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Will Your Idea Make You Money Online?
By Lori Feldman
In order to be successful online, you need to be able to find niche ideas, evaluate them, develop profitable products around them, and then duplicate your success in other niche markets. But first, you must study the basics of Niche Marketing. As an analogy, niche marketing is like fishing in a small pond packed with really hungry fish, and you have the bait they like the most. Mass marketing, on the other hand, is like fishing in a large pond with schools of overfed fish swimming around, most of which aren't even looking for their next meal. Large corporations with their deep pockets ignore niche markets because they're not trying to make an extra $1,000 to $20,000 per month-they need extra millions. This is great news for entrepreneurs--we don't have to compete with these large advertising budgets. It's also easier to find prospects in niche markets. People with the same passions, like Cocker Spaniel owners, scrapbookers, camping enthusiasts, usually read the same things and hang out at the same places. Here are the four most important questions you need to answer before deciding which "niche market" to pick: 1. Is the market easily defined? What publications do they read? Do they have activities that bring them together? Do they look for information online? 2. Is the market small enough so there are few competitors but large enough to make a profit? You want a small pond, but it must have enough "fish" to make it worthwhile. 3. Does the niche have and actually spend money? For example, physical products are usually not the most profitable products to sell, but if other sites sell these products, it might be a good sign. 4. Does the group have a ridiculous zeal for its niche? You need prospects that are so passionate; they must have all the information related to their subject. A great example is golfers, who must own the newest equipment, gadgets and golf magazines in case there is one hot tip to allow them to beat their golfing buddy. Can you make money selling online? Research your niche market first! Lori Feldman is The Database Diva and she teaches salespeople and entrepreneurs how to profit from their customer database using ACT! Software, targeted mailing lists and online lead generation. To learn more visit www.thedatabasediva.com or call 1-800-264-5478. To download a PDF copy of this article, Click Here
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