Niche Market Viability

Niche market viability is a group of people who share similar interest and want to solve a common problem or have the same challenges that they want to resolve.

By niche market viability, I mean finding a market online that is searching using certain keywords for a particular solution to their problem. Market viability means that this market has the potential to make you money. The best way to begin is to start with your keyword research to find this market or niche.

After doing your keyword research, you want to do your competitive analysis to see how much competition there is in that particular niche. Understanding your market and what they call the “sweet spot” is what they are really passionate about.

There are a number of ways to do this besides keyword research and competitive analysis. Market research can be done by looking at magazines in a certain niche just by going to a bookstore or magazine stand and seeing what type of magazines they have. For instance, I’ve noticed they have a lot of recipe magazines, fashion, beauty, sports and so on.

All of these show there’s a big interest in that market. Also, another thing I like to do is watch television commercials, especially when they’re running a certain type of program and you can see the advertisers and what type of advertising is going on between shows.

That can give you an indication of what your market is interested in because these advertisers spend huge amounts of money on their marketing staff and they’ve done a lot of market research for you. So if you pay close attention to the type of commercials they’re running, that can give you an idea of what your market might be interested in.

As I mentioned earlier for niche market viability, when you do your competitive analysis you want to do a Google search and look at the first 10 results on the SERPS (search engine results page) to see what those top 10 companies are doing in terms of promoting their products and services. Click on the links to their site and sometimes you might even want to join their mailing lists to see how they mail to their subscribers.

With niche market viability,some people go as far as buying a product from their competitors in that particular niche to see how they deliver the product and see the quality of the product and see what their customer service is like. That will give you an indication of what type of competition you’ll be faced with in that particular niche.

As I mentioned in an earlier article, using Google’s Keyword Tool is an excellent way to see what type of demand there is in particular niches. You want to look for high search volume and it also gives you an indication of how competitive a certain niche might be.

Also, Wordtracker can be used. Wordtracker has a paid and free version. You can also get a free trial but the paid version generally gives you more data. Another way of determining demand in your niche is to go and visit certain online groups, forums and blogs to hear the language your potential niche is using online. How they are talking about their problems and challenges and that’ll give you an idea of how you can position yourself if you decide to move forward and become a seller in that niche.

As many of you know social media has exploded over the last several years. Going into facebook and twitter and putting in certain keywords can give you some leads where you can look at people in different niches and get an idea of what’s going on or how to position yourself in that niche.

Another option is, if you have family or friends that may buy products or services in the niche you’re contemplating going into, to ask them what type of challenges or problems they are looking to resolve. That will also give you an idea of what that niche really wants to achieve.

Remember, with niche market viability what you’re really looking for is a hungry market. A market where there is demand. You don’t ever want to go into a niche and try to create demand. You want to make sure there is a strong demand for the product or service that you’re thinking about selling and then you go in and solve the problem with your product or service.

Lastly, it helps if you have a passion for that particular product or service. If you have an intense interest and passion, it will help you when it comes to writing your content or preparing marketing materials. People can tell from your copy whether you’re passionate about something. If they find that you have a common passion as they do, it will be a lot easier for you to gain their trust.

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