Niche Strategy 101: How to Discover and Verify Niche Opportunities

niche strategy business opportunities

Many people dream of starting their own business, whether it’s online or brick and mortar. Competition is fierce because customers can find almost anything on the Internet. The key to a business’ success is choosing a niche that they can find an audience for and it popular enough to provide the demand needed to make a profit. 

There are endless niches available for a new business, but how do you know the niche has the potential for success? You need to develop a niche strategy to help identify and verify that the business niche you choose can make a profit. 

We’ve put together this guide to help you find your niche market and turn it into a profitable business. 

Niche Strategy Begins with the Niche 

Your first step in finding niche products is determining what area you want to focus on. This is your business and it’s something you’ll spend endless hours on, so it should be something you're interested in and have some familiarity with. 

If you’re familiar with the niche concept, then you can answer questions from customers, and it can keep your interest after long hours working on your website. If it’s something you’re interested in, then it gives you a passion to succeed and persevere. 

You should begin by making a detailed list of niche ideas you’re interested in. Check your hobbies, professional expertise, and what makes you happy, and search online for niches connected with those. Once you have your list, it’s time to move on to the next step. 

Determine Search Volume for Niches 

Once you have a list of niche ideas, you need to know how popular they are on the Internet. Keyword optimization of a website is vital for digital marketing. You’ll do the research anyway, so this gives you a head start. 

Use a tool such as a keyword planner to find their search volume and search competition. If you want someone to visit your site, then you need to show up in online rankings. You’ll also need a large amount of traffic to your site, so they can order items and make the website profitable. 

If there is hardly any search volume for keywords, then there aren’t many people looking for it. Discard these niches as they won’t be profitable. The other end of the spectrum is high volume keywords with high competition. 

These words provide lots of traffic, but with the high competition, you’ll have a difficult time ranking for them. Ideally, you’ll find keywords that are low in competition but still have a good search volume. Don’t discount the niches with high competition keywords but consider working yourself up to those over time. 

Check Online Reviews for Profitability 

Amazon is one of the largest retailers in the world and sells almost everything. Check out products like those in your niche markets, but don’t just look at the descriptions and prices. Examine the reviews and what people are saying. 

For example, if you’re thinking about ScentAir’s scent machines for a product niche, then look at similar products on Amazon. If they have lots of reviews and most of them are good, then that means many people purchased those products and liked them enough to provide a review. 

This is a good way to see if the product is profitable and consider its quality. If the product isn’t available on Amazon, then search for it online and see if there are any reviews. 

Check for Blogs and Authority Sites 

Not every website on the Internet sells items, there are many blogs and other sites that prefer to inform people about specific topics including your niche. 

Search online and see how much online activity is dedicated to your niche market. Are there lots of popular blogs and websites dedicated to it? These are places where people in your niche go and learn, so knowing who they are provides you with an idea not only about online activity but future options for guest posting and advertising. 

How are there social media numbers? Are there plenty of comments? 

Use a search query like “best (input your niche) blogs and the search results give you everything you need. Keep in mind that just because a blog is listed doesn’t mean it’s popular. If the search query gives you websites that rank blogs, then you hit jackpot. 

Social Media Groups Are a Wealth of Information 

In much the same way blogs can show popularity, various groups on social media can gauge passion for your niche and get an idea of how many real people are interested in it. 

Social media sites like Facebook can have hundreds of groups connected to your niche, so join them and see how much activity they have. Do they have lots of active members that comment, or has it been dormant for months? 

How Competitive Is Your Niche? 

There are many great products out there available through affiliate marketing, dropshipping, and other avenues, but the odds are there’s lots of competition. 

Competition is good in that it shows there is an interest in the product, but too much competition can make it difficult for you to make your mark. 

Reviewing your competition lets you see what they’re doing and lets you think about how you can be different. You’re a new website and it’s going to be an uphill battle to rank if there’s heavy competition, so you need to have an angle that they don’t. 

You can write down aspects that you like and don't like about their websites. When the time comes to create your website, you’ll know what works and what doesn’t. 

Choose Your Niche and Begin Your Business 

This niche strategy guide helps you create your niche ideas and narrow them down until you’ve found a profitable one. Starting a business requires extensive research before a single dollar is spent, so do your best to find a niche that fits your passions and is profitable. 

If you want to learn more about niche products and markets, then please explore our site. Visit the Startup section of the Bootstrap Business Blog to learn more about niche strategy and gaining market share.

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