There are few things in business more important than choosing the correct market, mostly because every other part of business growth is dependent upon having a group of willing and able customers.
No amount of work or luck can help save your business if you don’t have a willing and able buyer market.
Maybe you’ve heard you can build a profitable online business around any topic you’re passionate about.
Without a sustainable buyer market for your products and services, the time you invest in growing your online business or charity is a little more than a waste of time…
…you’re simply buying a Seven Eleven to get free peanuts, so to speak.
In order to confidently build a sustainable business online, you’ll need to know a few things first. Well, at least two things for certain:
- The size of the niche market in question
- What the market – at that size – is realistically worth in $
To discover if your market niche a big enough market, as well as how big the market really is, look for these indicators:
- 30,000+ Google searches per month for all primary SEO keywords
- Popular blogs within the market, industry or niche
- Facebook Pages about the topic, the niche market, pages of competitors, or even your benchmarks
- Forums discussing the niche
- LinkedIn Groups on the niche market or topic
- Newsletters you can get on the niche
- Active market associations
To see if the market niche is profitable, check these criteria:
Direct competition (Someone doing exactly what you want to do. It’s a good thing.)
- Indirect competition (Someone who markets to the same target audience, but not selling what you do)
- Affiliate offers (Check ShareASale, ClickBank and Commission Junction for related affiliate offers)
- Advertisers (Where there are well-known advertisers, there is money)
- Thought Leaders (Look for very influential people associated with your market)
- eCommerce Sites (Find sites that are selling products to this market)
These are all rules of thumb, of course.
For example, if you cannot find an active forum or your primary keywords don’t add up to exactly 30,000+ you may still have a profitable niche market.
That being said, the more of the above criteria your market niche can meet — the more likely you are to succeed.
In the next post, we’ll dispel the myth behind traffic generation…
To access the niche market entry checklist for free, click here to download the free pdf…
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