If you are to make money and succeed in the internet marketing space, you need to put thought into finding a profitable niche. Hakar Mahmoud says that you may waste time and resources if you don’t research your niche.
Niches are everywhere, from your hobbies to your local community. There are also sub-niches within a niche, which is a market within a larger market. Being a successful entrepreneur himself and having landed big film and celebrity promotions, Hakar Mahmoud gives these useful tips to guide you when searching for profitable niches.
What is a niche in Internet marketing?
A niche is a specific type of product or service that a person or business provides to its customers. An example is dog breeding. Dog breeding is a lucrative niche with as many sub-niches as there are dog breeds. So you could choose to venture into breeding German shepherds and decide on the color of German Shepherds that you want to breed, black, brown, or tan German shepherds. The market for this dog breed is large and hungry, and therefore you can rest assured that your business will sell.
Alternatively, there are numerous forums online with so many dog lovers where you can drop an eBook on “How To Breed German Shepherd Dogs.”
Another illustration of a niche that Hakar Mahmoud gives is farming. You could either go into growing tomatoes or do research and write books on how to grow tomatoes. Both of these are sub-niches within the niche, farming.
These are just a fraction of the number of opportunities buzzing for entrepreneurs to venture into today. But to sum it up, here are the top 5 tips that Hakar Mahmoud suggests to help you find profitable niches.
1. Find a problem that you can solve: People will pay for solutions before they pay for a product. For that reason, when choosing your niche, consider the reasons why people would want to buy your product or service and sell that to them first. Invest in providing value first, and the profits will follow soon after.
2. Traffic: Before settling on a niche, you need to ensure a high demand for the particular product or service you want to offer. You need the traffic to make money, and it will be hard to drive traffic to your product if nobody is looking for it in the first place.
3. Profitability: Your number one priority when looking for a niche should be how you will profit from it. According to Hakar Mahmoud, you should ask yourself the following essential questions to determine whether your niche is profitable. Do people eagerly want to buy your product? Can you add affiliate links to your site to vet commissions? Are people currently spending money on your niche product?
4. Trends in your niche market: When finding profitable niches within the internet marketing field, the trends will tell you whether there are profits for you to jump on board. Hakar Mahmoud says that you can use your keyword to see how well your niche product has been doing in the search engine within the last year and then check its current trajectory.
5. Competition: Conduct research to find out who else is dealing in a similar product or service as you are trying to offer. Studying your competition will help you discover existing gaps in the market and adjust your product or service to fill up where the existing products fall short.