3 simple ways to Determine if a Niche Market Idea is Profitable

Niche Market Idea

Having a niche market idea does not necessarily mean it will make you any money. You have to do some research to figure out if your niche is profitable or not. There is no need spending time and money building a business just to find, at the end that your niche is not profitable.

In this post, I will go through some ways you can start using today to determine if your niche market is profitable.

Determine if your Niche Market Idea is Profitable.

Although you can use Google planner for finding niche marketing Ideas, it is not as powerful in that respect when compared to determining the demand and profitability of a niche market. I will show you how ..

GOOGLE PLANNER KEYWORD TOOL

Login to your Google account- Google Keyword Planner. Now if you’ve never used this tool before you will need to create a free account.

During the process of your account creation, you may be asked to provide your credit card info. Your credit card info is just for formality, You will not be charged for using the service.

Now after logging in, go where it says “Search for new keywords using a phrase, website category” and click on that.

After clicking a drop down box will appear. Insert your niche market keyword or phrase as shown in the first step below

Setting up the keyword planner

Next, you would want to adjust the search criteria. In this case, I had it targeting those searching on Google, who speak English and are from the United States. Just below you would find the Get Idea blue button. Click on that… let Google do its thing.

Keyword results

Under the keyword Idea tab, you will be presented with some data. The Average monthly searches column is the number of times people have searched for the exact keyword based on the date range and targeting settings that you’ve selected.

For example, use the phrase “Make Money Online” as the keyword idea. It had an average monthly search of 60,500. That means 60,500 people in the United States within last month actually searched on Google using the phrase “make money online”.

That 60,500 people is the demand for “Make Money Online”. Next is the suggested bid column. A suggested bid is calculated by looking at the costs-per-click (CPCs) that advertisers are paying for a keyword, taking into account the location and Search Network settings you’ve selected.

Why will advertisers pay? Simple because they know there is money to be made in the niche. Hence, a great tool to find if a niche is profitable.

GOOGLE SEARCH RESULT LISTING

Google Search Result Listing is also a tool you can use to determine if your niche market idea is profitable. Head to the Google search box Google.com and enter your search term, which in this case will be your niche market keyword idea and then hit the search blue button on the right.

Google Search Results

On February 19, 2016, Google announced permanent changes to its ad layout in its desktop search results on Google and its search partners. There is no more Google Ads at the right sidebar of the Google search result page. Ads appear more often now above and below the organic search results.

Anyway, the point here is after making your search and you find ads being displayed, that is a strong sign that there is money to be made in that niche market. The lack of PPC advertisers suggests that this key phrase isn’t particularly lucrative.

TAP INTO THE WORLD OF BOOKS AND APPS

Although the App revolution started only a few years back, this form of marketing is growing like wildfire with no signs of going off anytime soon.

Mobile apps provide a much practical and faster alternative to mobile browsing. With web browsing, you are required to launch your web browser, enter the URL you want to visit and wait for the site to load…..With Apps, it takes a matter of seconds to launch a mobile App since the info is all stored in your mobile. (Can be used offline).

That make it a very powerful marketing platform.

If you can find Books or Apps being sold in your niche, that is a strong sign of profitability in your niche.

Here is how to find Books and Apps in your niche market.
Head over again to the Google search engine tool. Search using your niche keyword. After the result page appears just below the search bar there are several options. Click on the “More” option as shown in the image below. A drop down box will pop-up with another set of options now you will find the option to search for books and Apps.

Do not be surprised to find Apps in weird niches…Have fun!

A Simple Test To Know If A Niche Is Profitable with Eben Pagan

USING FORUMS TO DETERMINE IF A NICHE MARKET IDEA IS PROFITABLE
Forums are very powerful in terms of being a marketing tool. You can use forums to research the problems people in your niche are looking for, It is used as a traffic generation tool etc. Because forums are packed full with active members, that means people are passionate about the topic and willing to discuss it and ask questions in the niche.

Where there is demand there is money to be made

FindAForum.net will help you easily find a forum in your niche. You can also use the search string “niche + forum” on Google.

Niche Market Idea

FIND YOUR COMPETITORS ON SOCIAL MEDIA HUBS, WEBSITES & BLOGS…
To better understand why using your competitors as a good gauge for profitability, you would want to ask yourself the question. Why would someone create a website or a blog, spending time energy and money to manage it?

Here is my take; To generate money for private or a particular course.

Competition is healthy. If others are going through the effort of providing people in their niche with info, products, and services, that’s a strong sign that there is money in the niche market idea.

On social media, you will want to check out if there are lots of Groups in your niche on Facebook and Twitter. Simply searching on either platform will bring up groups and fan pages based on your niche keyword idea.

Sites like Offervault also allow you to search for affiliate programs within your niche. Here are other websites providing varieties of products in a vast number of niches ranging from physical products to electronic. Amazon, Ebay, Clickbank, JVZoo, and Kindle marketplace for E-books too.

So if during your niche marketing research you find a high demand of people searching your niche keyword idea, high suggest Adwords bids, products on sale targeting your niche, people paying for advertisement and a lot of social activity on that topic then you are on the right track of a profitable niche market idea.