Finding Niches, Buyers and Profits

One of the toughest areas to understand, for the new Internet
Marketer, is finding a niche and profiting from it. There are
the challenges of competition, saturation, "freebie seekers"
vs. buyers, seasonal trends, customer profiles, prices to
charge, etc. Even the matter of what day of the week to make
an offer is different from market to market.

Market research begins with finding a ready pool of buyers.
It's relatively easy to attract people to a source of
information, if it's free. Driving hungry buyers, with wads
of cash to spend right now, to an offer they "don't refuse"
is a skill that takes knowledge and practice. It all starts
with locating active buyers. Never make the mistake of trying
to sell something that people don't want. Go to where people
are already spending money and help them spend some more.

The best place for the novice to begin (and the expert to
expand) is people who are desperate. Here's an example: if
you have a wretchedly painful toothache for long enough, even
a phobia about dentists won't stop you from finding one and
getting help. You certainly won't mind paying a premium for
an immediate appointment and quick relief. Now, consider all
the painful, embarrassing, obsessive, nagging problems that
people have, from physical challenges to greed for money,
from lonely hearts to acne scars.

If you can find an affiliate program for a product or service
that caters to such a buyer, or you can create one yourself,
you have the makings of a niche market that will pay top
dollar for your solution. Remember, these people are either
hurting or greedy and have a powerful emotional drive to
spend NOW. There is one rule you need to follow with this
type of market - deliver the goods. In fact, make a point of
over delivering on your promises to them. You'll create a
customer that will happily send more customers your way, via
word of mouth advertising or your own affiliate program for
your product or service.

Beyond desperate buyers, there are the folks with money to
burn and a need for the best. Some of the most profitable
online businesses serve rich individuals (and companies with
big budgets) with exclusive products and services. One pair
of designer sunglasses can retail for thousands of dollars.
One corporate account for holiday gift giving can net you
enough money to buy as many pairs of designer sunglasses as
you could possibly want. Consider the luxury market when
investigating niches. The amount of money spent in these
niches is disproportionately large, when compared to the
total amount of money spent online.

Finally, there's your personal passion. If you love fishing,
needlework, dogs, rock climbing, post cards or any of the
hobbies and interests that appeal to other people, there's a
way to "monetize" that hobby for fun and profit. You can
create an Authority site, a monthly membership site, deliver
products and services in your niche or simply blog about it
and put up advertising that appeals to your readers. By
exploring the Internet for others who share your passion (and
are making a buck doing it), you can begin to develop an idea
that could become an excellent source of income for you.

The bottom line in Market Research is locating a market of
buyers FIRST. Don't put the cart before the horse, here. You
may have what you think is the greatest idea since the
invention of round, wheel-like thingies, but will sadly
discover that no one wants to buy one from you. Find the
river of money first and bring a bucket.