Top Niche Market Ideas (With Meaning and Examples in India)
Due to the current market scenario, many people have lost their jobs, many fear loss of jobs and some have already seen pay cuts, and appraisals are getting delayed almost for everyone. People are looking for an extra source of income.
Earning money online is cost-effective so more and more people have quit their jobs so that they can focus on their moneymaking endeavour.
You have probably read several stories on the Web about how ordinary people have turned into millionaires in just a short span of time. It is good to follow in their footsteps but how exactly does a person earn a fortune online?
The answer: Find The Right Niche.
Table of Contents
Niche Market Meaning
A niche market is a small, specialized market for a particular product or service that can be defined by its own uniqueness, preferences, or identity that makes it different from the market at large.
A niche market can be further refined, or divided, by the particular needs and preferences of its constituents. Some of the most common ways to define a niche are based on:
- Price (e.g. luxury, moderate, discount)
- Geographic zone (residents of a certain country, city, or even neighbourhood)
- Activity or habits
- Demographic (gender, age, income level, education level)
- Level of quality (premium, handmade, economical)
- Psychographics (values, interests, attitudes)
- Feature reduction or addition
Niche marketing helps brands to differentiate themselves and appear more unique and resonate deeply with a distinct set of customers. Rather than blend in with other brands that offer similar types of products or services, a brand can use niche marketing to stand out, appear more valuable, reach its full growth potential, and build a stronger and long-lasting relationship with its ideal customer.
Choosing to focus on a niche is a strategic business decision to serve a specific audience base better than competitors who target the bigger market.
Niche Selection Process
Finding Your Passion:
The first step in niche selection is finding your passion.
- List the top 3 topics that you were interested in as a kid (before 15 years of age)
- List top 3 topics that you have been reading and learning about in the past 3-5 years.
Discovering Your Talent:
The second step is to find the area that you are talented in, or can develop talent in.
- Sometimes your talent and passions will be the same but in most cases, you would have developed talent in something else as you grew up.
- The market will not pay for your passion. The market will only pay for your talent. To find out the right answer, you should ask your family, friends, and co-workers what you are good at.
Understanding Market Needs and Profitability:
The third step is to understand the market needs, profitability along with identifying your customer avatar.
Ask yourself is this niche profitable? (do some research and find out sites that are already earning money in that niche).
Choose an evergreen niche. Ask yourself, can I blog on the same niche even after 5 years? (or does this niche teaches me something even after a few years).
Finally, come up with 5 to 10 profitable niche ideas that you think have a need in the marketplace and also have an overlap with your talent and passion. Check for products and services. Analyze all the sites that are already successful in that niche. So you can easily filter out the unwanted niche ideas.
Keyword research is the best way to find a trending, popular topic. You can use tools like Ahrefs, Semrush, Ubersuggest, etc. to easily come up with a ton of niche ideas. The key here is to use the right metrics including,
- Search volume
- Search trend (you can use Google Trends to check the trend of a keyword or topic).
- CPC (cost per volume, should be as high as possible).
- Competition (don’t pick a niche with too much competition or zero competition, it should have a decent amount of products, services and enough searches so you can build a successful site on it in the long run).
Niche Market Examples, Niches are broadly categorized into:
The broad niche category has several categories beneath it.
Don’t make the niche very broad
Go as specific and as narrow as possible.
You can refine this list once you come up with your customer avatar.
- Digestive health / healthy gut.
- Weight Loss.
- Back and Neck Pain.
- Hair loss.
- Conflict Resolution.
Evergreen Niches: The List of 2021 and Beyond
- Computer Tips and Tricks
- Personal Development
- Personal Finance
- Baby Sitting
- Real Estate
- Innovative Ideas
- Gadgets and Technology
- Memory Improvement
- Interior Design
- Life Insurance
- Social Media
- Living (Art of Living)
- Search Engine Optimization (SEO)
- Cooking, Recipes
- Search Engine Marketing (SEM)
- Video Marketing
- Stock Market
- Meditation, Yoga
- Home automation
- Marketing Skills
- Jobs Finder
- Solar Power
- Electric Cars
- Graphic Design
- Beauty Tips
These are some of the evergreen niches which work well, Pick one niche from the top 5 niches that interest you and evaluate your niche by doing more research on it to come to a conclusion.
These are evergreen niches so they are valid for 2021 and beyond. I hope you all may like this article Top Niche Market Ideas.