Before I start talking about Profitable Niche, let me ask you a quick question-
Can you sell everything to everyone?
I am sure, your answer would be NO!
Because
It is always good to be specific rather than generic, and this implies to marketing as well.
Let’s do a small hypothetical thought experiment –
What if, there is only one company that provides all the products and the services to all the people in the world?
This one company will not be innovative, they will not be competitive and the products might be pretty boring and substandard. That’s why different people specializing in different things bring in variety to makes the products and services very professional and standard.
Therefore, selecting a product or service and providing this to specific people who actually need it, is the key concept of niche marketing.
Table of Contents
What is a Niche?
Niches means, a specific product for a specific segment of people.
This can be defined in a simple way:
Niche is a specialized or focused area of a broader market or submarket that serves specific customers with specific needs.
In other words, you need to find the market segment, those who need your product or services. This market segment is either underserved or unmet the expectation of the customers.
New niches are born every day as new needs are discovered. You just need to identify it and fill the gap in the market.
Your niche should be a combination of Passion, Talent, and the Market opportunity.
The niche should fulfill your purpose to solves the problem of the people and at the same time, it should be profitable too.
Infinite Wealth Through Specialization
Division of work makes expertise in a particular field and thus specialization increases productivity and eventually the wealth.
If everyone specializes in one thing, then the wealth of the entire world will go up. If you try to do everything your own, then you probably reduce your productivity and you may not be an expert in one niche.
Years of specialization in one skill will make you ahead of your competitor and harder to catch up with you. This will pave a path to get infinite wealth.
Skill stacking (mix and match skills) is also important nowadays, to survive in the competitive market. But getting specialization in one niche is most important.
“Only the misfits have the chance in the world to succeed”
T-Shaped and V-Shaped Expert
T-Shaped expert means you know everything in general about a specific niche (For example Digital Marketing)
And then you become an expert in a micro-niche (let’s say Email Marketing) within that niche.
Gradually, you get to know and expertise in other sub-niches within your niche and eventually you will be a V-Shaped expert which means, expertise in more than one micro-niches within a macro niche.
Strategies To Find Your Profitable Niche
Niche is always evolving, therefore your perfect niche should be the one where you are naturally inclined. Think about your childhood inclination. What were you interested in as a kid or as an adolescent? What are the topics that you have been reading and learning about in the past few years? What your family member and friends think of you are good at?
Your niche is not just a way to make money, you need to be connected with it. Try to get the answers to all these questions to get an idea of your perfect niche.
1. Understand Customer’s Need
Customer does not buy a product or service, they need a solution, and your product or the service can become a bridge to the solution.
There is always a need that becomes the reason why people buy anything. It ultimately moves a person from the current state to the desired state and your product or the service can be a bridge to help them to move from the current state to the desired state.
So a clear understanding of the current situation (Problem) and the desired solution will help you design your offers (product or service in your niche) in such a way that can help them.
2. Discover Market Needs
Understand the need of the market before you go ahead and create your product or services. So before you find your niche, understand what the market needs, and fill the gap with your product or services.
Find the top 10 blogs and books in your niche that you think has a market need. You can read the product review sites to find the gap in the customer expectation and product delivered and try to fill the gap in the market through your product or the services.
Avoid niches, that does not have competition in the market. A market without competition means there are no or fewer buyers for that product.
Use tools to research your future niche to better understand what peoples are searching for related to your niche.
Tools for Niche research
- Google Trends
- Google Auto Suggest
- Ahref /SEMRush
- AnswerThePublic
- YouTube Channels & View counts
- Facebook & Google Ads of the competitors
- Affiliate Marketplace
- Education Marketplace
- Kindle Book Store /review
- Quora
- Medium
3. Create A Community For Niche Research
Create social media groups (On Facebook, Telegram, or WhatsApp) or join the forums related to your future niche and run polls, and answer questions to understand their needs.
Look for similar groups, community, or Forums and invite people to join your community. Do AMA (Ask Me Anything) sessions to understand their problems.
Based on their needs you can create or select your niche.
4. Create A User Persona
User Persona or the Customer Avatar is basically your target customer to whom you will sell your product or the services, based on the research you have done in the previous steps.
This helps in personalize communication with your future customer and that eventually helps to understand your customer well.
5. Personal Branding – Be a Hero in Your Niche
If you select a niche in which you have a certain amount of expertise, then that will help you to be miles ahead of your competitor in the same niche.
Subject Matter Expert (SME) in your topic will help you to establish as a brand and also help to gain trust in your market place.
“Be the only one, not the number one in your niche”
Being the authority in your niche will come with time and experience and that needs a certain amount of patience. This is not an overnight journey.
When you establish trust and become an authority in your niche then you can sell your product and services naturally.
FAQs Related To Profitable Niche
1. How to find a profitable niche for blogging?
Choose a topic that you enjoy reading, writing, and talking about and at the same time, it can be monetized. The 5 strategies mentioned in the post will help find a profitable niche for your blog. 2. What are the most profitable niches for affiliate marketing? Mainly these are the most popular niches for affiliate marketing:- Health & Wellness – Fitness, Health Supplements
- Money & Wealth – Career Development, Business Development
- Relationship -Parenting, Dating, Pet
- Google Keyword Planner (Free)
- SEMRush (Free Trial)
- Ahrefs (Paid)
- Ubersuggest (Free /Paid)
4. What is a macro, micro, and nano niche?
The broader category of niche is called a macro niche, a sub-niche of macro niche is called micro-niche and a sub-niche of micro-niche is called nano-niche.
For example,
- Health – Niche
- Yoga – Macro Niche
- Yoga for Women – Micro Niche
- Yoga for Pregnant Women – Nano Niche
The Final Words
Selecting a profitable niche is most crucial for the success of your business, be it blogging, affiliate marketing, information marketing, or any forms of marketing.
80% of businesses are not able to survive due to the wrong niche selection. So it’s better to take time to get your perfect niche idea than investing your time and money in the wrong niche.
All niche markets are mainly around these 3 core categories:
- Health
- Wealth
- Relationship
There are hundreds of niches that are part of these core niches. You need to get further down to get the sub-niches that would be your perfect profitable niche.
“Riches are in Niches BUT Millionaires are in Micro Niches”
If you like this article or you have any queries, please do comment below. I would happy to read and respond to your queries.
Cheers 🙂
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