BusinessHABChoosing Online Winning Niche : The first step when starting any online business is to choose a niche.
And we’ve made it easier for your by putting together the ultimate list of niches.
And how to choose the right one.
It doesn’t matter what that business is.
It could be in digital publishing, affiliate marketing, eCommerce, or coaching and consulting.
Knowing what niche to target is critical.
Because the choice of a niche can make or break a business.
It’s as simple as that.
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Choosing Online Winning Niche
Every niche is different. Some niches are more profitable than others.
Choosing the right niche can make a business wildly successful.
Choosing the wrong niche can drive a business into the ground.
But how to choose the right niche?
The key to selecting the right niche is having a solid understanding of what niches really are.
Choosing Online Winning Niche
Needs for Niches
Each niche reflects a set of needs (we’ve reflected this in our list of niches)—the basic needs that every human being has.
In 1943, Abraham Maslow proposed what we know today as Maslow’s Hierarchy of Needs.
His theory was that every human being in the world has the same basic needs and these needs can be divided into five categories:
- Physiological: Food, water, breathing, sleeping
- Safety: Employment, a home to live in, security for the family, social stability
- Love/Belonging: family, friendship, intimacy, a sense of connection with others
- Esteem: Achievement, respect from others, confidence
- Self-Actualization: Creativity, spontaneity, morality, acceptance
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Choosing Online Winning Niche
Maslow proposed that each of these needs has to be fulfilled in order to “move up the ladder.”
For instance, people must have enough food and water.
And get enough sleep to be able to consider their safety needs.
This makes sense. After all, a person would risk their safety.
In order to get the food or water they need to survive.
Most people in the developed world have achieved the physiological and even safety needs.
However, it doesn’t really matter where people are on Maslow’s Hierarchy.
The requirement to fill these needs translates into problems.
Niche markets exist to solve these problems! With that in mind, here is how to choose a winning niche.
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Choosing Online Winning Niche
Choosing a Winning Niche
Before jumping into our list of niches.
Know that there are certain criteria that combine to create a winning niche.
All it takes is five steps.
These five steps ensure each of the following is ideal for a niche:
Let’s take a look at each of these steps in greater detail.
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Choosing Online Winning Niche
1. Digital Friendly
The niche must support digital products.
This will provide the best chance of profitability.
A digital-friendly niche means it can support products that can be sold online.
Bought online, and downloaded or streamed directly to the customer’s computer or mobile device.
The good thing is that digital products can be created in any niche.
It doesn’t matter what niche it is—whether it’s fitness, finance, or survivalism.
There is information about these niches that people want to know.
Digital-friendly products include:
- Books
- Reports
- Online courses
- Video courses
- Webinars
- And more…
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Choosing Online Winning Niche
2. Competition
It might be tempting to choose a niche in which there is little to no competition.
However, this is NOT actually best for business.
Competition is a good thing!
It means that a lot of people are spending money in that niche.
The more competition there is, the more:
- Good affiliates there will be who know how to create and promote an offer
- Affiliate offers there will be to promote
- Information there will be on how to promote those offers
- People will be looking for those offers
Some competition will warm the niche up for a really great offer. It is best to take advantage of this.
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Choosing Online Winning Niche
3. Size of Audience
Every niche has an audience—the people who are interested in the niche. The bigger and more active the audience, the better the niche.
It’s like the brick and mortar store.
The best locations for these stores were in areas of high traffic.
The rents in these areas cost more because there was a larger “audience.”
It was more likely these locations would attract more customers.
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Choosing Online Winning Niche
For an online business, a good niche is like a good location.
It is where people tend to pass by, take an interest, and gather.
One of the best ways to find information on an audience is to use Facebook Audience Insights.
Facebook Audience Insights provides a detailed breakdown of information based on:
- Facebook data gathered from the information provided by Facebook users
- Third-party data gathered from sources reporting on things such as purchasing habits and household income
To use Facebook Audience Insights.
Simply choose the desired audience and select the segment’s parameters.
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Choosing Online Winning Niche
The results will be broken down as follows:
- Demographics
- Page Likes
- Location
- Activity
- Household
- Purchase
This audience information is invaluable when selecting a niche.
The better the results, the better the niche.
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Choosing Online Winning Niche
4. Popularity in Search
The best niches will be associated with popular keywords.
Keywords are the words or phrases that people type into the search engines.
Some keywords are more popular than others, even within a profitable niche.
For example, in the Fitness niche, popular keywords include:
- Fitness
- My fitness plan
- Fitness apps
- 24-hour fitness
These keywords generate close to or over a million searches every month.
Others aren’t as popular and only generate less than 2,000 searches each month, such as:
- Solitary fitness
- Fitness incentive
- Fitness solutions
- Fitness log
Google Keyword Planner is the best way to determine how popular a keyword or search term is.
It makes it possible to:
- Search for new keywords
- Combine multiple keyword lists
- View trends and search volumes
- Obtain performance forecasts
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And keywords that are generated through Google Keyword Planner can be filtered to target by:
- Location
- Language
- Search Network
- Negative Keywords
- Average Monthly Searches
- Suggested Bid
- As Impression Share
- Organic Impression Share
- Organic Average Position
- Competition
Choosing Online Winning Niche
5. Long-Term Potential
The best niches will be profitable over the long-term.
In other words, there is no end in terms of the need it fulfills.
Think about it this way. Pregnancy is a high-need niche.
When someone is having a baby, there is no greater concern for them.
They want as much help and information as possible.
Choosing Online Winning Niche
But pregnancy only lasts for nine months.
Then it’s done. The pregnancy niche has short-term potential.
But what about scaling pregnancy horizontally to encompass parenting in general?
In this way, all stages of childhood and parenting can be covered.
Information products related to any stage would be valuable.
And as a child grows, new problems and needs would arise.
Choosing Online Winning Niche
The short-term niche of pregnancy can be turned into the broader, long-term niche of parenting.
And that means greater profitability.
Some niches inherently have long-term potential.
With others, long-term potential can be created.
With some, it might be very difficult to create long-term potential.
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