Boost Your Income with the Right Niche Market

I’ve gotten so many emails lately from bloggers who are not making any money and want to fix that. My first question is always: what is your niche market?

Most of the time, they have not defined their target audience at all before starting their blog. Indentifying the right niche market is one of the most important first steps when starting a new blog.

If you already started your blog without a niche market, you can take a pause and make the necessary changes to move forward.

Finding and understanding your niche market is the vital ingredient to creating blog content that will help attract the right buyer’s to you. Take your time in identifying your niche because you will put a lot of effort to creating the blog content and presenting yourself as an authority online.

Once you find the right niche where there is a demand for what you are offering, you can carve out your unique spot on the Internet.

In this article, I will help you understand niche markets and how to choose the most profitable one for your online business.

What Does Niche Marketing Mean?

A niche market is the subset of the market on which a specific product or service is focused.

For example, health is a market. But it’s too broad for you as a blogger to monetize. Get more specific with a submarket which can be weight loss. Now we have Health and weight loss which is still too broad.

The next step is the niche market. There is where you get more specific. Drilling down through our example:

Market > Submarket > Niche market

Health > Weight Loss > Weight loss for busy women over 40

Let’s do another example.

Wealth > Online business > Online marketing strategies for network marketers

Once you identify your own niche market, you need to do some research to find out if this is the right audience for you to create a profitable business.

Creating your blog niche will make it much easier to monetize. Here’s what I mean. If your blog is all over the place with topics for EVERYONE, what will you sell?

It will be a challenge to identify the right products for your audience since it is like a needle in a haystack. It could be almost anything if your audience is too general and your blog is about everything.

On the other hand, if your blog is focused on a niche market, you know exactly what your audience wants and needs (you should!) You’ll also be able to identify the right products to help solve the problems of your audience.

How to Find a Profitable Niche Market

After you decide what niche is the best fit for you, it’s time to find out if it’s profitable so you can carve out your unique place on the Internet.

Video: Finding a Profitable Niche Market

Here are three crucial points to consider before starting.

1 – Will people in your submarket be interested the offer in your niche?

Many of the people in your niche will be in your submarket. Let’s look at our example of:

Health > Weight Loss > Weight loss for busy women over 40

Will there be people in weight loss be interested in information and products about weight loss for busy women over 40?

That is the question to ask yourself for any niche that you have selected.

2 – Is your target audience enthusiastic about this topic?

This is a fair question because if people aren’t that passionate about the niche that you selected, you won’t get much traction. How do you know if they are truly interested?

Using the aforementioned example about weight loss, how would you find out if there is a market for this niche?

Go and search Facebook Groups. You will surely find hundreds of Groups devoted to weight loss for all types of things. There are usually upward of 1,000 to 30,000 people in these groups who participate on a daily basis looking for the answer to their problem: weight loss!

That’s an example of how to find out if there is a true interest in your niche market.

3 – Do these people have the desire for your products and ability to pay for them?

What if you marketed to an audience that couldn’t afford to pay for your product? That would be a sad mistake and you would not make any money. Here is the brutal truth that you need to face:

• Some people have the desire for a product but they have no money.
• Some people have the money, but they aren’t willing to buy the product.

The people in your niche market must be willing and able to buy the product.

I made a huge mistake a few years ago with a product that my target audience was not able to buy because they didn’t have the money. That was a big flop! Lesson learned!

If I had gone through this analysis I would have come to Step 3 and immediately crossed that niche market off my list, even though there was a huge audience in the niche I selected.

Final Thoughts

Defining your niche market is your most important step to monetizing your blog.  Not only that, when you have a specific audience, you will know everything about your audience and your audience will attracted to you!

Creating blog content is much easier when you know your audience. It narrows down your topic and you write about from several different perspective. That’s exactly how I’ve made so much money with targeted niche blogs.

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