Why Old Methods of Niche Selection Won’t Work
In either case, whether you’re looking for a niche, or a sub-niche. Looking for that best angle. Or, if, unfortunately, you’re in the place where, hey, I just want to make money, I’ve got 1 or 2 ideas of things I might be interested in. What I’m getting ready to share with you will give you kind of the road map to making that happen.
The first thing that we have to do. We have to find out what are interests and needs that need to be met. We can brainstorm this, and by the way, rather than just giving you four different ways that you can do this. I want you to understand the why behind it. Because if you happen to be in a niche, or an interest, where the 3 or 4 ways I give you won’t work. If I give you the background for WHY you would use these, then you can find something that will work for you.
The bottom line is, what you’ve got to do is find out 2 things. Number 1, are there people in your interest area that have needs that are being unmet? And then 2, are the people who have needs that are unmet, are they willing to invest money with you?
You’ve got to find out both of those things.
Folks have talked about in the past, and it’s a fallacy, that you can just go online, do some quick research, find out how many people have needs, find out how much money they’re willing to spend, and well, voila, you have your answer. I don’t know that it EVER worked, but, if it ever worked, it doesn’t work anymore.
One of the old methods, and I think at one point I even taught an iteration of this, one of the old methods, when the internet was young. You would go online, and you would look for something that had lots of searches online, and it didn’t have too many advertisers. But, it had some. The theory was, if there were some advertisers, well some people must be making money. People don’t pay advertising if it’s not working in the long run. You might start out advertising, but after a few weeks, or a few months of not making money, they tend to quit. It just works that way.
We could look at some old formulas, and we could say, hey, if people are advertising, and lots of people are asking the question, well then, somebody is making some money, so maybe there’s room for one more entrant.
Another thing we could look at. We used to create these fancy algorithms to say if there’s 100k searches, but there’s only 5 advertisers, or whatever the case is, then we would say, well, now, that’s a competitive niche, that’s ultra-competitive, maybe stay out of it. All of these different types of things.
The truth of the matter is, that today, number 1, it’s much more difficult to get that search information. And, by the way, if you think you’re getting that search information today, double check. There’s a strong possibility that wherever you’re buying it from, is selling you information that’s really 3 years old. But, they’re recalibrating it so that it looks like new information. The reason I say that is, to the best of my knowledge, for the most part, the providers of that information are no longer providing it anymore. The raw data is no longer there.
Now, there’s a huge industry around selling that information. But, the information doesn’t really exist anymore. Certainly not, to my understanding, they way that it used to. If that’s the way they used to look at it, but it doesn’t work anymore. What else do we do? We’ll talk about that in the next post!