8 Steps To Choosing The Right Online Marketing Niche That Makes Money
Before diving into the subject matter of this post, let us take a little detour and try to figure out what the keywords Online Marketing Niche mean? To begin with, what is your understanding of the terms “Online Marketing”? And why should you be concerned about it as an entrepreneur, sales representative, established business, or even brand ambassador?
Well, the scope of online marketing is broad, however according to Webopedia, ” Internet marketing, or online marketing, refers to advertising and marketing efforts that use the Web and email to drive direct sales via electronic commerce, in addition to sales leads from websites or emails”.
Key Areas of Online Marketing
Online marketing can be broken down into specialized areas entailing the following:
Web Marketing: this includes all websites relating to e-commerce, affiliate marketing, online advertising and search engine optimization.
E-mail Marketing: this is a channel through which advertising and promotional marketing is carried out via e-mail messages to current and prospective customers.
Social Media Marketing: it is a strategy by which a business or person(s) employ the use of social media platforms such as Facebook, Twitter, YouTube to advertise and market their products and services.
Search Engine Optimization: according to Google, SEO is “the process of maximizing the number of visitors to a particular website by ensuring that the site appears high on the list of results returned by a search engine.”
Choosing The Right Online Marketing Niche
Having concluded the detour, it is time to get back on track and discuss the process of choosing an ideal position (niche) for your online marketing ambitions. Okay. So, a niche represents the narrow category into which your products or services fall. For example, automobiles is a broad niche while automobile spare parts is a much more specific (narrower) niche.
If you are interested in starting an online marketing platform you already know that you ought to start with a niche (instead of a product). So how exactly do you go about this?
1. Identify and Follow your Passion
Yes. Sounds pretty obvious, right? However simple as it may sound this step is very essential and crucial. Think of it this way, any time you do something out of compulsion instead of enjoyment and enthusiasm, you feel jaded even before accomplishing anything worthwhile.
The same applies to any business or entrepreneurial venture. That’s why it is highly recommended to start with something you are really passionate about.
Something that reflects some of your deepest ideals. Without passion, your online marketing business has a really high likelihood of failing. This is because entrepreneurship in any field requires one’s devotion of time, resources and energy. A strong sense of passion and purpose will get you fulfilled by your work.
2. Keyword research
You’ve created your list of passions and brainstormed on it. Great! What next? This is the point where you get your hands dirty by digging for data relating to your list of passions. Yes! You have to do some research and analyze your findings.
Fortunately, this doesn’t have to be difficult at all. You have the whole web at your disposal. And the “Information Highway” won’t let you down. There are tools you can use in your keyword research. One such tool is the free service offered by Ubersuggest. If you want data on a keyword, whether it is for SEO or PPC, you’ll get an overview on everything.
From volume, to seasonality, to cost per click data, Ubersuggest keyword tool will show you everything for free. It is available that upon coming across such data you should keep track of it in a spreadsheet. This way you can always refer to it and find intersecting lines between different search terms.
3. Pay Attention to the Competition
Here you are expected to take a close look at your would-be competitors before deciding on your online marketing niche. The decision here lies entirely upon you. If you check out the competition and find out that the niche is already dominated by several other players, you might not want to take them on.
However, if you do go ahead with it, you will know what hurdles to expect. Studying the competition in terms of keywords has been simplified by the tool SEMRush. Simply enter your keyword into the search box then click “start now”.
Afterwards, to find out your biggest competitors scroll down to Organic Search Results. As said before, the decision on whether to compete or not rests upon you.
4. Go for High-Dollar Options
The best way to get started as an online marketing is to target high dollar options. To elaborate on this, I will use an example. If you intend to make $10,000 a month, you could either sell/market 1000 $10 items or sell/market 10 $1000 items.
The latter is the best way to go. Inasmuch as you have to conduct more customer education, if you are collecting customer email addresses, speaking on phone to prospective customers and building your brand and image, you stand to make a lot more money (from repeat customers and referrals).
5. Look Beyond Category
One item can serve several purposes. If you can find a new use for something people use every day, then you will have created a solid market for yourself. Here is where innovation matters a lot.
6. Solve a problem
It is well known that friction isn’t good for business. Most importantly solving a costumers problem is most effective at reducing friction. How do you do this? Simple, perks! People love freebies. And as an online marketer you can offer free shipping, flexible payment channels and feedback avenues.
7. Track the trends
When choosing an online marketing niche consider a niche that shows a consistent upward trend. Avoid fads because they are only popular for a while then they fall.
8. Define Your Unique Selling Proposition
According to Neil Patel, a USP is ” the intersection between passion, strength, and market needs”. You will need passion for your online marketing services. You will have to identify your strengths that separate you from the competition. As a result, you will have to meet the market needs in order for the business to survive.
Your online marketing niche will determine your business. You will need passion and an audience to make sales. Research! Next, do more Research! Third, do some more Research! Finally remember that eventually you will have to make a decision. Good luck!