The Three Pillars Of Finding A Hot Market Online
The internet is full of profitable markets and ways to make money but to find a market you need to understand that whatever market you choose, you have to consider its competition, popularity and commercial value.
The 3 Pillars
1. Competition
Competition is something that you will face regardless of the market you choose but why bother choosing something that is too competitive. Let’s take for example the weight lost niche. I’ve lost count on the amount of weight lost programs available on the internet and every single one of them claims to work in its own way.
Acai berry fiet, atkins diet, lemon detox diet… I really don’t know exactly how effective one compares to another. But the point is, there is a big market out there and there is big demand for weight lost products. You see it on weight lost books, reality TV programs, in fitness centres etc. Having immense popularity is a sign that there is profit to be made but there is also the issue of facing stiff competition.
If you choose something that is too competitive, your might not see the rewards from all the hard work you put in simply because too many people are doing the same thing.
2. Traffic
Choosing a market without thinking of traffic is also one of the biggest mistakes you can ever make. Without traffic no one will come to your website and that is bad for business. A product or niche that is popular with the masses will generate significant amount of traffic online. There is also a saying that what you think is popular might not be popular for the wider population. This brings the issue of narrowing it down to what people want and doing good market research on the type of product that actually sells (more on this later on).
Acai berry diet is an example of one. If you were to do a Google search for Acai Berry diet, it will return 14.9 million results. On the Google Keyword Tool, it returns a global search of 90,500 which is an indication that a lot of people are still searching for that key phrase. If you want to get a little bit more info about acai berry diet, use the Google Insights tool to have an idea if this is what the world is really interested in.
A quick search into this, shows that global searches shows a rather flat interest over time although still pretty high. Digging in further shows that acai berry cleanse had a sharp increase in global interest primarily from United States. You can have a look at this here.
3. Commercial Value
A niche market can be very popular with the masses but there is always the danger that nobody wants to pay for it. A lot of marketers fall into the trap thinking that they have found a very popular niche market to tap into with huge potential but fail to think if people are willing to open their wallets for the product.
There are certain kinds of products that sell really well over and over again and they are the “How to..” products. Products that solve people’s problems are great examples of products that people will pay for. People are more willing to pay for a product on “How to Lose Weight in 21 days with the Lemon Detox Diet” rather than a product that says “How to Find Products to lose weight in 21 days”. The first kind of product addresses a problem specifically. The other product doesn’t and it’s rather generalized.
Another example that I can give you is this. A quick search on one of my keyword research tools show that the search phrase “DIY Wedding Invitations” is really popular. Another search phrase that’s really popular is the “Wedding Invitation Wording Samples”. Both gets high traffic in global searches but the commercial value is much better with “DIY Wedding Invitations”. So you might as well create a product called “How to Create DIY Wedding Invitations”
Finally if you don’t have any one of the 3 ingredients, you have to do your research again to find a better “hot” market.
This might sound very simple, but in practice you need to do plenty of research before you can actually find something that fulfills all these 3 pillars of finding a hot niche market.
