Profit! the prime diving force for the $ 86 trillion dollar world economy.
So, What makes Businesses Profitable?
How to find a Profitable Niche?
In this post I’ll answer these questions and find a profitable niche for your blog in just 7 easy steps.
Selecting a suitable & profitable niche plays a major role in the success and growth of your business. Be it affiliate marketing, blogging, content creation, or any traditional business.
Before we go to the steps, let’s understand some of the important concepts:
Contents
What is a Niche?
A Niche is a Category of market which is defined by its own particular requirements, consumers and products that distinguishes it from the market at large.
In simple words, a niche is a specific part of the market which is much smaller and easier to target than the market as a whole, and has its own audience.
Starting a blog in the right niche can ensure greater results, that too in a short period of time with consistent effort.
It can further be divided into sub-categories, such as Sub – Niche, Sub – Sub – Niche, for example the Technology Niche can be divided into Sub – Niches such as Smart phones, Watches, etc. The Smart phone sub – niche can further be divided into Sub – Sub – Niches such as Android, ios etc.
What makes a Niche Profitable?
Now that we know, what a Niche is. Let’s find out, what makes a niche profitable.
There are multiple factors that can affect your blog business’s profitability be it on any niche. But your aim should always be to make your products (in this case blog) and services (reviews, tutorial, etc.) irreplaceable in the marketplace.
Following are some of the major factors that might dictate your niche-business’s profitability:
1. Filling the Demand – Supply gap:
Every market in the world has an estimated range of demand and supply. It is when a gap arises in demand and supply, i.e. the supply is less than what the market demands; profit opportunities arise.
If your business fills out any of such gaps in a certain niche, it has a huge potential to turn out to be profitable.
Based on the point of Demand – supply gap, a market can be differentiated in four different Sub-categories:
Untapped market:
This is a type of market which is ignored or not served prominently yet. They have very low or no competition at all.
Untapped markets have a high demand for a certain solution, in terms of some product or service, and this demand is either totally not served or has a huge scope of improvement.
Home Security, Renewable energy (Solar Panels for home, USB Solar chargers), Augmented reality & Virtual reality (AR/VR) are some good examples for such type of market.
Poorly served Market:
AKA the low competition market, this type of market has a healthy demand for a particular product or service, which is not fully met.
Pet Products, Beauty technology, Sports equipment are some examples of such market.
This type of market is the easiest to generate profits. The market needs are easy to understand by studying the existing products, services & consumer needs.
Well-Served Market:
This is the type of market where the Demand – Supply game is well balanced.
There’s a healthy supply of required products & services in the marketplace to serve the demand and also within the expected price range.
These types of markets usually have a healthy competition.
Such markets are not very easy to penetrate with new products, unless it is innovative or creative in a practical way, and the consumers are targeted with new angles.
Over saturated market:
This is a highly competitive market, where the supply is available in a much greater quantity and/or variety than is actually required to meet the market demand.
This highly competitive market is the most difficult to penetrate, unless you have an out of the world solution which is of the same (or better) quality than your competitors but in a much less price.
Succeeding in such markets might be difficult but not impossible with a proper strategy, you can definitely sweep huge profits.
Gadgets & technology (Smartphone, DSLR, fit bands), Personal Finances are some of the most competitive niches.
2. Solution to a Consumer problem:
Solving major market problems can be a major factor for a business to be highly profitable and keep the competitors out of the way.
If your product or service solves a major problem of your consumers in that particular niche, which no other providers in the market can, it increases your business’s market value.
which, in turn helps your business run profitable and survive competitions.
3. Scope of monetization:
This is a factor that tells about how you can monetize your blog, not all niche – blogs are monetizable in the same way.
There are hundreds of ways to monetize your blog, depending on its type, target audience, intent, etc.
Some blogs can be monetized through ads, some through affiliate marketing, some through other ways, and some though all of these.
All you need to figure out is, how to monetize your blog, so that it generates maximum amount of revenue.
Here are two of the most popular ways to monetize your blog:
- Monetization through Ads: There are numerous Ad networks, which you can sign up for, and earn when your visitors see an Ad on your site.
- Affiliate marketing: This is another effective way to monetize your blog, where you promote products and when your readers buy using your link, you earn a referral commission. If you blog about products, write reviews, tutorials, this is the best way to monetize your blogs.
Now that we are clear with the basics. Let’s find a profitable niche for your Blog:
Steps to find a profitable niche for blogging & Affiliate marketing:
These are the seven most effective steps to find a profitable niche for your blog:
- Short-list your fields of interest.
- Know your Audience’s intent.
- Research your niche-market trends.
- Analyze your competitions.
- Find the core problem of your niche-market.
- Search for opportunities to monetize.
- Find great products to promote (only for Affiliate marketing).
Let’s dive into some details:
1. Short-list your fields of interests:
Selecting a niche you are passionate about or you have practical experiences on, simplifies the task of finding great topics, and writing great articles.
When you are in your niche of interest, it also helps you understand your reader’s intent, understand the market demands better.
Let’s say you are a fitness geek, and regularly work out. You can write about trending topics such as, “Exercises to lose belly fat”, “Best supplements for body building”.
Think of what you like talking about, topics you follow on social media platforms. Cars, Home Decor, financing, any niche you can think of 20 – 30 topics to write about.
Select at least 6-7 topics you are interested in and among the niches you selected, not all of them will be super profitable. So, we’ll eliminate the least compatible ones, in each of the steps below.
2. Know your audience’s intent:
Knowing your target audience in any niche is the first and foremost step in market research, followed by researching reader’s intent. This gives you an insight on what your readers want to read about.
Fulfilment of user’s intent, serving your audience’s demands is the key to great, engaging content.
Understanding People’s search intent creates a great difference while writing ‘intent focused’ articles.
This will help you eliminate the niches you can’t fulfil user intent for, among the short listed niches in step – 1.
You can use Tools like Google Trends, Answer the Public, SEMrush, Bloomberry to learn about popular searches/queries and people’s interest related to your topic.
Google Trends:
Google Trends is a great tool, which helps you to understand search trends & find sky rocketing niches.
Here you can view top stories, charts and compare niche keywords.
Type your niche Keyword in the search box at the top.
This shows the search trend of the term “Air Purifiers” for the past 12 months:
You can change the duration, location and view the relevant trends. It’ll also show you topics and queries related to your search terms:
Answer the Public:
Answer the Public is another very useful tool, which uses information from different search engines like Google, Bing, Yahoo and has a huge database.
Answer the public is a research tool that is very useful in predicting people’s questions around a particular topic.
Just type-in your topic, brand or focused keyword and you’ll find the relevant questions of your topic. The following are the result for the term “Sports Shoes”:
Covering and answering these questions in your article will make it more useful and informative.
Bloomberry:
Bloomberry is very much similar to Answer the public. This tool pulls out different discussions and questions out of the internet from different blogs & forums.
After you‘ve studied about audience’s interest in different niches you selected in step – 1, eliminate the ones that least interests you in covering the demanded topics in that particular niche.
3. Understanding your niche’s market trend:
This is again a very important step in finding a profitable niche for your blog!
Carefully studying the market trend of your selected niche will help you strain out the most profitable ones.
An increasing search trend for a particular niche, usually refers to more demand for it’s products, ultimately referring to more Profit.
For trend research you can use tools like Google trends (again!), Feedly, Repinned, BuzzFeed, Sprout Social.
Google Trends:
This is a super useful tool with multiple features, that just makes your niche selection process hassle free and easier than ever.
The information you find here are directly extracted from searches, which immensely helps in creating content for organic traffic.
Now we’ll compare Niche search trends with Google trends:
- Type-in your niche keyword in the search box.
- Click on “+Compare” to add more niche keywords.
- Adjust the Dates and region according to your need.
Now, you’ll see the real-time trend comparisons, like this one below:
This shows the trend comparison for two different niches “Sports Shoes” and “Sneakers”.
Feedly:
Feedly is another very useful tool, to stay updated with the latest trends. It funnels content from different sources on the internet and brings to you via a browser or a mobile app.
Repinned:
Pinterest is undoubtedly a very huge platform to ignore it’s potential in studying popular interests.
Repinned is a tool that makes this job simpler and easier than ever. It collects all of the most repinned pins and brings them in one place.
4. Analyze your Competitions (Existing Blogs and websites):
This is a very crucial step, in finding out a profitable niche for your blog. Analyzing and understanding your competitors and their content also helps in understanding the market and its demands as a whole.
So, How do you do it?
We’ll take the most trusted and result oriented way: The “Manual way”.
Search your Niche keyword in the search engine and see if there’s any blog or website on your selected niche already indexed in the search engine:
Check the top five results, analyze these websites & their content. Try to inspect what value they are providing to their readers.
Look for opportunities where the content could be improved and added more value in it. See if you can improvise these ideas if you write your own blog in this topic or niche.
Among the niches you have short-listed so far, think of the top niches on which, you can write such valuable content (and better).
Now, re-arrange your short-listed niches in a decreasing order of your writing capability, and eliminate the last one or two.
We’re just three steps away from your ideal niche !!
Excited ?? Let’s go!
5. Find out the core Problems of your Niche-Market:
No Niche is Profitable by default !
It’s the Problem solving ability of a business, which makes that business in that niche, Profitable.
So, in order to sweep great profits out of your blog, you must focus on solving the core problems of your niche, or promoting products that does that.
For example, in the ‘Personality Development’ Niche, users look for problem solutions such as “How to Develop Confidence”, “How to overcome fear of Public Speaking”.
If you have a legit solution to such core problems of any niche, which really works. You can sweep out great profits out of that niche.
This course on Public Speaking sells for $170 approx. with over 1,500 positive reviews on Udemy, that shows, how profitable & demanding a proper solution to a problem can be.
6. Search for Opportunities to monetize your Blog:
“Great Businesses often ride on the wave of Great opportunities”
Among the niches you sorted-out in the last step, find out the one with the most number of opportunities to monetize.
There are numerous ways to monetize a blog, which are most effective when implemented in the right way. Here are few effective ways to monetize your blog:
Affiliate Marketing:
This is a great way to monetize blogs by promoting different products related to your Niche, especially when you’re just starting out.
The greatest Pro about this type of monetization is that you don’t need a huge traffic to leverage Affiliate marketing, only a few hundred targeted traffic is enough to get you.
To get conversions, all you need to do is to create detailed, enticing and persuasive content, so that your readers might consider buying using your link.
Product Reviews, Tutorials, Top 10 Articles are some of the best types of blogs to leverage Affiliate marketing.
Running Ads:
This is the most popular way to monetize most of the content on the internet. Be it Blog, Video, Music, Ads are everywhere.
To generate a Decent Revenue by running Ads on your blog, you need some good amount of traffic on your website.
If you don’t have at least 10,000+ Visitors a day, the income will be marginal.
While the real income will only start after your site attracts 100,000+ Visitors a day.
Websites with huge traffics are best for generating revenue by Ads, such as news website, Meme websites, Info graphics website, etc.
Paid Posts or Sponsorships:
Paid Posts are a great way to generate huge revenue out of your Blog, but you need good amount of traffic and site authority, to sell it for a good amount of money.
You should always mention them as Sponsored posts and be transparent with your audience, every time you post such articles.
Google is also very much strict about sponsored posts, it can penalize your blog and also the website you are linking to, unless you mention it as Sponsored Post.
Email Marketing:
This is a very effective way of making money out of your blog, and can spill great results if done correctly.
Email marketing can be used to start marketing campaigns for different products with their affiliate links, or you can promote your blog updates.
But, to successfully utilize this type of marketing, you need to build your email list over the time.
You can use any one or a combination of these methods (depending on the type of your blog/Niche you choose) to generate optimum revenue out of your blog.
7. Find out the best products to sell (For Affiliate Marketing):
This is the final and very important step before you start working on your niche and sell Affiliate Products.
So, how do you find Suitable products? What are some of the Bestselling products on your niche?
Finding great products to sell aren’t rocket science but you have to spend a little time & effort in finding such products.
You can refer to Affiliate platforms such as Clickbank, JVzoo, Amazon affiliates and numerous more…
Here we’ll see for Amazon and Clickbank:
Amazon:
Amazon is an easy platform to find relevant product, with great reviews, since the categories are well organised and easy to go through.
Plus, most of us are aware of the interface.
To find the best sellers in any niche:
- we go to the amazon Bestseller’s page:
- Select your suitable niches and sub-niches to find some best selling products with positive reviews to promote.
Click Bank:
Click Bank is a good option to start your affiliate marketing journey with.
Here’s How you Do it:
- Log-in or create your account at Click Bank.
- Select your suitable niche.
- Now, you have to adjust the filters on the left (Gravity, Avg. $/sale, Initial $/sale, etc.) to get your desired results.
That’s all the seven major steps to your perfect niche. And if you followed all the steps carefully, by now you must have discovered your suitable niche.
If you followed each of the steps and found a ‘YES’ for almost 80% – 90% of your questions, then without any hiccups you can start working on your niche !
Still Confused ?
Don’t worry, We’ve Got your Back!!
Here are some of the most profitable niches (for 2023 and Beyond) we’ve shortlisted for you:
Top 10 Rising Niches with great profit opportunities for 2023 and beyond:
1. Passive Income (Make money online)
This is a highly profitable niche, where you make money by guiding people on how to make money (Online).
In this time and age, digital technology has revolutionised business and marketing than ever before. Making more people look for, ways to make money online.
By bringing out different legit ways and guiding your audience to make money online, start their own web sites, freelancing, etc. you can generate a great amount of revenue out of this blog.
This is a very diverse and vast niche in itself. However, there are multiple sub-niches and micro-niches under this broad Niche which are comparatively easier to work on and get results faster.
This Particular niche has high return on Ad impressions, you can also sign-up for different Affiliate networks in this niche to increase your revenue many-folds.
Here are some great blogs in this niche :
2. Start-up ideas & Case studies
This Particular niche has huge opportunities, and is increasing even more every day.
Most of the world’s highly successful businesses began as start-ups. There was a time when starting a business used to require huge investments, hire a great workforce and rent/buy big spaces.
Today, great innovations, transformational ideas can be realised even in your Backyard.
Resulting, thousands of start-ups to pop-up each year and business statistics show that almost half of them will be gone by the end of first four years.
With opportunities comes competition, and in this age of research, innovation and cut-throat competition, only those businesses survive who have well-researched Business model, revenue structure, and marketing strategy.
What are the Blogging opportunities ?
In this niche, you can write about Start-up ideas, case studies of different successful as well failed start-ups, How to create a business model.
Basically, you bring up all the facts and numbers in one place, to help out entrepreneurs research and build their business model, marketing strategy, etc.
You can check out these blogs as a reference in this niche:
3. Block Chain Technology/Crypto-currency
The digital world is making progress every day & the world economy is leaning more and more towards digital transactions.
From Shopping, investing to money transfer everything is going paperless. The latest and most promising addition to the digital sector is cryptocurrency.
A cryptocurrency (or crypto currency) is a digital medium of exchange, just like any other currency of the world. Cryptocurrency is defined by Investopedia.com as a decentralized “digital or virtual currency that uses cryptography for security”.
In this niche, you can explain about crypto currency or Block chain technology, “how is it useful”, “how to buy one”, “what are the risks involved”, “how is it safer than traditional currencies”.
This a highly profitable niche, there are high CPC ads in this niche, plus you’ll find affiliate programmes, which pays $50 – $100 for generating a single lead.
Check out these blogs on Block chain technology:
4. Life Coaching
“Life at times can be hard, and maintaining the balance is an art”
The modern day society is dealing with a lot of Personal/Social problems and endlessly searching for their solution.
Some of which lies in their own perspective and approach while some of it lies in the collective effort of the society.
We, as humans are constantly looking for solutions to all of our problems, ways to break down our barriers and gain the courage motivation and inspiration required to achieve our dreams.
That’s where Life coach blogs and motivational speakers come into play. Blogging in this Niche is all about solving such problems or encouraging attitudes that would do so.
Life Coaching is too broad and varied term to be called a niche.
There are Several Sub-topics which come under this topic, some of them are:
- Mindset and Accountability Coaching
- Small business Coach
- Health and Fitness Coach
- Career Coach
- Relationship coach
- Executive coach
Some great blogs on this Niche:
5. Skill Development– Self Improvement
This is a huge market with steaming Profit opportunities. The U.S. Self development market is expected to be worth $10 billion by 2022.
Progressing in your career or working your way up towards your dream spot, all of these majorly require skill set.
Be it Public Speaking skill, managing people, Connecting and networking, all requires a certain amount of skill.
Blogging in this niche is about guiding or helping people to develop a certain skill, which will help them to reach their desired goal.
You can promote different self development courses, run campaigns for upcoming seminars, and affiliate market their tickets.
This is a rapid growing industry world-wide. The “Average” US coach makes $62,000/year. However, this field is loosely regulated, and incompetence is a common complaint.
That leaves you with greater opportunities and less competition in this field.
6. Physical Health and weight loss
This niche includes topics like Physical fitness, Body building, Body shaping, weight gaining, weight loss, yoga, Health supplements, Controlled Diet, etc.
The Global fitness and health club industry generates more than $80 billion U.S. dollars per year.
The increasing obese population, increasing number of bariatric surgeries, growing adoption of online weight loss and weight management programs, sedentary lifestyle is resulting in a huge growth in the weight loss and weight management industry.
The Global weight loss and weight management market is expected to grow from $175.94 billion in 2017 to $245.51 billion in 2022.
This is again a very highly profitable niche, with numerous opportunities to monetize. You can promote different exercising equipments, Keto diets, Health supplements, etc.
Check out these blogs on the niche:
7. Big Data
Big data is a field that treats ways to analyze, systematically extract information from, or otherwise deal with data sets that are too large or complex to be dealt with by traditional data-processing application software.
This is a huge progressive market with even bigger opportunities coming on its way.
The global big data market size to grow from USD 138.9 billion in 2020 to USD 229.4 billion by 2025.
Working in this niche with your blog can turn out to be extremely profitable, if you have some prior knowledge or experience in this field.
You can also study and do your own research in this field to get a grab. Also, you won’t find a huge competition to compete against in this field.
Check this blogs out on this niche:
8. VR and AR
Virtual Reality (VR) is a simulated interactive, computer generated depiction of a real or artificial world of activity with a complete immersion experience.
VR technology is taken into use in gesture recognition systems, sensors, etc.
Artificial Reality (AR) is a real world view with additional computer generated enhancements & digital elements. Examples of augmented reality experience include Snapchat lenses and game Pokémon GO.
AR works on different platforms and devices such as displays, sensors, and embedded electronic components.
VR and AR technology is on the hike, facebook and other companies are pouring billions of dollars in this technology.
Check out these blogs on Virtual and augmented reality:
9. Games and Technology blogging
The global gaming market was valued at USD 151.55 billion in 2019 and is expected to reach a value of USD 256.97 billion by 2025.
You can start a Gaming blog, Gamming news website, share your experience with different gaming devices.
New game studios, pop-up every other day, and they are willing to collaborate with bloggers and gamers to promote their product.
Plus, you can review different gaming devices in your blog and promote them using affiliate links.
Check these gaming blogs out:
10. Fashion Blogging
Fashion is a multibillion-dollar industry that has considerable impact on the way ordinary people dress and present themselves and relies heavily on media and advertising to communicate the producer’s preferences and goals and influence public perception through various types of promotion.
Fashion industry currently has a market value of approx. $ 406 billion which is a 4 percent market share.
What’s in it for you ?
As a fashion blogger, you can cover many things such as specific items of clothing and accessories, beauty tips, trends in various apparel, celebrity fashion choices and street fashion trends.
You can partner with brands & promote them, promote affiliate links for different products in your blog to monetize it.
Various fashion houses, brands and stylists are always looking for good influencers to promote their brand and product.
These are some great blogs on Fashion niche: