The Internet is filled with millions of websites and almost any business idea you could think of. Some Internet business types are so common that the market is saturated and the competition is plentiful. Finding your niche market is crucial for success in any business.
Targeting a niche market is an ideal way to build a profitable business on the Internet, which requires less overall investment. In this article we will explore various ways to research your business idea to come up with profitable business ideas you may not even have thought of.
What is a Niche Market?
A niche market is the subset of the market on which a specific product is focused. The market niche defines as the product features aimed at satisfying specific market needs. For example a niche market in the doll industry could be “handmade dolls. How would you like to discover the ideal topics, products, or services for your business that people are actually searching for?
Research
Google Trends makes it easy to research what people are actually searching for online. Simply put, Google Trends is a window into what people on the Internet want! It is a great tool for market research, you can use to identify topics to write about, hot selling products and even services people are looking for.
Google Trends allows you to tap into it’s database of searches. It is a great tool for exploring the popularity of different search terms over time and across regions. You can enter keywords related to your potential niche and see how their popularity has been trending. Knowledge of what’s trending can help you identify emerging niches or areas with growing demand.
There are two important ingredients that goes into finding your million-dollar niche market idea, it should be something you are passionate about! Your passion will keep you pumped up and energized through the ups and downs of the business. You will not want to give up so easily if it is something you are passionate about! And of course, it should be something you are knowledgeable about!
Niche Market Example
In the following example, Ms. Mary Flower-head (not a real person) researches the profit potential of her Niche business idea! Ms. Mary Flower-head is an ordinary person, just like you and I. She is a teacher by day and a hobbyist by night. Her hobby is making “handmade dolls” which she is passionate about!
One day an idea struck her so powerfully, that it almost blew her brains out! She could make and sell handmade dolls on the Internet, she thought! Ms. Mary Flower-head is actually targeting a “Niche Market“.
To begin using Google Trends visit https://trends.google.com and enter into the search bar your desired niche business idea, topic, product or service you want to sell.
In this example, I will enter handmade dolls. If there is enough interest in the search term “Handmade Dolls” Google Trends generates a report. The Google Trends report answers the following questions based on the search term entered:
The interest Over time in Handmade Dolls, by default the past 12 months is selected you can select a different time period by clicking on the drop-down arrow. If you run your mouse over the peaks in the chart you will be able to see which months have the highest interest.
Listed below, Interest by sub-region answers the question of which regional areas have the most Internet users searching for handmade dolls, listed by the state. In the chart below you can see that the New York State area has a big interest in handmade dolls.
Scrolling down the page under the related queries section, you can see a lot of people are searching for this particular query, at this particular time. You can see by the results that Waldorf dolls are trending.
In The Related topics Section, you get an upfront advantage of knowing what related topics people are searching for. Knowing what people are interested in and searching for can trigger solid business ideas.
Is it a Profitable Business Idea?
The next step is to research the competition, Internet competition is a key factor in determining if an Internet Business idea has the potential to be profitable. Million-dollar niche ideas will be the ones with little to no competition online.
We will turn to Google.com for the answer. Google.com is considered the top search engine used by millions to search the Internet. Armed with all the information gathered on possible niche business ideas, products to sell or topics to write about, enter your keyword search term into the search engine. In this example, Handmade Dolls was entered as the search term. Below you can see there’s a lot of competition for Handmade Dolls 97,900,000.
Keep in mind that a potentially profitable business idea will be the niche market idea that people are searching for, that has little or no competition on the Internet.
Continue to use this method, until you find the niche business idea that people are searching for that has low competition. Try experimenting with various search terms related to your niche idea. The lower the competition the greater the success rate!
On the Google Home Trends home page you’ll also see the popular topics people are talking about. Google provides you with a list of all the hot topics and it’s a good way to stay informed about what the internet is talking about.
More Ways To Research Potential Niche Market Ideas
Quora: Quora is a platform where people ask and answer questions on various topics. Browsing through relevant topics and questions can give you insights into the problems, interests, and needs of your potential audience. This can help you identify niche markets where you can provide valuable solutions.
Reddit: Reddit is another valuable platform for niche research. You can explore different subreddits related to your industry or interests to see what people are talking about, what questions they have, and what problems they are trying to solve. This can help you identify niche markets where you can offer unique solutions.
Facebook Groups: Facebook Groups are communities of people with shared interests or goals. Joining relevant groups in your niche can give you valuable insights into the needs, preferences, and pain points of your target audience. You can also engage with group members to gather feedback and validate your ideas.
BuzzSumo: BuzzSumo allows you to analyze the most popular content for any topic or keyword. By exploring the content that performs well in your niche, you can gain insights into what resonates with your target audience and identify potential gaps or opportunities that you can capitalize on.
LinkedIn: LinkedIn is a professional networking platform where you can connect with professionals in your industry or target market. You can join relevant groups, participate in discussions, and conduct surveys to gather insights into the needs and preferences of your target audience.
Twitter Advanced Search: Twitter Advanced Search allows you to search for tweets containing specific keywords, phrases, or hashtags. You can use it to monitor conversations related to your niche, identify trends, and understand the interests and preferences of your target audience.
Google Analytics: If you already have a website or blog, Google Analytics can provide valuable insights into the demographics, interests, and behavior of your website visitors. You can use this data to identify niche markets that align with the interests and preferences of your audience.
AnswerThePublic: This tool generates a visualization of popular search queries and phrases related to a particular keyword. It can help you understand the common questions and concerns of your target audience, allowing you to tailor your products or services to meet their needs effectively.
By leveraging these free tools, you can gather valuable insights into potential niche markets and identify lucrative opportunities for your business. Remember to continuously validate your ideas through market research and experimentation to ensure that you’re addressing a real need in the market.