Selecting a Niche.

byMick-D

1.2K followers

2 years ago

Image: A radius triangle drawn by AI.

Niche Selection.

We are told not to overthink niche selection, find something we like or know something about, and dig down to a specific part of that niche and get started.

I thought I had a good idea a while back, and registered a new domain.

Not only did I not overthink it, I didn't think about it!

The niche finder sort of showed me what I wanted to see, and I thought "Yeah this sounds fine."

Checking google trends later, the domain name I used is the one in blue on the graph below.

Believe it or not, it is actually a thing!

Like paint brush. Do you search for brush or paint brush?

Too late it is done.

The red line is the last part of the two word title which shows about 80,000 worldwide searches a day.

The worst part of this is, I have a reminder sheet for analysing niches.

I forget where I got the template from, worse, I forgot I had it.

Really, it is stuff I have known about and used for years back when I had a real job, and many of you probably have too.

Anyway I found it, and it may pull me out of the fire (I won't use that other word in mixed company). 😉

The first part is a Macro look at the niche.

Abbreviated as PESTEL

Political:

Economic: Consumer demand, spending on accessories, downturn % in recessions.

Social: Users. eg. GenZ, growth since lockdowns,

Technology: Online buying, the role of AI in applications.

Environment: Eco friendly choices,

Legal: More related to my website complying to affiliate transparency

Then the 5 Ms.

The micro environment. This basically a list of resources.

Minutes: Setting objectives and goals.

Money: Limited budget,

Machines: websites

Materials : Images, videos

Manpower: Me

Demographics.

Who:

Where:

SWOT analysis.

Strength: Knowledge

Weakness: New Website

Opportunity: Growing market, public interest. rise of Gen Z and millennials.

Threats. High DA websites

Resources and links.

Division of industry sectors, future outlook.

I hope this helps someone, but as I said, many of you will probably already know this and are using it.