One of the toughest areas to understand, for the new Internet Marketer, is finding a niche and profiting from it. There are the challenges of competition, saturation, "freebie seekers" vs. buyers, seasonal trends, customer profiles, prices to charge, etc. Even the matter of what day of the week to make an offer is different from market to market.
Market research begins with finding a ready pool of buyers. It's relatively easy to attract people to a source of information, if it's free. Driving hungry buyers, with wads of cash to spend right now, to an offer they "don't refuse" is a skill that takes knowledge and practice. It all starts with locating active buyers. Never make the mistake of trying to sell something that people don't want. Go to where people are already spending money and help them spend some more.
The best place for the novice to begin (and the expert to expand) is people who are desperate. Here's an example: if you have a wretchedly painful toothache for long enough, even a phobia about dentists won't stop you from finding one and getting help. You certainly won't mind paying a premium for an immediate appointment and quick relief. Now, consider all the painful, embarrassing, obsessive, nagging problems that people have, from physical challenges to greed for money, from lonely hearts to acne scars.
If you can find an affiliate program for a product or service that caters to such a buyer, or you can create one yourself, you have the makings of a niche market that will pay top dollar for your solution. Remember, these people are either hurting or greedy and have a powerful emotional drive to spend NOW. There is one rule you need to follow with this type of market - deliver the goods. In fact, make a point of over delivering on your promises to them. You'll create a customer that will happily send more customers your way, via word of mouth advertising or your own affiliate program for your product or service.
Beyond desperate buyers, there are the folks with money to burn and a need for the best. Some of the most profitable online businesses serve rich individuals (and companies with big budgets) with exclusive products and services. One pair of designer sunglasses can retail for thousands of dollars. One corporate account for holiday gift giving can net you enough money to buy as many pairs of designer sunglasses as you could possibly want. Consider the luxury market when investigating niches. The amount of money spent in these niches is disproportionately large, when compared to the total amount of money spent online.
Finally, there's your personal passion. If you love fishing, needlework, dogs, rock climbing, post cards or any of the hobbies and interests that appeal to other people, there's a way to "monetize" that hobby for fun and profit. You can create an Authority site, a monthly membership site, deliver products and services in your niche or simply blog about it and put up advertising that appeals to your readers. By exploring the Internet for others who share your passion (and are making a buck doing it), you can begin to develop an idea that could become an excellent source of income for you.
The bottom line in Market Research is locating a market of buyers FIRST. Don't put the cart before the horse, here. You may have what you think is the greatest idea since the invention of round, wheel-like thingies, but will sadly discover that no one wants to buy one from you. Find the river of money first and bring a bucket.
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