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Searching for a profitable niche is one of the first things you must do when making money online. Many beginners make the mistake of creating a product first and then try to sell it – sometimes to a non-existent market.

Why Niche Marketing

Niche marketing stretches your marketing dollar because it concentrates on a specific area of interest and laser targets potential customers. Your niche market must be small enough not to have too many competitors but large enough for you to make a profit.

Where To Go To Find Profitable Niches

The key step is to identify a market that spends lots of money, find out what they want and give it to them. There are several online sites to get a feel of what current interest and trends are like. Here are some sites:

http://www.google.com/trends/hottrends

http://buzz.yahoo.com/overall/

http://pages.ebay.com/sellercentral/whatshot.html

http://www.43things.com/zeitgeist/goals

http://hobbieslist.com/

http://www.big-boards.com/

Using Google Trends To Analyze A Profitable Niche

Google Trends is very useful for keyword research. In the graph you can see that the term “piano” is too broad a niche – it has a good volume of searches but low PPC bids. This is an indication that there is not much money to be made for this search term.

high volume + low PPC bids = low click through rates and even lower conversions.

Fly fishing on the other hand have PPC bids between $0.30 and $2.00 which means there is money to be made but the search term itself is too low.

Check Out Existing Profitable Niches

To see what products are currently on sale, go to http://marketplace.clickbank.net, set the filter to “Most Popular” and the category of your keyword search term. You should take note of the keyword phrases used in the titles of the products to get some clues as to what keywords to use.

After identifying several possible niche markets, it’s time to do some keyword research. Go to http://inventory.overture.com/d/searchinventory/suggestion/ and key in the term you want, for example, “home theater system” to give you a list of keywords with search estimates. For a more thorough search with added useful features use a keyword research software.

Copy the top 10 keywords for use. If you use a keyword software, you could just enter the main keyword “home theater system” and it will generate a list of related keywords, saving you time and effort in coming up with profitable alternative keywords.

Checking Traffic For Profitable Niches

Next, to check if the keywords are profitable, go to AdWordsTrafficEstimatorSandbox to get an estimate on the traffic expected and the price advertisers are paying.

High Paying Google Keywords

Here are some high paying but very competitive keywords just for interest:

Over $50 per click:
conference call services 73.42
student consolidation 66.66
federal consolidation loan 60.04
ca lemon law 59.91
indiana law lemon 58.21

Over $10 per click:
loans refinance 19.98
vioxx lawyer 19.98
car law lemon used 19.97
credit experian report 19.94
call center software 19.91

It’s best to aim for keywords which are not as competitive. The high-paying keywords may be attractive but to create a product or site around one of these keywords and securing high search engine results to get traffic for clicks will be an uphill task.

Rather, select several lower paying keywords and build multiple sites to target these keywords – results will be easier to achieve.