Evaluate a Niche
Over at Bum Marketing Method, Travis outlines six steps he uses to evaluate the value of a potential niche market for Internet marketing. Seems like good information, so thought I’d pass it along. If you think it might help you, check out his site.
- Mind Share — how often do people think about the niche subject? If they think about it daily or many times a day, it is much better than once in a while.
- Emotion — which factors do people have the most emotional reaction to? The more emotional involvement, the stronger people feel about the subject (for good or for ill) the better.
- Talk — is it something they talk about? Are there chat boards or other discussions on-line about the subject? The more talk, the better potential the niche has.
- Cost — how much does it cost to get involved in the niche? The more the better. People are more willing to spend money on an expensive activity, than on one that is free; they are already used to spending money on the niche.
- Competition — how much are other marketers interested in the niche? Actually, more is better with this factor — strong interest by other marketers is a sure indication there is money to to be made in this niche.
- Devil’s Advocate — if the niche meets all those other criteria, think for a moment as if you were involved in the niche, and think about what excuses you would use to NOT spend money on it (too much already available free, trust only authoritative figures such as for medical matters, etc. etc.)
Use these criteria to evaluate a potential niche, and you have a much better chance of success.