Niche Research

Although intuition is a positive trait in many things I do, niche selection is not one of them. Merticulous analysis of factors that will proscribe and ultimately increase the productivity of a particular niche must be considered. Decisions must be precise because if it doesn't make sense, it is not profitable. A brief outline of these follow. 

SWOT Analysis 

Often quoted from an early Eastwood movie "a man's got to know his limitations" , it points to the importance of recognizing in the analysis of a particular niche what are the internal and external positive and negative points to consider.

On the internal side is your own personal strengths and weakness in regards to the particular niche you are considering.

When considering Strengths (S) I ask myself; How much I know about it, how interested I am in pursuing the subject,  is this something I can wrap my skills around successfully, and do I have some experience in the subject?

On the weakness (W) side considering; Can I write about this easily, can I design this to work well, will I have the time to put into this project without shorting other opportunities, and is competition better at it than me?

Externally I look those things that I can't control but will affect the niche.

I consider the Opportunites (O) presented; is there a positive market trend, is there weak or negligible competition, are there long term upward movement of the niche and are there good macroeconomic factors present?

On the downside there are the potential threats (T) present; is this easily copied, are there many sharp competitors, macroeconomic threats, and very little room to stand out.

 Competition Analysis 

In reviewing the competition I am looking for the strengths and weaknesses of my competition. Can I improve on the strengths of the best and can I take advantage of the weakness?

I analyze the keywords my competitors are using and look for gaps and inconsistencies.

What keywords are working for them and can I improve the ppc performance.

Niche Volume and Demand

The products and services the niche demands as solutions to their wants is what fuels this engine. No desired fuel means the engine doesn't work. 

Is there sufficient volume in the demand for the products in the niche that I will be promoting?

Summary

Carefully weighing all these factors will make the decision a no-brainer if rigidly adhered to and considered. If it is a "go" then the real planning begins and we are off to the races.