JP Schoeffel’s latest article is about “Three Things to Consider in Niche Evaluation”. [Article Reprint]


JP Schoeffel’s latest article is about “Three Things to Consider in Niche Evaluation”.

[EMC Training] : on Niche Evaluation…

Three Things to Consider in Niche Evaluation

Niche evaluation is a really hard task. It might look surprising, but it’s much easier to evaluate an “offline” niche market than an online niche market. The reason is that useful information to help you analyze markets is almost non existing on the net (unless you pay several thousands for some market surveys…)

BUT, this situation is a HUGE opportunity for all niche marketers (and I hope that you’re now one of them 🙂 )

If it’s hard to find information to evaluate a niche, then there’s an added value to finding this information and to analyzing niche markets. The more efforts you put into this task, the more insights you will get to create your value proposition and position yourself into this niche.

OK, now let’s go straight to the point : here are some tips to help you evaluate niches (it’s a return to common sense, no real secrets here…at least for offline marketers…)

When you’re starting to evaluate whether or not a niche is going to be profitable there are a few main things that you need to take into consideration.

Three of those things are going to be…

1) Interest

You need to know if anybody even cares about the subject, and more importantly, you need to know if they’re actively looking for information about that subject online. After all we are doing Internet marketing here so the way you’re going to be able to reach these people is online. It does you absolutely no good if there are a million trade shows on the topic, if there’s a million brick and mortar stores on the topic, if nobody is looking for information on that topic online then it does you no good.

The reason why is this… There is no point in you trying to sell something that nobody wants. You can try it if you just want to waste a lot of time and money but if nobody want it then trust me don’t try to sell it to them okay? That’s why it’s especially important for you to make sure that there are people interested in the topic that you’re thinking about developing and information product on. And really that covers all products but right now we’re covering informational products.

2) Demand

Demand is the second thing that we need to consider. It’s not enough that people are searching for information on the topic online. They also have to be willing to pay for that information, they have to be willing to spend money out of their pocket in order to get that information that they want. And the best way to judge that is whether they ALREADY are spending money for that kind of information. After all there is no niche topic out there that is a good niche topic that won’t have some type of competition in it.

If there’s no competition that’s going to be a big clue that it’s not a profitable topic. I guarantee you that you and me are not the first person to try it out. There has been somebody before that has tried to break into that market no matter what it is. If there’s no competition then that means that everybody else before you has failed. Now they may have failed just because they weren’t very good at marketing which would mean that you could still get into it but the majority of the time it will mean that they have failed because not enough people are willing to pay for that information.

3) Supply

The third thing that we need to look at is supply. If you know that people are looking for the information, and you know that they are paying for the information, then that’s great. You have found what looks to be a winner. But now you need to see if there’s going to be room for YOU in that market. You want SOME competition, that’s a sign of a healthy market, but too much competition can make it hard for you to break into the market easily. Now don’t get me wrong, I don’t care how crowded the market is there’s always going to be room for one more IF you’re willing to put in the effort to make it happen but that’s not what we’re looking for.

Remember we don’t want a full time job we want something that we can break into easily, that we can provide an information product on that people want, that when we set the system up we can walk away from it and start something else. We want a set-it and forget-it kind of thing here. We need to look at Interest, Demand, and Supply. Economics 101, supply and demand.

This is just an introduction to Niche Evaluation. In 48 hours, I will send you some complete mindmaps to help you visualize all the process of Niche Research and Niche Evaluation with all the resources you need to carry on all your niche related projects.

Stay tuned and enjoy your week end

To your success

JP Schoeffel

PS : do not forget to check the ultimate membership for Niche Marketing Mastery

Niches In A Box

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*IMNewswatch would like to thank JP Schoeffel for granting permission to reprint the latest article.

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