Don’t shy away from a niche you’d like to get involved in just because you see the competition is plentiful. All that means is that you have a good idea and it’s a proven moneymaker according to how many others want a part of that pie too.
Competition is a good thing because it can also prove the track record of a niche. What you want to do is bring something to the table within that niche that your competition is not offering.
For example, plenty of companies jumped on the bandwagon after the Kindle was released and began to offer protective cases in a variety of designs and colors to the public who purchased the Kindle and other electronic devices.
However, one company decided to create a niche with safety from theft in mind and created a cover that resembles an old book – protecting the Kindle from scratches and from the view of would be thieves as well. They took a niche and narrowed it down and charged ahead of the competition and are now making plenty in profits.
Any product that is specifically focused will always beat out the competition. If you want to work a niche on weight loss, you’ll discover that the weight loss niche is saturated with websites, books and other products dedicated to the topic.
It’s easy for consumers to get what’s called ‘blind eye’ when it comes to anything new on the weight loss scene because of that over saturation. So what you would do is take the topic of weight loss and narrow it down to only one small aspect of the weight loss topic.
You could narrow it down by focusing only on organic weight loss products or information. You could also narrow it down by targeting only women who’ve given birth and now want to lose weight and get back to pre-pregnancy shape.
The trick is to take an old topic and give it a fresh twist. Think of all the magazine headlines that you read. You never see a new topic – just a fresh twist on what’s already been around for centuries.
This is the part where doing your homework pays off. Once you’ve selected the niche that interests you, research all the competition on that niche. What are they offering? What audience are they targeting? Which audience is being left out? How can you take that niche and make it more valuable to the consumer?
One way to discover what people are looking for in a niche is by doing keyword research. You can find free keyword tools online and go through the keywords that your audience uses when searching for information about the topic. That may help give you ideas on how to narrow your focus for your niche.