Selecting which niche you are going to go into is super important. Why? Because no matter how much hard work you put into setting up your email marketing campaign, if you pick the wrong niche, it will be all in vain!
Don’t set yourself up for failure. Take the time to pick the right niche.
There are 4 requirements for picking the right niche:
- Find a niche that is hot
- Pick a niche that you’re passionate about
- Make sure your niche is evergreen
- Make sure your niche is monetizable
Let’s go over these in detail…
1. Find a niche that is hot
A hot niche is one that gets a lot of attention. It’s a niche that people are really passionate about. A good example of a hot niche is dieting and weight loss.
How can you tell if your niche is hot? There’s a few good ways.
Firstly, go to Google’s Adwords Keyword Tool and find out how many global searches your niche’s main keyword phrase gets. For the example of “weight loss”, the global monthly searches for that term is 11,100,000. That’s a lot of searches!
Any keyword phrase that gets over 300,000 global monthly searches is a hot niche.
A common concern I get about hot niches is, “Isn’t there too much competition already?”
The answer is a big NO! There’s always room for new blood in any hot, competitive market. Time after time I hear of newbies that came into hot markets and are able to grab their lion share of the profits available.
A classic example of this in the offline world is Dell. Michael Dell was a late comer into the computer market but look at what he has been able to achieve.
2. Pick a niche that you’re passionate about
Being successful in ANY business is about passion. It’s no different in the online world. For your first niche, it is highly recommended that you pick something you’re passionate about or at least have some interest in.
A lot of work is involved in setting up a successful business, and if the niche you’ve selected is not something you have an interest in, you will find it harder to do what is required.
After you’ve been successful in your first niche, and you want to go into other niches, then feel free to pick something you’re less passionate about.
3. Make sure your niche is evergreen
The last thing you want to do is build your business around a niche that will not be around for the long term.
Imagine you built a business around making money with Twitter. You would have done really well with this back in 2007 and up until about 2010. Nowadays everyone is raving on about Facebook and Kindle publishing.
Common sense will tell you if a market is evergreen, but another good indicator is if the niche has magazines dedicated to it. This you can find out my searching Amazon’s magazine section.
Good examples of evergreen niches are:
4. Make sure your niche is monetizable
You might find a hot niche you’re passionate about that is evergreen but the question still remains, “Will this niche make me any money?”
If your niche has magazines dedicated to it, then that is a good start.
A more accurate way to check if this niche is monetizable is to go to Google and do a search for your niche’s keyword phrase. If the search results page has lots of Adwords ads (these are found on the top of the results page and to the right of the page) then this is a niche that advertisers are willing to spend money on.
This means that they are making money in this niche.
In the next section, we’ll go over how to find or create a free offer to give away as an incentive for people to opt in to your email list.