Choosing a Profitable Niche Market (Part 2)
Choosing a Profitable Niche Means Learning How to Gauge Profitability
This is the second segment of a two part training I have written on the topic of choosing a profitable niche. Please read the first part now or read it after you have read what I’m sharing here by bookmarking the two links. Profitability is on everyone’s mind when they’re just starting a new business branch online. You want the money to start flowing fast, and lots of it! There are a few different ways you can measure the profit potential of a niche. Let’s discuss choosing a profitable niche as you’re getting started online.
First, digital products can be extremely lucrative. They’re the kind of product a customer can receive instantly by clicking a buy button and downloading directly to their computer to consume.
So you want to be looking to see if your niche has products on sites like ClickBank, JV Zoo, or Warrior Plus, for example. Of course, if there are none, that doesn’t mean all hope is lost. If consumers are buying courses or books on the topic, you could create your own content (or use private label rights content — PLR) to do it.
Tangible products are another area of profitability. In the fitness niche, for example, you might have digital courses that teach people how to exercise and eliminate fat and get toned, but more money comes in the form of commissions from the promotion of machines they’ll be using, protein powder, calipers to measure fat, scales and more.
Services, like coaching or doing things for others they don’t want to do themselves, is another way to make money in a niche. If you want to help someone achieve success, you might be a sort of life coach for them — or help analyze someone’s efforts to improve their relationships, for example.
Look at price points and frequency of purchases, too. Whenever you find a program that the consumer will be renewing monthly or annually, this provides even more profit potential for you to consider. With pricing, you might instinctively worry about promoting high ticket items, but you would have to sell fewer of them to equal the volume of sales you’d need on a small commission item. Also, we can’t tell a story for our prospects, like believing they…
