Finding the right niche market can make the difference if you are profitable or not. It could be the life blood of your online business if done properly. It makes no sense to spin your wheels in a niche that doesn’t spend money nor has very little traffic. Conversely, it makes no sense to sell to a market that is too big and undefined.
In my experience, the more narrow the niche the more profitable the venture. People want to solve a specific problem, not everything under the sun. For example: if your dog has a problem with going potty in the house (yes…we have a new dog and yes, he goes potty in the house -:) you don’t want to purchase an ebook on total dog training and read through 200 pages only to find five pages of information at the back of the book on the BIG issue at hand?
I don’t need to know the history of dog training or the evolution of the Whoodle to solve my issue. As a customer, I want to find out how to stop the dog from messing up my living room carpet every day, not enhance my knowledge on how dogs came about. For you, this is where the profit comes in.
The more focused your product is, the more profitable it will be. Say you wrote that ebook on dog training referenced above. You might retail it for $47 or maybe $67 which would be a nice sale. People do this every day and hit a large market of people interested in the general market of dog training.
This type of product has good background information to “set the table” for you to have a better understanding of why the training will be helpful. It serves its purpose and there is nothing wrong with this, except, they are leaving a ton of money on the table. Humor me for a minute while I show you how to make more money by tightening your niche. “Niche it for Riches”.
Now let’s take that same book and niche it down a bit and see what we get. First separate each of the four categories in the book. Let’s assume each category is about 50 pages. Next, turn each one into an ebook on a more specific topic of dog training and sell each for $27 (which is a good price for a 50 page ebook). You now have FOUR ebooks which total $108 and you could bundle them for $97. It book will have a separate niche market and the market will respond better due to the problem being addressed is exactly what they want solved.
More profit, faster read, better results, happier customers. Does that sound like something you could build a business around? I have and know you can too!