Niche Marketing – How To Choose A Topic!
Choosing a niche topic needs to be a calculated decision. What I mean by that is, don’t just randomly pick a niche and think you are going to make money with it. There are several factors that go into determining what niche you will start with, but the first thing you need to understand is
What Is A Niche?
A niche is essentially a specialized market containing a group of people who share a common interest or quality.
This could be any number of topics such as, pets, weight loss, sports, gardening or parenting. These are considered common niches. Less common niches would be things like underwater basket weaving, time travel, people with high IQ’s or anything else that is a little less mainstream. all of these fit into the parameters of the above definition. it is a group of people who share a common interest or quality. The question you need to be asking yourself is, are these good niches to get into? And is it something that I want to try to market?
There are several reasons for this, but I am going to focus on what are probably the two main reasons. The first one is, people think they are going to marry their niche, meaning this is going to be a long term commitment and you will have to live with this decision the rest of your life. For this reason they panic, much like a potential bride or groom, and procrastinate making a decision. The next reason is, they are afraid it is going to fail and they will not make any money. Both of these reasons come back to the same concept. They are afraid they are going to choose the wrong niche. There is nothing wrong with this fear. You want to make sure you choose a good niche or topic. But the optimal word in that last sentence is choose. Make a choice, even if it is wrong. You can always change it later.
Try Not to Fall in Love With Your Niche!
The reason I say this is because if you fall in love with your niche, it will more than likely become a stumbling block to your success. Unless of course the niche you choose makes you more money than you can spend in two lifetimes. I am thinking that is not going to be the case. The problem with falling in love with your topic is again twofold. One, if you do this and the niche is not working, you will be less likely to want to abandon it and try something else. Have you ever heard the phrase “beating a dead horse?” If you become too invested emotionally in your project, you will keep struggling and wasting your time and money and the end outcome is never going to change. The other reason you don’t want to fall into this syndrome is you will spend all your time on this one niche and will neglect any other opportunities that may arise. Think of niche marketing like investing in the stock market. You want to diversify. You don’t want to put all your eggs in one basket. I will discuss that in a little more detail later.
Choosing Your Niche…
I know, I still haven’t answered the first question. Well, here we go. You basically have two options (do you see a pattern here?) The first one is, you can pick a niche in an area you know something about or you can pick something you know nothing about. there are pros and cons to both of those options, but as you will see, the first one is almost always the better option. By picking a topic that you know something about, it gives you an edge right from the start. Now when I say “something you know”, that could be something you have some expertise in or just something that you are good at. Obvious examples would be if you are a doctor or a lawyer, then your first choice for a niche would be obvious. You could also look at things you are passionate about or hobbies that interest you. This is always a good angle because you will be spending a lot of time in this area, so it would be wise to at least like what you are working with. The benefits to going with something you know are enthusiasm and the ability to relate to the market. The downside to this is you may not have a profession or skill that is marketable or your hobby might be collecting string. So in that case, you would have to go with something you don’t know anything about. Now why would you want to do that you ask? Obviously to make money. There is nothing wrong with that logic. Many people have gotten into niches just for the money. The downside to this angle is you will spend a lot of time learning and trying to understand the topic. The upside is, you will not be tied to this niche, which will make it easier to branch out into other niches.
Why would I want to branch out into other niches?
Again, the answer should be obvious. For the money. You always want to consider the option of branching out into additional areas as your business grows, or in case it doesn’t grow. Multiple streams of income adds stability to your business. If one niche is making you money, then 2 or 3 niches will make you more money. Or if for some reason something changes in the niche you are working in and the money stops coming in, then you have other sources of income to sustain you. There is safety in numbers. Use technology as an example. If you are in this niche, technology change like the weather. So what you are selling today may not sell tomorrow. Or you need some time to tweak and m0dify what you are selling. If this is your only source of income, then you have just lost it, even though it may only be temporary. However, if you had other niches, at least you would still have money coming in. The key here is to start out with one niche. Focus on that one until it is working, then you can start looking into others. Now, what I want you to do is come up with a few ideas, maybe 5-10, and write them down. in the next step, we are going to discover what to look for to determine if the niche you chose will be a profitable one.
Read niche research for the next step in choosing a niche.