We all know how lucrative an online business can be. That’s why millions of new websites pop up daily. The problem is, when the entry is so easy, the competition will be stiff. If you want to generate any income from the internet, you need to stand out from millions of those new sites, plus the currently existing sites as well. That’s a daunting task, to begin with.
Statistics have shown that the average online user has a very short attention span. If you don’t manage to capture their interest within the first few seconds they skim through your site, they’ll navigate away. Then, you lose a potential buyer. If you want to succeed as an online business owner, knowing how to stand out from the rest is crucial. One vital step to ensure your success is niche selection.
Why Selecting the Right Niche is so Important
Depending on your niche selection, you may end up having to compete with a few hundred competitors or millions of them. If you choose a too popular, too saturated niche, such as insurance, you’ll have a hard time getting traffic. Niche research should be done before deciding on the design or name of the site. There are various niche research tools available, but the most effective free option would be the Google Keyword Suggestion Tool.
The general rule of thumb is to stick to keywords which have at least three words and stay away from highly competitive one or two-word keywords. You’ll need a marketing house to help you if you want to rank for such competitive keywords. You can get keyword ideas by discovering what’s hot in the current market, (using Google Trends, for example), or what you are passionate about. Try to find the sub-niches of a popular broad niche. If you are among the first few sellers meeting the demand of a hungry audience, you’ll make a killing.