#1 Most Important Skill in Online Marketing
Starting a business starts with niche research. That, basically, means finding a product or service that you are PASSIONATE about and determine if there is any money to be made offering it online.
If you were to search for the keyword phrase, “niche research” in Google you would have 87.5 MILLION results. That tells you there are a lot of people who would agree about the importance of niche research.
5 steps to Niche Research
Identify Your Target Audience
- Understanding your audience give you the opportunity to keep up with their changing needs. Products will come and go, but your audience will always be there. If you are an affiliate marketer OR an entrepreneur who produces things yourself, you MUST be adaptable to your audience’s needs.
Keyword Research is Essential
Keyword research will identify the problems, pain points and deepest desires of your target audience. This research will tell you what keywords or keyword phrases will draw traffic to you site as well as the amount of competition you may have for that traffic. Competition is not a bad thing, however, if you can chose keyword phrases that have a substantial volume of people looking for it, yet little competition for that phrase, you can attract more people to your site and have less competitors.
Analyze the Competition
Now that you have identified WHO the competition is . . . you have the opportunity to see how popular and profitable their sites are. Popularity and profitability are NOT the same thing. There can be millions of sites offering information based on the keyword, while there may be very few Pay-Per-Click (PPC) advertisers showing on the right side of the search results, which might indicate the keyword may not be lucrative.
Money can be made if you are entering the market as a trend is just starting. Remember the note about your target audience’s changing needs? As the trend for the product or service you are offering goes through it’s various phases, the profitability of entry into that market will also change. Your challenge will be to identify the trend as it is just starting so your offer will have the longest time of profitability possible.
To Leap or Not To Leap?
After this research has been done it is time to answer this daunting question. Is the niche you have chosen going to be profitable? Does it have too much competition for you to break in to the industry easily? Just what other questions do you need to be asking before you decide to leap or not to leap?
Another question to ask is, “Where do I get the education to start a profitable business?”. My recommendation is WealthyAffiliate.com. (WA)
#1 Online University for Affiliate Marketing
This is a community of thousands of entrepreneurs who are in various phases of website development. There are people who have already been successful as well as “newbies” starting out with their first website. They are all banding together to help each other toward a common goal . . . Successful Business Ownership.
Here are some of the people you might meet:
- Loes Knetsch – the Netherlands, trainer at the Wealthy Affiliate University. (At the time of this writing, she has posted 303 blogs on WA to help other marketers.)
- Jay Neill – Victoria, BC, owner of a successful online company that helps build companies’ online presence and reputation. (Provides 4 separate 90-minute training sessions on niche research, as well as other training.)
- Paul Goodwin – Vilnius, Lithuania, played in a rock band in the early ’70s, worked all over the world in the oil and gas industry, then went on to become an “expert” to get the best sound from audio systems. This led him to start an online business and become a member of the Wealthy Affiliate University.
- Tony Hamilton – Michigan, US, Tony’s profile on FaceBook shows him as “Internet Affiliate Marketing Veteran”. Not only is he an Army veteran, but also a major contributor at the Wealthy Affiliate University.
The point being made here is that making money online is truly a WORLDWIDE opportunity. Thousands of people have found the statement below to be true for building their online businesses . . . and it all starts with niche research.