Approximate Reading
Time: 7 Minutes
Part 2 - "The Secrets to
FINDING Profitable Niche Markets
...Even if You Have No Ideas at All"
By Joe Garris
In Part 1, we covered the 4 most important things you
must know before targeting a specific market.
Now, we need to find the niche markets that meet our criteria.
Most courses I've read about niche marketing assume you have
an idea and try to help you assess
that idea. There is definitely nothing wrong with that approach. But, I've
decided to assume nothing!
In this part of the "Think Niche and Grow Rich" mini-course,
I am going to show you how to uncover
Killer Niche Ideas with tons of customers hungry for information
and products to buy...and you don't even
have to have any ideas at all!
In my "Worthless to Priceless Niche Idea Generation
Report" which is a free bonus with
the purchase of Product Idea Profitability Evaluator Software,
I go through an offline method of uncovering niche markets in great
detail.
Here I am going to summarize a few effective
offline methods
Step 1: Visit Your Local Bookstore or Library
Step 2: Write down topics you see with "How-to" books
like the "For Dummies" and "Idiot's Guide" series
Step 3: Look for Perennial Bestsellers (Books
that are bestsellers year after year) like job hunting books,
sales letter books, business plan books. Write down possible niche
markets for these.
For example, maybe you could create a Business Plan Book for
Restauranteurs or Accountants.
Step 4: Spend some time at the magazine rack
looking for hobby-related magazines.
Remember, you are looking for niche markets that:
1.) are easily reached (if they have a magazine,
you can probably reach them!)
2.) are not so large that they are crowded with competitors
(simply targeting golfers or now even lady golfers would put
you in competition with some very deep pockets)
3.) spend money (you can scan the ads in the magazines and find
out price points of merchandise to help you gauge if they spend
money or not) and
4.) are passionate about their hobby or topic. This is almost
a given if someone actually created a magazine on the hobby or
topic.
Here are a few niche markets I've found by browsing
the magazine rack:
Antique Boat Owners
Weekend Cricket Players
Scrabble Fanatics
The following manual procedure will also allow you to uncover
these types of niche markets.
Let's get started...
Step 1: Go to the Overture Suggestion
Tool using the
following link:
http://inventory.overture.com/d/searchinventory/suggestion/
Step 2: Type in the following word: tutorial
Copy and paste the results into an excel spreadsheet
Step 3: Type in
the word: guide
Copy and paste the results into an excel spreadsheet
Step 4: Type in the phrase: how
to
Copy and paste the results into an excel spreadsheet
Each search delivers a massive amount of results
showing you exactly what people are trying to find
"tutorials" on, "guides" to, or "how to" do something.
...Take a Breather
...
Examine the lists looking for topics that potential products
could be developed around such as:
a "bartender guide"
a product on "how to plan a vacation"
a "photoshop or flash tutorial"
You will surely see many many more as you review the list. Delete
the phrases that don't make sense
and save the list for Part 3 of this mini-course where we will evaluate
the online profitability of the
ideas.
As promised, I gave you 2 words and 1 phrase that uncovered
some really hot niche markets.
But let's take it a step further.
Here are a few other words and phrases to try out:
buy
purchase
- These two words help you to find out what people are actually
looking to purchase!
learn
training
want
need
step by step
How about these:
problem
solution
I actually thought of these two while I was writing this course.
Wow! People are actually telling you
what their problems are or what they need a solution for! How much
easier can it get?
I actually have a list of hundreds of very general words like
these (and add more weekly) that I use when I'm looking for ideas.
In Part 3, I will show you how to evaluate the profit potential
of your
niche ideas so you don't waste time and money on worthless projects.
After Part 3, you will be able to dramatically
increase your
probability of online success by focusing on hot and hungry
markets.