How To Tell If A Niche Is Profitable – Quick and Easy

August 3, 20160 Comments

Quote of the Day:  “Be independent of the good opinion of other people.” - Abraham Maslow

Samuel Zemurray was called The Banana King.  When he first arrived in America he was penniless. He started out with nothing but a cart of "freckled bananas" and an intense desire to make something of himself.

Early on, he spotted a MASSIVE OPPORTUNITY

And by making one “tiny shift” in his strategy… 

He turned himself into one of the richest, most powerful men in THE 
WORLD...

...All of the “big boy” banana sellers were throwing away the ripe speckled bananas. “Hmm…interesting!” He thought…

He had spotted his profit opportunity…

He turned bad bananas into a fortune!

Keep reading to find out how you can spot your profit opportunity.

If you completed yesterday’s niche assignment, then you should have a list of potential markets, niches or topics.

Now let’s work on whittling this list down by doing some market research.  In other words, you’re about to discover which of your potential niches is profitable – and which ones you should discard.

Quick and Easy Way to Tell if a Niche is Profitable

Sometimes a marketer finds niches that seem to have very few other marketers actively working in the niche. And the first thing the marketer sees is dollar signs, as he believes he found an “untapped” or “unexploited” niche.

Maybe you’ll have the same experience and the same thoughts.

If this happens to you, however, consider this: Maybe the niche really isn’t “untapped.” Instead, perhaps the reason why there aren’t other marketers taking advantage of it is because there isn’t any money in the niche.

I suggest that you look for niches with plenty of marketers in them. That’s because a lot of marketers selling a lot of different kinds of products generally points towards a profitable niche.

Here are some ways to determine if a niche is profitable…

  1.  Check Marketplaces: 

If you’d like to sell information products (i.e., ebooks), then check out the Clickbank.com marketplace. Simply go to www.clickbank.com/marketplace. Then you can use the search function at the top of your screen (“Find Products”) to uncover niche products.

All you need to do is enter your broad keywords as a search term.

Example:  Gardening, dog training, weight loss, freelance jobs, stock trading… and so on.

For the moment, you just want to see if there’s an interest in the broad market (and then you can narrow it down to a tighter niche later, based on what you uncover during all of this research).

Now look at the results. Typically, the products near the top of the results are the most popular products. So if you see several products on the same topic at that top of the search results, that’s a very good sign – it shows there is some demand, and that there’s a market buying the products.

Profit Tip:

The ‘Gravity’ of a product is a number that ClickBank developed. It basically tells you how well a product is selling. The definition of ‘Gravity’, in this case, is as follows: “One point of gravity is awarded when a unique affiliate makes his/her first sale (refreshed weekly).

A point is only awarded on the first sale and not on subsequent sales.” So, gravity is really a minimum. It’s not taking into account the fact that some affiliates are making a lot of sales. Still, it’s a way to gauge how well a product is selling.

So a gravity of  67 would mean that 67 unique affiliates have made a sale in the last week.  I recommend only choosing products with a gravity of 15 or above.  If you go any lower than that, it becomes harder to sell a product.

Clickbank-Niche-Tipclick on to enlarge

There’s a shortcut to this process. Right next to the search bar at ClickBank, you’ll find the option to run an advanced search. Once you do, a number of options will appear. You’ll want to choose ‘All categories’ and select the option to ‘Show items with gravity’, select ‘Higher than’, and then enter in the number ‘15’, as shown in the screenshot above. That’s because you want to filter for a gravity of 15 or higher, right? Next, click ‘Search’ and your new results will appear.

Click on picture to enlarge :How-To-A-Pick-Niche

 

Profit Tip:  ClickBank specializes in digital products, such as eBooks and other downloadable products.  In this marketplace, there are basically three top-level categories in which most of the money is made.

They are:
1. Health
2. Relationships
3. Money

There are a lot of buyers who want to buy things in these categories. So, you start with one of these top-level categories, and then you want to dig a little bit deeper and look at the best topics in those
categories.

For example, in the ‘Health’ category, some really great topics are:

  • Nutrition, Dieting/Fat Loss, Stress Management, Etc.

Within ‘Relationships’, you have things like:

  • Getting your ex back, Dating for men, Dating for women, Etc,

Within ‘Money’, there is Real estate,  Investing & trading,
Start or grow an online business, Etc.

That’s not to say you shouldn’t go out and find other niches outside of these categories. In fact, there are lots of little niches out there. But in the markets shared above you will never run out of blogging topics or something to make money in.

Another marketplace you can visit is Amazon.com. This goes for whether you’re selling info products or physical products. Again, just enter your main keywords. Those products appearing at the top tend to be the best sellers. If you see a lot of products, then consider it a good sign.

I suggest using these websites to research niche topics/problems:

There are literally thousands of possible topics to target and it's only restricted by your research and imagination!

 Today’s task: Research Clickbank and Amazon as described above.

Other Marketplaces you should look at Warrior Forum, Warrior Plus, JVZoo, Clickbank and Fiverr.

The next lesson you’ll discover all the other steps needed to research your potential markets and profit opportunity.

Series Navigation<< The One Reason People Fail Online – Niche SelectionHow to Choose and Research A Make Money Niche >>

Filed in: 30 Day Business Blogging ChallengeMake Money OnlineNiche Selection

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