How To Select a Niche Market

How To Select a Niche Market

When you begin brainstorming ideas for a target market, try to think about things that you are interested. What niche markets do you love, do you have hobbies and interest in? What type of special knowledge do you possess that might benefit this niche market and be of use to others?

The average person thinks in terms of products that already exist. The niche marketer thinks in terms of both existing products as well as products that do not exist. How does a niche marketer see opportunities where others do not? Quite simple:

- They pay attention to what people are already buying.
- They pat attention to trends in hot industries.
- They keep up with local and world news.
- They tend to be avid readers.

So how do you apply this to come up with your own potential target markets to research? You need to start by asking yourself the following questions:

1. What products am I currently consuming?
2. What issues have been in the news lately that might connect to a need for a particular type of product?
3. What information have you read about that could point to a market?

Now, you need to write down everything that comes to mind. You will want to closely examine your answers. You will want to try and find the simplest one or two word answers. Now you will want to explore the web for these topics. You will want to identify the demand of the topics.

Once you have identified a niche you will want to determine the profitability of this market. Market profitability is based on two factors:
1. The market has plenty of disposable income.
2. The market is known to buy.

You will also want to see some healthy competition. Competition is a good sign of a healthy market. It tends to show a need or demand for the niche topic. It also tends to show signs of good profitability in the market.

You will also want to determine if this market is where people are already buying. Check to see what’s popular; see if you can spot trends. Check what is at the top of lists. Most sites have a top lists showing which products or subjects are currently selling the most. This is one way to narrow things down and find a niche within your market.

Jason Rossi is an expert affiliate marketer who rakes in over $1,000,000 annually via his amazing simple guaranteed profit system. Learn how you, too, can break free from the 9-5 rut by doing what Jason does. Just visit http://www.advancedpromotingtips.com or http://www.guaranteedprofitsystem.com. The author grants full reprint rights to this article. You may reprint and electronically distribute this article so long as its content remains unchanged and the author’s byline remains in place.