Niche Marketing

This always confuses people, basically a niche is a subset of people within a market with a particular interest. Or as Wikipedia would say:

"A niche market is a focused targetable portion (subset) of a market."

Yet it is not always crystal clear, I mean is weight loss a market, or a niche in the health market? I know that the Atkins diet would be a niche, that is easier to see, but I think you don't need to get too concerned for now with niches or markets, let's just find a crowd of people who we can provide value to in return for a fair payment for our effort - deal?

Let's now look at the correct and incorrect assumptions people have about a good niche:

A niche you are passionate or knowledgeable about
How many times have you heard that?? I agree with it in principle, let's say you follow the steps we're about to discuss and you find 3 - 5 niches you think would be really good, then MAYBE in that instance then yes it would be best to go for the one that you find the most interesting or have the most experience with.

It will certainly help you to write content and think up product ideas etc at first, the problem is you might be so used to this niche that you struggle to think up the kind of fresh ideas that someone with less knowledge of the 'rules' of that niche might be able to come up with.

Plus - if all the niches you are passionate about don't look like good, profitable niches, then it is just not worth the effort! Give me a good niche any day over one that I like but can't make good money with.

Hell, you can outsource content creation if I want, you can outsource the creation of a product, you don't need to be 'in' the niche, just marketing to it, and marketing principles remain much the same from niche to niche.
So don't fall into this trap, go for the best niche you can find that you can stomach working in. Go back to your passions later when you have experience and capital to reinvest.

Plan your attack before you find the battlefield
Ok that title is a bit melodramatic, but it does highlight an important point. Not all niches are suitable for your business model! If you are just creating AdSense sites then a good niche for you would be different to the person trying to create products or just run PPC campaigns.

You must know what you want from your niche before you start looking for it, make a list and then adapt the process that is coming up to suit any particular needs that you have for your model, like AdSense would be high PPC bids and a PPC marketer may be looking for lower PPC bids.

Size matters
Size does matter in niche selection, and not necessarily the bigger the better, you need to make sure that there are enough people to make you a good income, but not too many people that you are not targeting them correctly, so carp fishing might be a good niche, but carp fishers use two different methods, one set use a rod and others use a pole. If you are trying to sell the same information or products to both groups then you are going to struggle much more than targeting each one individually.

A lot of factors come into play with size, so this needs careful consideration, for instance I could go for a niche with sky high PPC bids and impenetrable SEO but with 1,000,000 searches a month, however I might be better off going with the niche that has just 60,000 searches a month but is far easy for me to get some of that traffic from it.

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