when you’re looking for the next niche to dominate, what are the characteristics you look for?
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I would not be surprised if that questions was hard for you – it’s hard for most people.
They’re either caught up in their own niche (“not ready yet”) or unsure how to take over the next one.
Both of those are bad reasons. If you let yourself believe it, you’ll never “be ready” to expand… and there’s no reason to not know “how” to expand.
So let me take a bit off your plate and tell you what I looked for the last time I expanded into a niche.
keyword tool external 3 minutes to greater joy, wealth and
happiness?
I was sitting on my couch cruising the Net, the usual tools in my holster, and here’s what I checked out for the different niches I was interested in:
Discretionary income – does your market have money to spend? It sure is easier if they do. This might seem like a dumb item, but most people don’t actually ask this question.
Ease of Communication – how easily can you target your prospects? Are there forums where they hang out? What are the common search terms for this market? What other “water coolers” does this community hang out around?
Customer Avatar (this is huge) – How well do you know the main customer identity of your market? Can you identify with them, speak or learn their language, and understand their pain and desires? Sky diving looks cool, but I have no idea what their Language is and don’t even know why someone would want to sky dive… this would make it infinitely harder for me to sell them effectively.
Market Vitality – how much “new blood” does your market get each year? How many new prospects can you realistically get into your pipeline every day? This could be an important consideration, especially if you’re going after “beginner” level prospects.
Size of the market – how big is the market? Bigger is not always better, but it’s important to know how much you can expect to make given your estimated success level.
Buying Tendencies – Is your market ready to buy? What is the venue through which they buy? Some markets are still filled with prospects uncomfortable purchasing online. Some international markets can’t use PayPal yet.
Getting a clear idea of these 6 traits will help paint you a very clear picture of your niche and how your business might fit into it. It is important to make sure these characteristics line up with your expectations for the business, too.
Lastly, you’ll notice that keyword tool external helps with several of these traits. Using the traffic and cost estimator, you can get a pretty clear idea of the PPC market – which is usually representative of the market as a whole.
Plus, you can quickly get the popular search terms and even run some ads to better test the potential. I’m always looking for new niches, so it was natural to include these features in keyword tool external.
I wanted to remind you that we have a Special Guarantee if the yearly subscription isn’t right for you. It’s
basically a nice lunch… but find 1 good niche or a few untapped keywords and your return is fancy dinners:
My 30-day guarantee is included for either subscription period, so you can use the tool with absolutely no doubt in your mind.
The details of how we developed it and exactly how it works is here:
www.undergroundkeywords.ws
