ecommerce -picking the right niche
by Michael Robin Cooke on Apr.27, 2009, under e-commerce
A key component of Chaos Magic, or any magic really, is to create a pathway – or in other words, put in the effort and hard work when and where it’s required. That’s how the SEO and all that geeky business stuff is relevant to Chaos magic and vice versa.
Prosperity magic will get you money, but not the kind of money to transform your life into something unknown. I’m interested in the latter life transformation kind of prosperity. Magic alone doesn’t deliver that. Magic plus sound business ideas will deliver that.
So how to find that business idea? How to find a profitable niche market?
If you’re thinking of making money online, and have been trying and getting nowhere for a while now, it’s most likely that you don’t know what niche you want your business to be in, or that you have a business niche, but are uncertain it’s the ‘right’ one.
When you have the right niche, one that you are happy to work with that you know you can make money with. What you get is momentum.
There are some bad beliefs that apply to finding a niche.
- Trial and Error, the idea that you just have to try a niche to see if it’s viable or not. The problem is that you risk wasting money and effort and may fail at a promising niche market simply because you lacked faith.
- Do what you love. What you love may not make you money, it’s that simple.
- Build it and they will come. Someone will come, sure. But they may not as well. And if they come, they may not buy anything.
Generally a key to marketing and finding a niche is that people will spend money on a solution to a problem. Remember however people will buy what they want, not what they need as well. That’s how diet pills can make more money than a gym, people want ‘easy’ despite needing extensive exercise.
Everything happens in waves. Your ideal niche is in front of where money is headed anyway.
Every niche you consider, you need to answer two questions about it:
- Is this a market where people are spending money online ?(can I reach these customers and make them mine?)
- Am I interested in this niche? (to do a site well, you’re going to devote a lot of mental space to this subject over an extended period of time.)
To find your niche, consider what you’re good at, what you like, have an interest in, your passions. Realize this list is likely too limited. Also consider problems, frustrations and opportunities from your personal life, with a little luck this could turn into a goldmine of a niche.
Always, however, take advantage of online businesses that are already successful. These companies have already invested in the very best market research available, so take advantage.
Find a billion dollar website and who the people are looking for solutions.
Amazon.com is an excellent resource, their categories are no accident, they represent the absoloutly most lucritive categories for them.
Ezinearticles.com is another good resource, the popular articles clue you in as to which information is in demand, which problems people are looking for help with.
About.com categorizes by popular search, another good resource.
Googles keyword research tool is very powerful, letting you divine the information most searched for by keyword.
Any VERY big online business can help you, pay attention to how their site is set up and who they are selling to.
Draw three circles on a piece of paper in such a way the three circles overlap and theres a space where all three circles overlap.
The first circle is : WHAT YOU LOVE
the second circle is: WHAT YOU’RE GOOD AT
The third circle is: WHAT PEOPLE PAY MONEY FOR
If you can find a nich that is all three of those things, where all three circles overlap, that’s a niche you can believe in. Start THAT business!
You may want to start as an affiliate, to learn the market and build a mailing list.
Then you can start selling your own stuff.
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6 Comments for this entry
2 Trackbacks / Pingbacks for this entry
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Valuable Internet Information » ecommerce -picking the right niche | kitschchaos.com
April 27th, 2009 on 11:02 am[...] Originally posted here: ecommerce -picking the right niche | kitschchaos.com [...]
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ecommerce -picking the right niche | kitschchaos.com | 2Money.org
April 30th, 2009 on 11:55 pm[...] Read more from the original source [...]
July 27th, 2009 on 6:00 pm
Great resource list for niche research.
Also you echo the best advice for starting any business: follow your passion if at all possible.
Thanks for the excellent advice.
Keith M´s last blog ..Jul 27, Norman Rockwell’s Santa’s Christmas List, the 12/2/1924 Saturday Evening Post
July 29th, 2009 on 9:26 am
Excellent post, I think its very important to do something that you love doing or a topic you enjoy, otherwise you are likely to give up at the first hurdle.
I wonder how many websites crash and burn just because people lose interest and realise there is more involved than they initially thought.
Keep pushing and if it is a sound idea, you will get there.
November 22nd, 2009 on 7:21 pm
I agree if you do not keep the content interesting you will lose you traffic. When that happens its start over time.
November 22nd, 2009 on 7:19 pm
Thanks for the awesome information. I Am just moving away from articles and into blogging and appreciate the advice in this post.
April 27th, 2009 on 4:26 pm
valuableinternetinformation.com/?p=8583
The link above is an example of a 'Black Hat' spam blog creating content with automation. A server side script scans RSS feeds for relevant keywords and posts the contents of any relevant RSS feed. This process fools Google's spiders into thinking the automated site is being updated regularly with fresh content.
This is a 'Black Hat' technique I have no problem with. I'm not going to do this myself, I'm blessed with writing capability, arrogant and smug, I feel such automation is beneath me and does little to add value to the world wide web. That said, hey, it's a back link to ME, so I'm cool with others using my RSS feeds this way. In fact that's WHY I submit my blog to so many RSS feed sites.
Article directories provide a similar benefit when people use those to add content to a site. The nice thing about Blog RSS, is I can focus on my blog and I don't have to write an article a second time so my the 'unique content' of my own article is compromised.
November 22nd, 2009 on 7:24 pm
If you do not mind me asking what kind of rss sites do you submit to and do they help with the content placement of relevant info?