Finding the Right Niche Market in Under 15 Minutes
Starting or continuing an online business, whether it be in eBooks or selling products online, is a daunting task. This blog post will guide you step-by-step in searching for the right niche market for you to find your inspiration.
With so many new indie authors entering the self-publishing arena, finding the right niche can be crucial to a book’s early success. Some experts give you a formula to writing a book and I will be sharing a similar formula too, but to be more successful, it helps to write about something you can be passionate about. To find some hot topics or categories, you can find them by using Amazon.com like it was a search engine.
What is a Niche Market?
A Niche is a smaller, more defined segment of a larger market. If we used “gardening“ as a large market, a niche market could be “chemical-free gardening“. By focusing on a smaller, “niche” market, you can target customers more easily by creating content that speaks to this more select group of customers.
Another way to look at it is that trying to target “gardening” as a market would be too difficult to get ranked high enough for visitors to find you.
Your goal is to become the expert in that smaller, niche market so that you appear to be the “go to” person for that niche market.
How to Find Profitable Niches with Amazon
Though I am gearing this site towards book writing and publishing, finding profitable niche markets works in other areas like:
- Writing books and eBooks
- Developing Amazon product-specific websites
- Developing new avenues for potential new customers for your business
One strategy for finding these niche markets is to use Amazon.com directly. The next steps focus on eBooks but the steps can be modified to search for products instead of books.
- Log into your Amazon.com account (technically you do not need an account to do this).
- Go to the dropdown menu on the left
- Scroll down to “Departments”
- Hover over “Books and Audible” (or another department that you want to focus on)
- As you are hovering over “Books and Audible”, move to the right and click on “Kindle Books”
- On the left, under “Popular Features”, click on “Kindle Best Sellers”
- A new page will open and under “Kindle Store”, click on “Kindle eBooks” (shortcut to here)
- Another page opens and it will reveal the top 100 Best Sellers from their categories.
How do you Determine what is a Good Category?
In the book/eBook industry, it is going to come down to book sales however for other purposes like an Amazon product-specific website, it’s going to come down to product sales.
Currently the top 4 major markets or audience are:
- Health Market (meal plans, supplements, weight loss, exercise programs)
- Relationships (dating, marriage, kids, personal development)
- Money & Finance (investments, passive income programs, real estate, consulting)
- Career Market (professional services, education, career guidance)
As you are researching a niche market, you want to find books (products) with a Best Seller Rank (BSR) of 30,000 or better. Also look to see how long the book has been selling. If the book has been out for more than a month and has a BSR of 30,000 or better, then it means it has staying power.
Also you want to make sure that the niche market hasn’t been flooded already by a bunch of other authors. Timing will be important because you want to get into that niche market ahead of the rest of the authors who found that niche market.
Checklist to Determine a Good Niche Market
- Topic is in one of the top 4 markets
- BSR of 30,000 or better
- Topic is not flooded with other books/authors
What is Next After Finding a Good Niche Market
One thing to consider next is how you will develop on that topic. Let’s say you did your research and determined that you want to write in the niche market, “Meal Plans for Men”. Now you want to check out other books in that niche, more specifically the reviews for those books.
You want to examine the good reviews and the bad reviews.
Examine good reviews so you can get an idea of what is working. But examining the bad reviews is more key, because you can see what isn’t working and discover pain-points for the readers. Here are some example of “not-so-good” reviews:
“The recipes are super easy however they’re not all that good, the book is nice though”
“Bought this as a house warming gift for a friend that does not cook and more of a gag gift. I thought the title was cleaver…but looking through the recipes, not very healthy.”
“The recipes are odd and unappetizing. So, if you want an easy to handle cookbook with yummy recipes, this one is not for you. You’d be better off stealing recipes off the back of cans.”
“It’s a great concept. However, we were a little disappointed in the quality of the recipes. Not very healthy- high in sodium highly processed.”
From these reviews, you can get an idea of what people are saying and what they would like to see from a meal plan. So if you decided to write a book on meal plans, make sure that the book is not only informational but also had better tasting recipes than in the books that had the reviews from above.
Can the Book Become a Series?
If you can come up with multiple books for the same topic and related niches, then you have a better chance that your books will be more successful.
Can the Book Generate a Back-end Income?
Another key to picking the right niche is to figure out if the book can generate a back-end income. Can you learn commissions by selling products associated to your book and niche? We are talking about affiliate marketing, which is selling other peoples’ products and earning a commission by doing so. The biggest advantage to affiliate marketing is that you don’t have to worry about the back office tasks. There is no inventory to worry about. There is no shipping to worry about. All the accounting functions are handled as well.
You should now have a good grasp on how to find the right niche market to create an eBook and expand your passive income strategy.
Don’t have the skill or the time to write a book? Here is a great blog post on how to outsource eBook writing to streamline your passive income.
Done with your book and want over 100 resources to promoting it? Get a free copy of The Ultimate Guide to Promoting Your eBook.