Picking a niche – 4 mistakes I made and what you should do to avoid them when picking a niche
The first and the most important step to building a successful business online is to pick a profitable niche. In order to do that, you have to know how to do a proper market research. You need to know what the characteristics of a good niche are.
You would also need to know what are the common mistakes that you need to avoid when choosing your niche.
Let’s look at what mistakes I made first.
Mistake #1: Picking multiple niches
When I first started with Internet Marketing, I had absolutely no idea what niche market to target.
Do you know what I did? I picked multiple niches, hopping from one to another.
I wasn’t focused. Instead of going after many niches at the same time, it would have been more productive if I had chosen one niche and just stick to it before moving on to the next niche.
So unless you are a seasoned marketer, my advice is to stay focused on one niche first. Commit yourself to making that niche work before you hop on to another niche.
Mistake #2: Falling in love with your niche idea
In my first project, I picked a niche idea that I liked very much. I fell in love with the idea. I imagined that it would be the next big thing. The other problem was I had no knowledge on the subject and there were very few websites which were focused on that niche. I spent a lot of time researching on that topic, reading books and watching videos. Heck, I even signed up for workshop on that topic.
After I became a little knowledgeable, I went ahead to create an eBook on that topic with the intention to sell it online. I spent another 3 months working on that eBook.
After spending so much time and effort, I was soon to discover that there wasn’t any real demand for such a product online. And this brings me to the next point.
Mistake #3: Picking a niche that has little or no demand
One of the lessons that I learnt is that you must pick a niche that already has buyers and also has many complementary and cross platform products to sell.
The reasons are very simple. You need to have existing buyers to make sure that there is a demand for the product that you are going to sell.
And if there are many products in the same niche, you can easily build a sales funnel around these products and sell to your existing customers. This in turn, will boost your income level.
Take for example the weight loss niche. There are many kinds of products you can sell in this niche. Within each category like diets, exercises and fitness, you can find many sub-niches which have complementary product.
For example, someone interested in losing belly fat with diet is also likely to be interested in health and fitness products.
Mistake #4: Picking a niche that does not fulfil a need or a want.
When people go to the Internet to look for information, most of the time they are looking for a solution to an existing problem that they had.
Or they are looking for information because they need to know that information.
If your product is not able to provide the solution to their problems, you are not going to be able to sell it. Sure you may have the best information in the world, but if I do not need it now, chances are I will put off buying that product.
So how do you go about picking a niche?
Here are some questions to ask yourself when you are picking a niche.
- Does the niche already have buyers for your product?
- Are there many complementary products in that niche?
- Does your product provide a solution to an existing problem that people have?
- Are you able to market your product in a profitable way?
- Do you understand that niche?
Some more tips on picking a niche
Instead of trying to find new ideas for a niche, ask yourself what are some of the problems you are facing right now. Or you could ask your friends or relatives what are the problems that they are facing now.
Chances are that somewhere out there, there will be people who are facing the same problem that you have. And if you are able to furnish valuable information that solves the problem, you would have discovered a profitable niche.
Before you invest time and revenue into establishing a business around your niche, do some market research. In the future articles, I will talk on the topic of how and where to do the market research for your niche.
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