Why Do You Need To Choose A Niche With Competitions

1. Competition creates demand for a product of that particular niche
2.  There’s no guesswork.
3. You can be making money sooner than you thought.
4. You can create or promote a product base on people’s needs and desires.
5. You are selling a product that people are searching to buy.
6. There’s a demand for the product whether you sell as an affiliate or create your own.
7. To have an ongoing proven and tested profitable product that has a market, gives you an edge to scale your profit.

Many beginners unfortunately skip to the most significant first step in creating a digital product. Where in that step requires you to select a suitable and potentially profitable niche. How it is done, is by doing thorough research for a  niche that has enough competition in the market to generate significant sales as you promote your similar product would simply mean you’ll share a piece of the pie.

Not only that, but it also means you are dealing with a product that has plenty of opportunities to scale your business profit.

Because it’ll be very hard to sell a product that has no recognition from the consumers. In this case, avoid creating a product that has not been tested in the market yet especially if you are a beginner in the online business with a limited investment to spend.

To introduce a new product in the market requires a length of time to promote it to get introduced to the market. The longer it takes to promote, the more money you need to spend promoting your non-competitive new product… 

Unfortunately, beginners, who typically fail to run that first stage of the process to create digital product becomes their own victim ( a typical situation of the unguided newbie who set out alone in the internet marketing like gung-ho .) And tried to work alone unassisted by someone who is an authority to guide and hold their hand to walk straight leading up to a journey to succeed in online marketing. In this scenario, an unguided beginner produced digital products without knowing who their buyers are. To put it simply, they set out in failure right from the onset, thus failure will continue to be the result of all the succeeding works they put in.

What are the things that need to be covered while conducting product niche research? In Step 1 of the process to create a digital product.

Below, are the questions that must be answered as much as possible. You can only answer these questions if you conduct proper niche research.

So to the question of is there a demand for the product that you intend to create?

Ways to determine the demand for a product

•  
• 1. Go to Google Keyword Planner – Have a close watch on the search trends related to your product. To do this you must have a google account. Go to https://ads.google.com/ create a new account. Then go to Tool and click on Keyword planner. Type in your keyword. This is a super-easy way to get a preliminary idea of demand in under 5 minutes, and for free.
• 
• In this example, we use a physical product keyword to research for enough competition that exactly works the same as for researching for a suitable type of niche to create a product or searching for a suitable product to sell…where people are searching to buy. Just type in your keyword.
• 

 

      2. Google Trends – This is another amazing tool to search for a product idea and then view the search volume for that keyword throughout the past few years, past 12 months, or 30 days.

     In this example ” iPhone cases” was used, this is for eCommerce physical product which actually with exactly the same method when you want to search for an idea to create a digital product.

 

What age, location, and gender would like to buy your product most of the time?

    3. Go To Facebook Insight 

      Define Your Audience Demographics

Since you’re looking for local customers for your new service, add your store location, say, Portland, Oregon, and the city’s suburb of Beaverton. This gives you insights into people who are likely to drive to the store to pick up their products say, Portland, Oregon, and the city’s suburb of Beaverton. This gives you insights into people who are likely to drive to the store to pick up their products.

You can explore audiences in every country worldwide or the only ones that you want to deal with your business with.

Age and gender

Here, you’ll want to choose the age and gender of your target audience. Say you have already created buyer personas for your marketing campaigns and know your audience. Based on your target demographic, you opt to advertise to men and women between the ages of 25 and 39. 

     Discover what your target audience likes

Page likes

The Page Likes section gives you insight into the different Facebook Business Pages your audience likes. Facebook uses two criteria, relevance and affinity, to share this information:

Relevance: The Pages your audience is likely to find relevant based on affinity, Page size, and the number of people in your audience who already like that Page.

Affinity. How likely your audience is to like a given Page compared to everyone on Facebook.

Is there a long-term value to it? –  

You can determine your product’s long-term value, by simply measuring your customer’s lifetime value as the average order total multiplied by the average number of purchases in a year multiplied by average retention time in years.

Having all they answered will prevent you from losing more money, and time, when you promote your product. And if you can create or find a product or service that answers all the questions above, you are already stepping almost at the door of success.

The next thing to do to prove the product’s high probability of success is by launching a market test drive in order for you to see if the sales result in that test will give you a good ROI. 

What is Market Testing?

The most accurate definition of market testing is – trying out different marketing methods and then use the most successful ones to grow your business. People test different variables in their advertising, websites, live presentations, guarantees, unique selling propositions, and pricing points. Sometimes, just by changing some small variables, sales can shoot sky-high sales results.

It can be as simple as using two different subject lines, one each for half your client email list, and see what message gets not just the most opens, but the most completed sales.

These are some methods on how to run a market test of your products.

1. So test different CTAs: test the color of the click button, or click to action words and anything that is laid down in your landing page or sales letters 
2. approaches
3. headlines
4. emphasis
5. packages
6. rationales
7. pricing
8. bonuses and etc.

Test different responses and performance levels, otherwise you’re leaving behind a lot of money on the table.

Whether you promote it organically or with a paid ad. Having gone through initial sales you’ll be able to determine the sales value of your product or service through market testing. This is a technique that may help you to move forward not having to fear losses because you have conducted an advanced measure to determine your product’s sales potential results. 

Without running a market test anyone can easily end up with a lost opportunity to create a good business, lose hard-earned money, wasted precious time, and hard works.