What to Sell Online: Niche Product Selection

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This presentation goes into great detail on choosing a niche for your online business. The content is geared toward people who are trying to figure out what products to sell in their eCommerce stores. However, the concepts covered are fairly universal in terms of how you choose, define and refine your niche, regardless of your online business model.

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What to Sell Online: Niche Product Selection

  1. 1. What to Sell Online: Niche Product Selection What to Sell Online: Niche Product Selection www.shoppingsignals.com
  2. 2. You’ve decided to start an eCommerce store. Great! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  3. 3. You’re in the right place for that. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  4. 4. But first things first. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  5. 5. You must choose a product to sell! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  6. 6. Figuring out what to sell online isn’t just a part of the process. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  7. 7. This is the MOST important step! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  8. 8. I cannot stress that enough! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  9. 9. You need to identify a niche that has real value. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  10. 10. One with true potential. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  11. 11. One that solves a problem or fills a need. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  12. 12. You can’t just sell anything. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  13. 13. And you definitely don’t want to sell a random mix of everything. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  14. 14. Amazon already does that better than you’ll ever be able to. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  15. 15. Niche product selection should be your focus. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  16. 16. So let’s focus on choosing a specific niche! Better yet, a micro niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  17. 17. More on that in a moment. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  18. 18. By focusing on a specific niche, you can actually do things better than Amazon will ever be able to do. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  19. 19. So there it is. Determining what to sell online is the same as niche product selection. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  20. 20. You’re trying to figure out a specific type of product to sell on your eCommerce website. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  21. 21. What’s a niche anyway? What to Sell Online: Niche Product Selection www.shoppingsignals.com
  22. 22. Well, in terms of products and eCommerce, a niche is simply a sub-set of a larger group of products. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  23. 23. But I bet you already knew that. If not, here’s a good example: What to Sell Online: Niche Product Selection www.shoppingsignals.com
  24. 24. ‘Doll houses’ would be a niche within the girls’ toys market. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  25. 25. Fisher Price Doll Houses would be a more focused niche within the Doll Houses niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  26. 26. Too Many Slides? I get it!! You can read this directly on my site in standard blog post format. Enjoy! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  27. 27. Niches are like categories and sub- categories. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  28. 28. Why should I choose a focused niche over a broad category? What to Sell Online: Niche Product Selection www.shoppingsignals.com
  29. 29. Great question. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  30. 30. There are a couple of very important reasons why I recommend focusing on a niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  31. 31. 1. Your path to becoming an authority, getting noticed, and building an audience is much easier if you’re focused on one specific niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  32. 32. It’s exceedingly more difficult to focus on a broad category in a large market, with lots of different categories and product types. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  33. 33. Start small, then grow bigger if/when it makes sense. But honestly, don’t even worry about getting bigger right now. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  34. 34. 2. Better conversions! That’s right. If your site is specifically tailored to a particular niche, people will be more likely to purchase from you. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  35. 35. If you seem to specialize in just what they happen to be looking for, you instantly gain a level of authority and expertise in their eyes. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  36. 36. People would much prefer to order from an expert over a super-store, all other things being equal. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  37. 37. (And if you provide real value, they’ll even pay more to buy it from you! …true story) What to Sell Online: Niche Product Selection www.shoppingsignals.com
  38. 38. When you’re just starting out, you want to give yourself the best possible chance for success, with the least amount of personal and monetary investment. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  39. 39. Focusing on a niche allows you to do that. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  40. 40. Okay, so hopefully I’ve convinced you about the importance of choosing a niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  41. 41. I want to take it a step further now, and urge you to get really focused, and seek out a ‘micro niche’. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  42. 42. A micro niche is just as you suspect. An niche of a niche. A very specific product sub-category, in other words. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  43. 43. So in our example of the Doll House niche, ‘miniature doll house beds’ would be a micro niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  44. 44. I know… it seems awfully specific. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  45. 45. But remember, you want the least path of resistance when starting a business; the lowest barrier to entry; the best possibility for success (that is, sales). What to Sell Online: Niche Product Selection www.shoppingsignals.com
  46. 46. A micro niche, if chosen properly, will give you these things. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  47. 47. Some Proof, Please! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  48. 48. Okay, okay. You don’t just have to take my word for it. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  49. 49. Building niche-based websites has long been a proven model for success in the online marketing world. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  50. 50. There are countless examples of people who have made a killing with affiliate product promotion or adsense, by focusing on very specific niches. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  51. 51. This is no different for eCommerce sites that sell physical products. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  52. 52. One great example, from noted ecommerce expert Lisa Suttora, details how a man went from a “variety store” model (selling a little bit of everything) on eBay, to deciding to focus on specific niche ecommerce sites. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  53. 53. He now owns many niche ecommerce sites and has been listed as one of Australia’s 30 under 30 entrepreneurs. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  54. 54. Focusing on one niche at a time gave him greater SEO and online marketing leverage, intimate market knowledge, clearly focused brands, etc. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  55. 55. There are also lots of real-world examples that demonstrate how reduced choice can lead to improved conversions for online stores. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  56. 56. One awesome example, from eCommerceFuel (http://www.ecommercefuel.com/inside- relaunch-online-store/), details how a trolling motor (those small fishing boat motors) site increased conversions by over 48%... What to Sell Online: Niche Product Selection www.shoppingsignals.com
  57. 57. …and average order value by over 32%, by reducing the number of products they sold and focusing on a specific type (a micro niche) of trolling motors. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  58. 58. And by the way, Andrew’s site is a killer resource for starting and running an eCommerce store. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  59. 59. Another example, from Visual Website Optimizer, shows how they were able to increase site engagement by 27% after removing a product filter from one of their product categories. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  60. 60. This is a good example of how fewer choices can mean better results. Something like a product filter would seemingly be a benefit to the user. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  61. 61. But A/B split testing showed that it actually just distracted visitors. Having fewer choices allows your customers to get right to what they’re looking for, without being confused or distracted with anything else. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  62. 62. Not Just Any Niche What to Sell Online: Niche Product Selection www.shoppingsignals.com
  63. 63. Alright. You’re still reading so I hope we can agree that choosing a niche or micro-niche is a wise approach. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  64. 64. Awesome. I knew you were a wise one! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  65. 65. But what’s next? What to Sell Online: Niche Product Selection www.shoppingsignals.com
  66. 66. You can’t just throw a dart and pick the first niche it lands on. If you select the wrong niche you’ll either be competing with Goliath (Amazon), not competing at all… What to Sell Online: Niche Product Selection www.shoppingsignals.com
  67. 67. …because nobody wants what you’re selling, or worse yet, competing on price because you’re selling a commoditized product that folks can get at the corner store. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  68. 68. You need a practical, data-backed method for choosing just the right niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  69. 69. It’s simple really, in theory. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  70. 70. At the very minimum, you want to identify a niche that is searched-for frequently, and is at the same time undeserved by existing eCommerce merchants. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  71. 71. So a niche that a lot of people are interested in, but for which very few online stores are offering a viable choice. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  72. 72. Easy! Only, it’s not all that easy. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  73. 73. It can actually be pretty darn difficult to find such a niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  74. 74. And that, my friends, is something a lot of eCommerce ‘experts’ won’t tell you. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  75. 75. They’ll make it seem like it’s as easy as brainstorming 20 ideas, narrowing down your list, and doing a few Google searches to find the perfect one. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  76. 76. No! That’s not how this works. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  77. 77. It’s more complicated than that. But thankfully, it’s not rocket science. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  78. 78. You just need a plan and the right tools, along with some basic guidelines. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  79. 79. Maybe a step-by-step plan of attack? Okay, here you go. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  80. 80. Step 1 – Mindset What to Sell Online: Niche Product Selection www.shoppingsignals.com
  81. 81. It’s not about what YOU are interested in. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  82. 82. It’s about what potential customers are interested in. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  83. 83. To be clear – I do not recommend that you “follow your passion” or “choose something you’re passionate about”. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  84. 84. If, after all of your research, you happen to have found a niche that meets your criteria and you’re passionate about it, then great. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  85. 85. That’s certainly not a bad thing. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  86. 86. But your passion alone should not be the driving force behind this selection process. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  87. 87. For example, let’s say you’re like me and you’re passionate about golf. Despite not being very good at it, I do love golf. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  88. 88. And frankly, I’d love to own a golf equipment eCommerce store. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  89. 89. But that would be a horrible niche to enter. It is saturated, completely. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  90. 90. There are so many online options for purchasing golf equipment. It would be extremely difficult to ever get noticed in this crowded space. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  91. 91. Even in a micro-niche like a specific type of club, the competition is very strong. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  92. 92. I’d be trying to compete with giant online and offline retailers, large content producers (Golf Digest), etc. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  93. 93. It would be difficult and expensive to get onto the first page of Google’s search results…not to mention it would take forever…if it ever even happened. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  94. 94. Make it easier on yourself. Don’t focus on a passion. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  95. 95. Change your mindset and focus on a business approach. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  96. 96. Focus on an approach that seeks to validate demand and profit potential of your niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  97. 97. Here are a few other niches I wouldn’t touch, simply because the competition is already so strong: What to Sell Online: Niche Product Selection www.shoppingsignals.com
  98. 98. * Insurance * Debt Consolidation * Mortgages & Loans * Real Estate * Computers and related equipment * Stocks * Travel * Making Money Online * Weight Loss * Dating What to Sell Online: Niche Product Selection www.shoppingsignals.com
  99. 99. Step 2 – Generating Ideas What to Sell Online: Niche Product Selection www.shoppingsignals.com
  100. 100. Once you’ve established the proper mindset of commercial viability over passion, you can move into the idea generation process. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  101. 101. This is the phase in which you develop a list of potential niches for your eCommerce site. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  102. 102. You just want to come up with a group of potential niches that you can further refine based on the criteria we’re outlining elsewhere in this plan. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  103. 103. First off, avoid the highly competitive niches listed above. Again, those are typically too competitive to waste your time on. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  104. 104. Think small, undeserved, focused, micro niche. Develop a list within those constraints. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  105. 105. If you’re in idea generation mode, try to always be aware of that fact and try to pay attention to things you read or hear, and how they may spark ideas for product niches. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  106. 106. Be aware of your surroundings as well, as you may come across a product in the store, or a situation in every day life, that sparks the idea creativity. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  107. 107. There are also some tools and resources you can use to help. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  108. 108. Popular lists like Twitter Trends, Google Trends, or Amazon best sellers. Tons of ideas there. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  109. 109. Twitter and Google will give you ideas about things that are trending, topical and popular right now. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  110. 110. Many of these topics may not be product oriented, but they can spark ideas of related product niches. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  111. 111. And the Amazon best sellers will give you an idea of the best selling products on the web right now. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  112. 112. If you can find a niche variation of one of those, then you’re on your way! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  113. 113. Spend a couple of hours over the course of 2 or 3 days just thinking about niche ideas, looking at these resources and jotting down what you come up with. You’ll have a great starting point. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  114. 114. Step 3 – Profitability What to Sell Online: Niche Product Selection www.shoppingsignals.com
  115. 115. Just because people are looking for something, doesn’t mean it has profit potential. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  116. 116. You’ve got to choose a niche in which people are actively looking to buy a product, and a product already exists. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  117. 117. For example, I know lots of people are afraid of spiders. And if you do a Google search for ‘afraid of spiders’, you’ll find over 7 million results. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  118. 118. It’s definitely something people are interested in and searching on. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  119. 119. But what you’ll also find is a glaring lack of products being sold. None. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  120. 120. There are zero Adsense ads, and no eCommerce stores come up. That doesn’t mean this is a great, un- tapped opportunity. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  121. 121. That means that people searching in this niche aren’t looking to purchase products. They’re just looking for information. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  122. 122. Now, you could instead focus on the spider killing niche if you’re the murderous type. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  123. 123. A search for ‘spider killing’ does reveal one eCommerce result for a spider killing spray on sale at walmart.com. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  124. 124. But this violates our guidelines in that it’s a commoditized product, is for sale at the corner store, and is being sold at an online giant like Wal-Mart. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  125. 125. No thanks. I’ll pass. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  126. 126. So what identifies a niche as potentially profitable? What to Sell Online: Niche Product Selection www.shoppingsignals.com
  127. 127. * There are some (but not too many) commercial listings in your search results. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  128. 128. That is, when you search for, say ‘heated dog house’ you’ll notice several ecommerce sites show up in the organic search results. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  129. 129. Additionally, there are Google promotional ads (Adsense) along the top and right side of the organic results. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  130. 130. For heated dog house, the competition is pretty stiff, so I’d probably stay away from it. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  131. 131. But, perhaps there’s a more obscure micro niche within the heated dog house category that has some, but less, commercial competition. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  132. 132. That’s the kind of thing we’re looking for here. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  133. 133. * Do your target customers have the money and ability to buy what you’re selling? What to Sell Online: Niche Product Selection www.shoppingsignals.com
  134. 134. For example, you might not want to market luxury dining tables to recent college grads. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  135. 135. It’s out of their affordable price range…not to mention extremely difficult and expensive to ship. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  136. 136. * Is it something people want year round? Seasonal niches can work, but again, why make it harder than it has to be. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  137. 137. Give yourself the best chance at success by selecting something that people want any time of the year. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  138. 138. Ensure that your niche has profit potential before moving into the next step. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  139. 139. Step 4 – Prove Demand What to Sell Online: Niche Product Selection www.shoppingsignals.com
  140. 140. So far we’ve developed a mindset that favors a business approach, we’ve generated a list of ideas, and we’ve filtered down that list to leave only the potentially profitable niches. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  141. 141. Now here’s where it gets interesting…dare I say, exciting! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  142. 142. We can actually ensure that there is sufficient demand for our niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  143. 143. There are no certainties in this game, but being able to tell approximately how many people are searching for your niche every month certainly stacks the deck in your favor. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  144. 144. And you can very easily determine this key metric. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  145. 145. First, you need a keyword tool. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  146. 146. You can go premium, with and excellent tool like Long Tail Pro that really does a deep dive into keyword research. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  147. 147. It provides you with extensive keyword analysis and suggestions, competitor analysis, Google rankings, etc. I’ve used it and highly recommend it for niching down to a profitable, and in- demand micro niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  148. 148. However, if FREE is your thing, then Google’s Keyword Planner tool will do the job just fine. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  149. 149. Either way, these tools provide you with data on how many people, per month, are searching for a specific term, along with many suggested related terms for you to research. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  150. 150. Regardless of the tool you choose to do keyword research, here’s what you want to look for to prove demand for a niche: What to Sell Online: Niche Product Selection www.shoppingsignals.com
  151. 151. Take each remaining niche from your list and do the following: What to Sell Online: Niche Product Selection www.shoppingsignals.com
  152. 152. 1. Enter it into your keyword tool of choice, and be sure to select ‘exact’ match search results, and make sure you’re only looking locally (as in the United States only). What to Sell Online: Niche Product Selection www.shoppingsignals.com
  153. 153. 2. Run your query What to Sell Online: Niche Product Selection www.shoppingsignals.com
  154. 154. 3. Here’s what to look for, for each keyword phrase: What to Sell Online: Niche Product Selection www.shoppingsignals.com
  155. 155. 1. At least 3000 local monthly searches – this ensures that a significant number of people are searching for your niche…demand! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  156. 156. 2. Make sure there are lots of variations of your keyword. 10 or more is a good target. These would be ‘long tail’ variations. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  157. 157. Ex – if your niche keyword is “ant farms”, some long tail keyword variations might be “glass enclosed ant farm” and “ant farm with queen” What to Sell Online: Niche Product Selection www.shoppingsignals.com
  158. 158. So, not only do you want to ensure that a significant number of people are looking for what you’re selling, but you also want to make sure that there are lots of long tail variations of your niche being searched for. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  159. 159. This is because, in reality, most ecommerce sites only get about 20% of their traffic from their primary keyword. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  160. 160. All the rest of the traffic is coming in from those long tail variations. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  161. 161. So you want your niche to have lots of these variations that you can target with great products and / or content. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  162. 162. There must be demand for your niche, before moving on to the final step! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  163. 163. Step 5 – Assess the competition What to Sell Online: Niche Product Selection www.shoppingsignals.com
  164. 164. Even if you’ve done everything right up to this point, you still may not have a viable product niche to pursue. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  165. 165. That’s because there may be too much competition. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  166. 166. But Ryan, didn’t we already think about competition in the first step? What to Sell Online: Niche Product Selection www.shoppingsignals.com
  167. 167. Indeed we did. But that was in a much more broad sense than is required now. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  168. 168. At that point we were just thinking logically, and being prudent so as to not waist our time researching saturated niches. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  169. 169. But now, you have a much narrower list that’s been fine- tuned and filtered down to the best possible opportunities. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  170. 170. It’s now time to complete your final due diligence for each of the remaining niches. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  171. 171. It’s time to analyze the competition to make sure you have some kind of chance to get your site noticed, ranked, and into the fold. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  172. 172. We want to identify a couple of targets in your niche. By targets, I mean sites that are vulnerable, not up to the standards of the others, low quality, forgotten, abandoned, etc. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  173. 173. We can feel pretty confident that we can eventually out rank these targets! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  174. 174. To do this you really just need to look at three metrics, for each of the top ten sites that come up in Google for your niche keyword search. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  175. 175. The three things you need to look at are Inbound Links, Domain Authority, and Website Quality. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  176. 176. Inbound Links – These are links pointing to a website from other websites. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  177. 177. Also known as incoming links, they represent one of, if not THE most important SEO factors. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  178. 178. Google places a large importance on the number of inbound links a site has, when determining search position. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  179. 179. So you want to evaluate the number of inbound links that each of the top 10 sites have in Google’s results. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  180. 180. You can fairly easily achieve this with a tool like Open Site Explorer. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  181. 181. Simply enter up to 5 URLs at a time and run the search. What you really want to pay attention to is the “Linking Root Domains” number. This is the number of unique websites that are linking to it. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  182. 182. Depending on the niche the numbers could be in the 10s, 100s, or 1000s. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  183. 183. You want to look for opportunities here. So if every site has 1000s of uniques, you want to avoid this niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  184. 184. But, if every site has numbers in the low 100s, I wouldn’t be too worried. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  185. 185. The goal here is to find one or two (or more) sites in the top 10 results that have much less than all of the others. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  186. 186. Those are your targets, and that tells you there is room to work your way in to the search results in this niche! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  187. 187. Domain Authority – This is a metric developed by Moz.com one of the leading SEO communities, and is widely used as an indicator of Authority in the SEO industry. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  188. 188. It’s essentially an algorithm that predicts a website’s ranking potential based on a bunch of factors. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  189. 189. Luckily, Open Site Explorer can also be used for gathering this metric. So you’ll be killing two birds with one stone here. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  190. 190. You will quickly notice the Domain Authority metric for each site you evaluate. It’ll be in the top left of the results. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  191. 191. Domain Authority Metric in Open Site Explorer What to Sell Online: Niche Product Selection www.shoppingsignals.com
  192. 192. Again, we’re looking for opportunities here. 70 and up is considered very strong Domain Authority. So if all 10 results were above 70, I’d avoid that niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  193. 193. If a few are really low…like under 30, that’s a big opportunity and I’d pursue that niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  194. 194. Basically, just look for a couple that are much lower than the rest and target these. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  195. 195. Website Quality – This is a less precise evaluation and won’t rely on some tool or number. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  196. 196. This is your reality check, your hands-on diagnosis of the competition. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  197. 197. You want to visit each of the top ten sites and determine their level of quality. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  198. 198. This isn’t anything specific. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  199. 199. We know quality when we see it, don’t we? What to Sell Online: Niche Product Selection www.shoppingsignals.com
  200. 200. Look for things like professional design, great navigation and usability, great added-value for the customer (things like product guides, helpful tutorials, videos, etc…great content). What to Sell Online: Niche Product Selection www.shoppingsignals.com
  201. 201. If every site knocks it out of the park in the quality department, I’d avoid the niche. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  202. 202. But what we’re looking for here is…say it with me…an opportunity! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  203. 203. Are any of the sites poorly designed, hard to navigate, offering no additional value to the customer? If so, here again, these are your targets. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  204. 204. What to Sell Online – The Selection What to Sell Online: Niche Product Selection www.shoppingsignals.com
  205. 205. Have you’ve been following along? Have you performed each of the steps outline here in succession? What to Sell Online: Niche Product Selection www.shoppingsignals.com
  206. 206. If so, you should have arrived at this point with probably one or two excellent niches! They’ve passed all of the tests and cleared the hurdles. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  207. 207. We can be fairly confident that these niches would be profitable. You’ve given yourself the best chance of success! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  208. 208. If you have one or two niches, all you have to do now is pick one. You can feel confident that it is a smart way to go. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  209. 209. Next, you’ve got to put a plan in place to source products, develop a website, and promote it. All of which can be done rather painlessly. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  210. 210. Especially if you have a little help. And that’s why I’m here. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  211. 211. We’ll get to product sourcing next! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  212. 212. Next Steps What to Sell Online: Niche Product Selection www.shoppingsignals.com
  213. 213. If you liked this tutorial, or hated it for that matter, I’d love to get your feedback. Leave a comment below and let’s begin the conversation! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  214. 214. I highly encourage you to follow this step by step process if you’re interested in choosing a niche a new ecommerce site. What to Sell Online: Niche Product Selection www.shoppingsignals.com
  215. 215. Take action, and let me know how it goes! What to Sell Online: Niche Product Selection www.shoppingsignals.com
  216. 216. Want More Great Info On eCommerce and Internet Marketing? Sign Up For My Email List …and you’ll get a free report on starting an online store! What to Sell Online: Niche Product Selection www.shoppingsignals.com

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