How to find your niche
Making money with affiliate marketing involves promoting and selling third-party products and services to earn commissions, placing the onus on the affiliate to identify and target the right sort of demographics to reach out to with ads and promotions.
The people who might consider buying what you sell make up your niche market – and every type of product or service you can imagine falls within a certain type of niche. Different niches naturally appeal to different types of buyer demographics, which means that in order to be successful as an affiliate, you must choose the right niche to start with.
If you cannot find or reach out to the demographics that might buy goods or services from within your niche, you won’t be successful – and so in this article, we will answer the question of “what is a niche market,” and look at how to find your niche market, identify what you want to sell, and who wants to buy it, and how to choose between different options.
What is niche marketing?
Niche marketing is selling or promoting products or services to a specific market segment, who share a range of broad similarities in terms of who they are, their browsing and purchasing patterns, and vitally, what they are interested in and want to buy.
Finding a niche that will work for you means learning to understand your niche market and their demographics – who they are, where they are, what they like, what sort of approaches they respond to, and much more.
Different market niches appeal to different types of people, using broad trends and patterns that the group in question share, and finding a niche market that will work for you means being able to understand what makes your niche demographics tick, and how to sell to them.
Niche research is the process of answering the question “what is my niche,” and different market niches have vastly different interests, preferences, and requirements when it comes to targeting them.
For instance, if you sell products and accessories relating to muscle car tuning and mods, your niche market is likely to be largely male, relatively young, solvent, and interested in fast cars, personal presentation, and socialising. This means that targeting, say, retired grandmothers and homemakers are highly unlikely to result in sales – although there are always the odd exceptions that prove the rule!
When it comes to how to find niche markets to serve, there are two ways to go about it – The first way is to start with a demographic that you understand and can relate to, and choose products or services they are likely to care about. Alternatively, you may wish to identify the most lucrative and potentially high-spending demographic and find products and services to appeal to them.
The second approach to how to find a niche is to begin with a product or service, and then do your research to find out who might want to buy it, and how to reach and target them.
Both of these approaches can be equally effective, so there is no right or wrong way to find your niche – as long as you do your homework and appreciate that niche market products stand or fall on your understanding of the target audience, and how well you execute this knowledge in practice.
How to find a niche market
If your goal of “finding my niche” is proving frustrating or confusing, don’t worry – identifying and choosing the right niche is a fairly highly-loaded endeavor. To make money with affiliate marketing, you have to put the work in – and doing this only to find out down the line that you’ve made an expensive mistake and can’t generate sales is something you will, of course, be keen to avoid.
Understanding what makes a niche is a good start, but it is worth noting that not every niche you might consider will ultimately prove to be viable once you get down to doing your research.
For instance, it might seem like a green light if you find a large audience of people who love the types of things you offer – but do they also have the incentive, not to mention disposable income, to buy it?
If the answer is no, they might not be the niche for you – or you might be trying to match them with the wrong product.
How to find my niche
There are virtually as many different approaches to determining what is your niche as there are niches available; which can make it challenging for the first-time affiliate to know how to even begin!
The more research you do, the more self-evident it will become to you when you are heading in the right direction or may have hit on something profitable – but to get started, here are some ideas that successful affiliates use in their quests to “find my niche.”
• A good practical exercise is to work out what type of niche you yourself fall into – because you have some insider knowledge to work with! This can help you to determine what sort of things people like you want to buy and do, where you might go to look for them, and what type of approach would sell them to you.
• Think about what you like and enjoy, and vitally, anything that is missing that you want or might want to explore – and ascertain whether other people are likely to want the same thing.
• Choose a product or service that you yourself like, would buy, or are enthusiastic about, and work backwards to find out what niche might want to buy it.
• Identify a lucrative demographic with high levels of disposable income, and focus on finding products or services to serve them and explore how to promote them effectively.
How to find a profitable niche
Finding a niche that will be profitable is, of course, vital to ensuring that your work pays off as actual cash money – and what makes a niche profitable can be variable.
Some niches are profitable because there is a continual stream of buyers within them looking for goods or services of that type, because they are evergreen, not faddy, and serve a specific need. However, a niche that is highly popular may also be saturated with affiliates serving it, which will seriously water down your potential profits.
When you look at potentially profitable niches, low competition in the form of other affiliates and businesses answering the call and serving that niche is a winning combination that will enable you to tap into a whole new market of buyers waiting to have their needs met.
Different affiliate schemes also offer different levels of commissions for successful referrals or sales – and different ways of rewarding each successful referral too.
CPA niches that pay when you achieve a sale or acquisition are rather harder to target than those that simply require you to earn a click – but much more profitable as a result.
Matching high affiliate payouts with the potential for a high volume of sales or acquisitions is the key to finding the most profitable niche for you.