To conquer a niche, you need to ensure that it is highly profitable with low competition. You need to dominate it. You need to establish your authority in it. You need to ensure to beat your competition. But, in order to do it, you have to analyze your niche very carefully before putting your hands in it. If you enter the wrong niche, and you can’t establish total domination in it, you’ll end up becoming a loser. You’ll waste your time and effort. You’ll make very little money from it. Here are 5 characteristics of profitable niches that you can dominate easily:
1. The demand is huge, but the supply is minimal
You might think that it is impossible for a niche to have a huge demand and minimum supply since nearly every niche under the sun is already saturated. Yes, that’s true, if you only look at broad niches like weight loss, acne, and so on. But, if you’re willing to dig deeper, you’ll find plenty of niches that still have huge demand and minimal supply. For example: childhood obesity. Lots of parents are looking for the solution for this problem and only a handful of vendors have the solution for their problem. Most vendors only focus on weight loss and adult obesity.
2. The audience has desperate need for solution
Without real need for solution, people won’t get motivated to take action immediately. If you don’t really need the solution to solve your small weight problem, you won’t get motivated enough to buy a weight loss product. But, what if you are overweight and you need to attend your sister’s wedding party next month? Do you want to really lose your weight? Yes, you’ll become more motivated to buy a weight loss product if this is your situation. So, the characteristic of a profitable niche is that the audience has desperate need for solution. It also means that their problem is bad enough for them to tackle.
3. The audience has lots of money to spend
People who are deeply in debt might not want to spend their money on another make money scheme. But, people who are so enthusiastic toward playing golf might want to spend hundreds or thousands of dollars on golf-related products. If your audience has lots of money to spend (it is apparent when you take a look at your niche’s audience closely), you’ll be able to succeed in your niche more easily. If they only look for free information to solve their problem, then you’ll have a problem in monetizing your niche.
4. The problem is evergreen
Make sure that your niche is not a seasonal niche. If you want to create a website about Valentine Day, you might be able to make money, but you’ll only make money in the month of February each year. That’s why you need a niche that has evergreen problem, so that you can sell your product for a long time. It means that your product will always be relevant in any time of the year. You don’t need to take your product out of the market because it will stay relevant for your audience.
5. You are enjoying this niche
The last part is about you. Do you enjoy this niche? Yes, you might be able to make lots of money promoting products related to debt consolidation plan, but if you’re not enjoying it, then you will only give half of your effort into your promotion. As a result, no matter how profitable the niche may be, you won’t be able to extract any significant profit from it. Why? That’s because you don’t like it. You don’t like the product. You don’t like the topic. So, how can you come up with good promotional materials to make money on it?
Those are 5 characteristics of profitable niches that you can dominate easily. Remember the signs above, and you might be able to make easy money on it. Once you’ve found the niche that has 5 signs above, don’t abandon it. Seize it and try to make as much money from it as you can.