If you spend time reading e-books, lurking into internet marketing forums, you will see that the one of the most common marketing issue people are facing is: "How To Find A Profitable Niche?"
Then, once the question is asked, anyone will provide information, tips, tricks, secrets...
At the end, you have a big pool of ideas, but you're still stuck with a resounding "So What!"
In addition, you will find a lot of marketing blunders that we might call Myths:
1) Find untapped niches: Of course you can always dream to be the only one on earth to discover a niche. Of course, there will be hundreds of advertisers paying you $10 a click, or $50 a lead, or hundreds of publishers looking for affiliates for this untapped niche!
If a niche is untapped, simply consider it does not exist: no traffic (or really low), no business model (no publisher, no advertiser...)
Do you think that kind of niche is profitable? Could be, but in a year or two. Not now.
Bottomline: an untapped niche is just a mental abstraction of a non existing market (in 99.99% of the cases) with no traffic and no profit
2) Find niches with no competition: Competition is a measure of how profitable an industry is. Think at it in these simple terms: If many competitors want to investigate a market, do you think they are willing to do for low margin? Do you think they will stay in this market during a long time if it's not profitable?
You won't do it! Your competitors won't too.
Competition is your best criteria to select a HIGHLY profitable niche. The more, the merrier.
Warning! Then you need to select the right competitive positioning and strategy. You don't have to attack those competitors directly. But you can find different roads to market: sub-niches, new services...
3) Looking for past statistics or data to identify a niche: This is not really a myth, but a major 'blunder' most and any businessmen in any industry could make. They are looking for external evidence as a stimulus for their own encouragement at 'officiating' a circumstance or situation as a real opportunity. They get on the bandwagon, ride the wave...and then when the demand seems to die down, and a "the fad is getting rusty" feeling arises, they move on to something totally new or unrelated. That's why companies can't survive beyond 5 years, except P&G, J&J, IBM, 3M etc. (read Jim Collin's Built to Last: Successful Habits of Visionary Companies
to see what we mean).Therefore you need to have a vision for a given industry and identify trends to foresee which markets and niches within these markets may become important.
This is not gathered in statistics or in keyword analysis tools. This is your added value; this is where the profit is. I am not talking of untapped niche, but untapped value proposition for a given niche. Bringing something new to an existing market, thus creating a new niche. It might look as a subtle difference, but it's a big one!
This is a topic JP Schoeffel covers extensively in his new 5-volume e-book series "How To Turn Sites Into Money", and more specifically in the 2nd volume. He even shares his most profitable strategy to identify niches-on-demand and a blueprint for creating silo-structured websites that AUTOMATICALLY make you money...
* without your own products or mailing lists...
* without begging marketers to do JVs with you...
* without customer service nightmares...
* without turning your life upside down... and
* without spending a lot of money.
This guy has been doing this for YEARS, and today he's finally willing to reveal everything he knows. "How To Turn Sites Into Money" is a big e-book series (5 volumes and hundred of pages) for a "throwaway" price. It forms the basis for designing his Niches-In-A-Box templates. Download your special appetizer report.
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