We will begin by looking at the life of Ms. Mary Flower-head (not a real person) . Ms. Mary Flower-head is an ordinary person, just like you and I. She aspired to be an actress but instead she became a teacher by day and a hobbyist by night.
One day an idea struck her so powerfully it almost blew her brains out. She could make and sell handmade dolls on the Internet, she thought! Ms Mary Flower-head is actually targeting a niche market.
The Internet is filled with millions of websites and almost any business idea you could think of. Some Internet business types are so common that the market is saturated and the competition is plentiful .
Targeting a niche market is an ideal way to build a profitable business on the Internet, which requires less overall investment. Million dollar niche market ideas will be the ones with little to no competition.
What is a Niche Market?
A niche market is the subset of the market on which a specific product is focused. The market niche defines as the product features aimed at satisfying specific market needs.
For example: There are all types of dolls and materials and methods used to make them “handmade dolls” is a small segment or niche of the doll industry. Instead of focusing on the doll industry as a whole you would build a profitable business on a small part of that industry .
It does not matter if you already have a business idea or are looking to generate new ideas, Internet marketing research will give you the leading edge over the competition on the Internet.
What is Google Trends?
Google trends is a free tool which can be used for Internet marketing research. Google Trends is a public web facility of Google Inc., based on Google Search, that shows how often a particular search-term is entered relative to the total search-volume across various regions of the world, and in various languages.
I think we all can agree that one of the biggest advantages in business is knowing what people want. Surveys are based around the idea of gathering information which would lead to the discovery of what people like and want. Simply put Google Trends- is a window into what people are searching for on the Internet using the Google search engine. It allows you to tap into Google’s database of searches.
To begin using Google Trends visit https://trends.google.com, enter into the search bar ,your desired niche business idea.
Using the example of Ms. Mary-Flower-head, I will enter handmade dolls. If there is enough interest in the search term handmade Dolls, Google Trends generates a report.
The report answers the following questions based on the search term entered:
1. Is their any interest in Handmade Dolls?
2. When is the interest highest ?
5. Under the related queries section there was not enough data to produce a report.
6. The Related topics Section, gives you an upfront advantage of knowing what related topics people are searching for. In the example below I see Internet users are also searching for sewing and sewing patterns based on my search term handmade dolls.
Knowing what people are interested in, can trigger solid business ideas.
Is it a Profitable Business Idea?
Lets say you have an Internet business idea that Internet users are searching for, the next step is to research the competition. Internet competition is a key factor in determining if an Internet Business idea has the potential to be profitable.
We will turn to Google.com for the answer . Google.com is considered the top search engine used by millions to search the Internet.
Armed with all the information gathered on possible niche business ideas, enter your search term into the search engine. In my example I will enter Handmade dolls.
Keep in mind a potentially profitable business idea will be the niche market idea that people are searching for, based on your research, that has little or no competition on the Internet. Continue this method with the niche business idea you are knowledgeable about and passionate about. Try experimenting with various search terms related to your niche idea. The lower the competition for your business idea the greater the success rate!