How to Find a Hot Niche

Step by step Approach to Finding A Hot Niche

Find A Hot Niche Market

Selecting A Niche Market When selling a product, a lot of people make the mistake of developing their product first, and then trying to find a market for it. The process should really be reversed. Find a hot niche market first that spends money, then find out what they want and give it to them.

It is certainly easier said than done, but there are a lot of places online where you can do your market research for free. They've done most of the work for you already. You just need to know where to go and what to do to connect all the dots.

When you think you've found such niche market, ask yourself these important questions:

1) Do you have an interest or passion for the niche? If not, do you think you can develop one? Or will you get bored with it quickly?

2) Are other people passionate about your niche? If not, do they have a desperate problem they want to solve?

3) Is the market big enough, but not so big you will have too much competition when you're just starting out?

4) Do the people in this niche spend money?

5) What products are being successfully sold right now to this niche? Can you sell something similar? Can you improve it, give them something they want that all other products of their kind are currently lacking?

6) What are these existing products in your target niche being sold for? Could you be profitable selling a similarly priced item? Or are your potential competitors selling cheap on the front so they can upsell, cross sell, or make their money on the back end? What Are the Differences Between Upsell, Cross Sell, and a Back End Sale?

Upsell: After they make their purchase (but before they pay), you attempt to upgrade them to a premium version of the offer for more money. (e.g. A fast food restaurant might ask them whether they'd like to "supersize" their order. A movie refreshment stand might ask whether they'd like a large soda for only 75 cents more instead of a medium one)

Cross sell: After they make their purchase (but before they pay), you attempt to sell them complementary products. (e.g. a Fast food restaurant might ask “do you want fries with that” when only a sandwich is ordered)

Back end sales: After they have purchased your product (and paid for it), you follow-up with them at a later date and attempt to sell them a more expensive product that they may be interested in, usually, but not always, complementary to the original product they purchased (e.g. Someone purchases the soundtrack to the Sopranos from Amazon. When the Sopranos mega-anniversary platinum entire DVD collection comes out, Amazon sends you an email to let you know about it and how you can get a discount if you buy from them)

So Where Can You Get Ideas To Find A Hot Niche Market To Explore?

Brainstorming and Research Online Resources-Offline

• Newspaper

• Niche magazines

• TV and radio

• Catalogs and mail order – subscribe to newsletters, purchase inexpensive products, get on mailing lists

• Tabloids and mainstream media

• Billboards and other advertising media – watch what other companies are doing offline in all their advertising media

• Talking to people – at your local watering hole, coffee shop, friends and neighbors, business partners, customers, relatives. Talk to them and OBSERVE. What are their hobbies, their interests, their problems?

• Books – A greatly underutilized idea-generating machine!

• Grabbing a pad and pen and going to your favorite “quiet” spot to brainstorm

Let me show you the process I go through when I'm trying to brainstorm for ideas in finding a hot niche. For starters, I'm always aware of trends and current events in the real world. I read several newspapers each day, many magazines, both general and niche specific, I watch the news, I listen to the radio. Occasionally something that I hear or read will stick with me. I may record my thoughts on my portable

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