiliate marketing programs, then test the waters with low cost or even free marketing solutions.
A difficult question is 'What is the best way to make money with niche marketing?' since there isn't really a "best" way to promote to a niche. A blog will be more profitable for a niche for some people, it is all dependent upon the niche and your budget and/or capabilities. Some might consider launching a small report or a full e-book or video series for their niche whereas others might consider setting up a newsletter. There are also many blogs and websites that can give you ideas how to proceed, one such blog is Biggest Firesale. This blog will give you the opportunity to explore many ways to use niche marketing to make money, however, which method is best, is really impossible to tell,.
Niche marketing is very easy when done right. Test your products properly and use a variety of methods to promote them and you should be halfway through conquering the niche marketing field in no time.
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