For most individuals building a well designed online store isn’t the greatest challenge. With the right templates, well-written product descriptions, and appealing store designs having a great looking store is no longer as challenging as it once was.
It may have gotten easier to design a web store either for your own products or for drop shipping but with so much competition finding a way to market that store to the desired target audience has become a whole lot harder. Most markets have become highly saturated and finding that niche that can allow you to rank up quicker and become profitable and popular is becoming increasingly difficult.
What if we told you that you can find the right niche for your online store using just four easy steps? That’s right! We have come up with the best tips and tricks to focus your marketing efforts and find a niche that is not only profitable but also captures your interest.
- Finding A Niche Through A Dropshipping Platform?
If you are using a dropshipping platform such as Wonify check relevant statistics that can help you better understand what niches are popular and what products are doing better than others.
A great tip during your niche research is to administer a measurable value to the items that can be found on your dropshipping platform. This way you can quickly determine which niche products are more lucrative than others and what markets tend to be more popular for buyers on the said platform
For example, if you input a particular keyword and can find more than 2000 products listed this means that that particular niche has a 5-star rating. The next thing to look at is the order number. Taking the average number of orders for the top 10 products listed on a particular keyword can also tell a lot about the popularity and scope of that given niche. If the means score is higher than 2000 orders than once again that niche should be allocated a 5-star rating.
Other ways to determine the most popular niche markets will also include things like supplier credibility, price, seasonality, customer reviews, and market trends. Whether a particular product is suitable for being promoted via social media channels and SEO is yet another aspect that has to be taken into consideration when finding that perfect sweet spot.
- Finding A Niche Through Google Trends
Google Trends is an awesome tool that is essential when it comes to determining public interest in a particular product or niche market. By analyzing Google search trends this tool is able to provide vital information on a particular product such as:
- Search volume changes over time
- The most popular search terms or keywords
- The locality of where the searches are predominantly coming from
- The consistency or frequency of the search term over the course of a year
Using this tool and familiarizing yourself with its many potential settings and filters can be instrumental in helping you identify highly profitable market niches that have the potential to grow quickly and be highly profitable.
- Finding A Niche Using Instagram
The exponential success of social media platforms such as Facebook, Instagram, Pinterest, Twitter and many more has made it easier for marketers to understand and quantify consumer behavior.
With Instagram, it is a matter of simply inputting a ‘category’ in the search bar that you want information on and looking at the names of the accounts that contain your focus keywords. By opening these top accounts you can quickly determine the number of followers in each of these accounts that can give you a quick idea of the potential in the market place.
If the top accounts have more than 50,000 followers that you have likely stumbled upon a popular niche that has a large target audience. Not only does this help in determining market size and popularity you can also contact these accounts and see if they would be interested in promoting your product via a shoutout which can result in an influx of sales in relatively quick time.
- Finding A Niche via Facebook
Facebook is the mother of all social media platforms just as Google is the king of search engines. When finding a niche using Facebook, type the desired keyword in the search bar and then choose the ‘Groups’ section which will populate a list of groups that have the primary keyword in their name.
Each group will also show the number of members enrolled. A general rule of thumb when researching viable niches on Facebook is to look for a niche that has more than 15 groups with each group having an average of at least 30,000 members. The ‘Pages’ section can also help in providing insight into the popularity of the said niche and the potential opportunities it presents for your business.
How Can One Determine What Niches To Avoid?
Certain market niches have to be avoided or approached with great caution as they might not be fit for online selling. Market niches that have products or items that are either too large, bulky or heavy (such as industrial machinery) are not ideal for online selling. Products that require the need to be touched or thoroughly inspected are also not ideal niches to get into as return rates that be atrociously high and can bleed away profits.
Products that are fragile or perishable and can easily be damaged during transportation should also be avoided. Finally, avoid niches that involve the shipping of items that can pose legal issues either at customs or at the postal service.