12 Steps for finding the most "profitable" Niche' for your Startup

“First focus on identifying your Target Market’s NICHE; then communicate an authentic message that they want & need your product and project yourself as an “expert” within your Niche. As an incentive, provide some info free of charge, and share other trustworthy people’s free Resources – whenever possible.” – Peter/CXO Wiz4.biz

Topics for Niche-finding: What is it? Research, Passion or $$$, R U Expert? Find’g, Profitable? Testing, Paid Ads, Quality, Launching.

Are you hoping to find you Niche market, but don’t know where to start? The following will guide you thru the maze – step-by-step.

#1. What is a Niche market?

It’s the subset of a category market on which a specific product is focused. The market Niche defines the product features aimed at satisfying specific market needs, as well as the price range & the demo-graphics that it is intended to target those who will buy. Before you start your business, you should know who (which Niche) you’re targeting and if there could be sufficient demand for you to make a profit.

#2. do Niche research . . .

to find the right Target Market for your product or services. What you need to know is where your potential clients spend their time online, what they want & how much are they willing to pay for it. You can make use of Niche marketing SW – such as the Google Keyword tool.

#3. What makes a good Niche market?

Is the market growing sufficiently for you to make a profit in a reasonable amount of time. How how hard is for you to get into that market and make an impact?

#4. Should you follow your Passion or the $$$

Follow you “passion” to develop your idea. Then run it by family, friends, mentors, advisor – to verify that it’s a good idea. If they give you a go, do your research to determine the best way to bring it to market. Then have your Mentor/s & Advisor/s review your plan and tell you if this is the best approach or you need to modify it.

#5. Do I have to be an Expert to “Niche?

You can learn how to become an authority in any Niche by just using your existing business knowledge and marketing skills, then expanding them to cover the Niche with research & study.

#6. How to find a Niche

A Niche is essentially just a market of a similar group of people who are willing to spend money on good products. The best way to find a Niche is to start with some general keywords that cover the field, then narrow it down with more specific keywords. Use Google Adwords or Trends to help with this process.

#7. Determining if your Niche is “profitable” in 6 Steps

1) do initial Keyword Research, 2) look at Ads within the SERPs (Search Engine Results Page). 3) use Authority Sites within SERPs for Some Keywords, 4) determine your SEMrush rating and how to improve it, 5) are there other Affiliate Websites? 6) is the Commission Payout sufficient?

#8, Testing & Evaluating your Niche

Can you get Traffic to (interest in) your Product? Here are some of the ways to get traffic to your site: SEO, Paid Traffic, Social Media (ie, Facebook) Blog commenting, Forum & Content Marketing, etc. You have to work out what your method will be and whether it’s achievable. As long as you can see some opportunities here it’s a good sign.

#9.Paid Advertising for > Traffic.

Facebook, Reddit & Pinterest Ads, Google Adwords, Yahoo Ad Centre, Banner Ads. SoloAds (eMail adverts to other websites). Which of these options makes most sense will depend on your niche.

#10. Final Product Quality

. . . (low or high) is not dependent on the price elasticity of demand, but the specific needs that the product is aimed to satisfy and, in some cases, aspects of brand recognition (ie, prestige, practicability, money saving, expensiveness, enviro, or social status). When there are needs or desires with specific & complex characteristics, the market Niche requires specialized suppliers which are capable of meeting such expectations.

#11. Using your Niche for turning your Idea into a Business

1) Test with potential Customers; get Feedback. 2) Protect your idea, 3) Determine the price, costs & margin. 4) Start small & work out the bugs. 5) Bounce back from Setbacks

#12. Consider new Opportunities

Track the current Trends, then modify, innovate & design new products to extend your line. Expand your marketing to cover new Niches.

Comments: Do you know any other Steps to find & use your Niche to launch your new Product?

created by Peter/CXO Wiz4.biz from several Websites

For more Info, click on Target Market for Niche’s