Lesson #3 - Deciding On Your Niche Market


Welcome back!

In today's lesson I will help you make the first and probably the most important decision regarding your online business.

You will have to decide what will be your target audience, also known as your niche market.

But what exactly is a niche market?

It’s basically a small segment of the market that satisfies the needs of a group of people.

In this group, people are interested in the same kinds of products and services.

For example, when you think about people looking for healthy food, that is a niche!

Do you want more examples? There you go...

  • Skin Care
  • Travel
  • Pet lovers
  • Hiking

These are all profitable niches. The problem is, they are too broad!

Think about all the possible reasons someone searches your website to improve their skin. Gosh, you will find over 40 skin disorders!

This can make your website quite generalist unless you have many people working with you to cover all the aspects of the niche. Besides, you will probably face stiff competition with more bigger websites.

The best strategy is to narrow it down so you can effectively communicate with your audience.

If you target a smaller sub-niche, you are more likely to become a specialist and build more trust.

Trust reflects in more people following your recommendations, which is exactly what you want.

The competition tends to be much smaller as well. So let’s break down the healthy food niche and focus on:

  • Paleo Food
  • Healthy Juices
  • Healthy desserts
  • Organic food
  • Alternatives to wheat

You see? These are more specific needs that you can target more effectively. You can try out Dmoz.com, which offers a massive database of Web content and will help you find targeted niche ideas.

Before you go for it, let me give you some tips that can help you with your decision. 

for your website. But before you go for it, let me give you some valuable tips that can help with your decision:

TIP #1 – Choose a niche you are passionate or at least interested About


When building a website, you are going to dedicate your time researching and writing about a particular subject. Therefore, it is important to choose a topic that you are at least interested about.

Writing for your audience should not feel like a job at all!

The more you enjoy your topic, the easier it will be to connect with them.So, write down your passions, interests and hobbies and narrow from there.

TIP #2 – Put Your Audience in the First Place


Before you think about how you will market the products, you need to focus on your audience needs.

Think about what is beneficial to them and how you can solve their problems. In other words, put your audience first!

TIP #3 - How Profitable Can Your Niche Be?


It’s possible to profit from any niche as people buy pretty much anything online (with some exceptions of course). However, some niches are surely more profitable than others.

Depending on which kind of products you promote and the average commission rate, you will need a massive amount of traffic (visitors).

For example, if you choose a niche where people spend $15 per product on average and considering a commission of 6% (Amazon), you will get $0.90 per sale.

How many sales per month would you need to make a living out of that? 2,000 items? That’s not impossible, but very challenging! 

Now, what if you could target products at $200 or more? That's $12 per sale, meaning that you need 160 sales per month to achieve the same result. This is probably a achievable in a shorter period.

So, take your time and research products and related affiliate programs.

Affiliate programs ​

There are many affiliate networks that have thousands of affiliate programs across different industries. These include:




Just be careful to get overexcited about commissions and forget tip #1. It doesn’t matter how profitable a niche is, if you don’t feel good researching and writing about it, you can get bored and reflect negatively on your articles.

TIP #4 – Don’t Stress Out


With so many niches out there, you may feel incredibly indecisive. I know, it’s a tough decision, but you shouldn’t linger over the decision for weeks.

In the beginning, the important thing is to start learning and get your feet wet.

By taking consistent action, you will be able to make better decisions in the future and move forward.

Always remember this: Your first niche probably won’t be your last one. It’s completely normal to make experiments to make sure what really fits you. Besides, you can always change your niche and start over, if you think it’s necessary.

That's it for today! Feel free to reply to this email if you have any questions or concerns about your decision.

This is a crucial step, and if you ever feel stuck, send me an email or leave a comment below.

Good luck with your decision, and see you in the next lesson! 

Homework


(1) Write down your interests, passions, and hobbies.

(2) ​If they look too broad, try to narrow them down.

(3) Select the one you feel most comfortable with. ​

DISCLAIMER

 

ALL THE CONTENT YOU SEE AT MYROOMISMYOFFICE.COM IS BASED ON OPINIONS AND NOT FACTS.

I HAVE THOROUGHLY REVIEWED EACH PRODUCT AND THEN PROVIDED MY PERSONAL OPINIONS ON THEM. HOWEVER, IT’S YOUR RESPONSIBILITY AS A CONSUMER TO DO YOUR DUE DILIGENCE AND FURTHER RESEARCH IF YOU FEEL SOMETHING MIGHT BE INACCURATE.

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