How To Choose The Right Affiliate Niche:
One of the most important decisions you make as an affiliate marketer is the niche you choose to compete it. It’s more than just choosing a topic you’re passionate about. If your passion is raising pot belly pigs you have an excellent chance to be the number one online marketer of pot belly pigs. But is the pot belly pig market large enough to make it profitable for you?
On the other hand, choosing the making money niche is h-u-g-e and wildly profitable but it’s also brutally competitive. Trying to stand out in that arena may take more time, money, and effort than you have to make it all worthwhile.
So What Niche Should You Choose?
Don’t be afraid to enter a niche or market that already has lot’s of players in it. Competition is good since it means that money is already being made in that niche.
If you think you have brainstormed a great undiscovered market out there but can’t find anybody else in it already, chances are it’s not that great of an opportunity or other would be cashing in. Either that or it’s an entirely new market that nobody else has exploited yet. (and in that case could be a goldmine!)
The Big 3 Evergreen Niches:
You can never go wrong if you pick a market related to one of these three topics. If you think about it they’re really the most important topics on everybody’s mind every single day. And they also seem to cause people the most problems as well (which is why they’re so damn good for us!).
People spend alot of money and time trying to improve and iron out anything related to these three topics. That will always be the case so if you need some ideas just think about what problems people are always looking to solve. People are happy to part with some money to make life easier in these three key areas.
Big Fish In A Little Pond – Or A Little Fish In A Big Pond?
I know it’s a weird segway going from pigs to fish but I have to address two different schools of thought on niche selection.
- Big pond, little fish: Many marketers prefer to get into a huge online marketplace and carve out their little piece of the pie. Examples of these markets include the making more money niche or mental health solutions market
- Little pond, big fish: Others marketers like the idea of choosing a small segment of a large market and becoming the top dog in that segment. Examples of these markets (as smaller segments of the above examples) would be smart money management for seniors niche or the social anxiety in children market
See the difference? Neither strategy is wrong. You just have to pick which one make the most sense to you. I happen to prefer the little pond, big fish strategy since I always enter a new market with the intent of being in it for the long haul so I know that if I start small I can always add other elements of that niche as I expand my reach and influence.
My Methodology For Niche Selection
I believe that once you choose a market you should look for untapped opportunities within the niche you’re exploring. Drill down into sub-niches of your target market to find aspects of it that are unexplored or barely touched. Think specialization and focus on becoming the expert on a particular issue or topic. Your goal should be to become the go-to marketer in a particular segment within that niche.
That’s what I did with the site you’re on now. While researching the affiliate marketing niche I noticed that nobody had really focused exclusively on the high-end of the market so that’s where I made my start. I learned as much as I could about this particular segment of the market until I could comfortably write and enlighten people about it. Before I knew it I was ranking high in the search engines on my keywords and had people coming to me for advice on high end affiliate programs and selling to the affluent.
If your chosen niche is extremely competitive you may need to drill down so far that the market segment may be too small for you to make decent money. That’s OK since you can start branching upward again once you start making your mark in your niche. Eventually through expansion you’ll have the market share you need.
Tips For Finding Lucrative Niches:
- Start with your own passions, interests, hobbies, or any area you have expertise or interest in
- Look for competitors. Competition is good since it means others are already making money in that niche
- The three most lucrative niche categories fall into money, health, and relationships. These are things that are on everyone’s mind thus people will spend money on improving each of them
- Listen to other people. Have you ever spoken to someone at work or in a social atmosphere and been blown away by their passion for a particular topic? Genuine passion is unmistakable and it is often a great indicator of a potential niche market for you to explore
- Go and check out the magazine racks. If you really think about it, magazines exist to cater to specific niche markets. If that niche market isn’t lucrative enough to pull in profitable advertising dollars, it will fail. So your research has been done for you!
- Check out Google. Are people paying for ads for keywords on your topic or niche?
- Check Google Keyword Planner to see how many searches per month are happening for keywords in your niche
- Go visit the bookstores before they’re all gone. Barnes and Noble is still around (I think). Take a look at the number of books on a specific topic. Also take note of the labels on the shelves and the categorization of broad topics. There is a ton of data looking right back at you. Plus, you can find plenty of magazines here too
- If you’re targeting the affluent market look for unique, exclusive, and hard-to-find products and services. Like the one’s you’ll find here on this site!
- If you’re targeting the low end of the market look for solutions to problems instead of vanity products. The key is to look for things that have to buy rather than want to buy. (i.e. anti-anxiety, weight loss, diabetes control, phobias, fears, etc). Look for a topic that gets people emotionally charged with either a pain, a passion, or a frustration
- Pay attention to TV commercials. Television is a trend-driven medium. Notice not only what they’re selling to you but the angle their taking to get your attention and act on your impulses. There is a lot to be learned here because companies spend a ton of money on television ads to get it right
- Drill down into your market for sub-niches. Go an inch wide and a mile deep. Are there opportunities to expand your market once you pick a topic? Are there multiple products and services for sale in this niche?
- Go to ebay.com and amazon.com to see what’s hot over there. Amazon has simple tools that allow you to browse by subject, popularity, sales, and even analyze trends with their “Movers and Shakers” feature. It’s been awhile since I was on eBay but I believe they have similar features to help you scoop up valuable niche data
- Focus on one niche to start with and become a go-to person in that niche or topic. Don’t be a “jack of all trades – master of none”
- Go to clickbank.com which is the holy grail of digital information products. I say that because they really are the largest and most profitable digital retailer in the world. Their marketplace is loaded with tens of thousands of products that you can sort by market, popularity, price, longevity, etc. If you’re not making money on clickbank right now you need to get started… now
- Follow the money. Do a little digging around on Google for what people are spending money on right now. Go where the money is flowing and set up shop
- Is the market or niche sustainable? Following trends is good for some quick cash but will that money flow last in the long run? Think about what happened to Beanie Babies
- Specialized information is always good too. i.e How to tie flies for fly fishing
- Take a stroll over to magazines.com. This website is a wonderful resource for finding a ton of niche markets. The magazines are even broken down into categories and ranked by popularity. This is a goldmine folks!
- Listen to what people are bitching about. People like to yap about all the problems they have in life. It’s annoying yes, but it can also clue you in to what problems people are looking to solve to help simplify their lives. If one person has a problem, it’s likely that many other people share that problem. Think of it this way, wherever there is a problem, there is an opportunity. Solve it for them and make money. Then hang around to see what they will bitch about next!