Figuring out your niche (or niches, as the case may be) is one of the most important aspects of internet marketing, but it doesn’t come easily.
People often focus on niches that they find interesting or that they know a lot about, but they miss one key thing… economics.
Some people find that they pick a good niche and get a website going, but as the economy shifts, their site starts to do worse.
With the modern challenges to the economy that we have been facing it is becoming more important than ever to pick niches that are going to withstand any economic storms that come our way.
This means that you have to have an economic viewpoint in mind when you do niche research.
So, how do you do this?
Niches that Rely on the Economy
With this type of niche research, the first thing to consider is what niches rely on the economy.
A good place to start is to consider your own life.
If your income decreased by 10%, where would you make the cuts? What things would you choose not to buy because you couldn’t afford them?
The most obvious answers are the non-essentials.
One example of this is car sales.
A decrease in car sales is often an indication that there is a recession occurring or that one will soon hit.
What people end up doing is trying to stretch what they have and make it last longer.
This is actually true of any big ticket item that isn’t essential (and even many that are).
If people are tight on money, they are going to be much more careful about the things that they spend money on, especially if those things happen to cost a lot.
However, this isn’t the only place that you see changes.
One specific example is that bottled water sales have decreased dramatically since the recession hit in the United States.
This isn’t really that surprising, because much of the bottled water trend has been about convenience, and that is one of the first things that people drop when they are trying to save money.
The most obvious conclusion is that if you are promoting necessities, then you will probably be okay, but if you aren’t, then you are in trouble.
That isn’t actually the case though.
In fact, promoting necessities is never a particularly effective approach anyway, because people don’t tend to rely on secondary websites for things that they have to buy.
There are some industries that don’t decrease in sales regardless of what happens to the economy. In some cases, the sales may even increase as the economy struggles.
Economy Resilient Niches
So, there are two main things to consider here.
We have to consider what niches resist changes to the economy and why they do so.
A very broad niche that is profitable regardless of the economy is cosmetics and even personal care items in general.
So, even when the economy is really struggling, people will be still spending money in these niches.
One of the main reasons is that these niches make you feel good about yourself.
For example, a woman working two jobs and barely making ends meet would still buy makeup on occasion or some facial products, because these are things that make her feel good.
This is something that people need emotionally.
It’s the same reason that people look for chocolate when they are down, regardless of whether they are trying to lose weight.
As humans, we have emotional needs that we try to fill regardless of our economic status and regardless of the challenges we face.
This means that niches that fill some type of need are the ones that remain popular regardless of changes in the economy.
If you can tap into those niches, then you know that you can continue to make profits regardless of what the economy does.
A good way to look at it is to consider the needs that people have. Everyone has different perspectives, but in general, you can break basic human needs into six key categories. These are:
- Certainty: People look for stability in their lives and assurance that they will be able to avoid major problems,
- Variety: Even with the need for certainty, people still need excitement and variety in their lives. This often comes from hobbies and new experiences.
- Significance: People want to be unique in some way and have something that sets them apart from everyone else.
- Growth: People want to improve themselves over time, whether this is physical, emotional, spiritual, academic or some other type of growth.
- Contribution: People want to feel like they are contributing to something that is bigger than themselves. Often this need is expressed through providing help for others.
- Connection: People need a connection with others. Frequently this connection is romantic in nature, but the need also applies to non-romantic connections.
When you are looking at niches, take the time to see whether they fill one of these basic needs.
If they do, then there is a good chance that it is a niche that is resistant to changes in the economy and one that can lead to long-term profits.
For example, niches within the hobby field frequently perform well, because people choose to invest in hobbies regardless of the economy.
One of the key reasons is that hobbies provide variety and offer a distraction from life.
This can be particularly valuable for people who are struggling economically, which is why you see hobby niches do well regardless of the economy.
Many internet marketing products out there use the term evergreen niche to describe the ‘fantastic opportunities’ that they are providing.
The term itself is hype, and it basically refers to the same type of niches that we are talking about here.
Basically, an evergreen niche is a niche that is ‘always in the green’, which just means that it is always making profit.
That’s kind of what we have been talking about all along.
This means that the niches that these types of companies provide don’t offer anything that you can’t find on your own.
However, you can use the term to your advantage, because you can search for lists of evergreen niches and this will give you additional ideas about potential niches.
However, do be careful and do your own research, because someone saying something is an evergreen niche doesn’t mean that this is actually the case.
The best way to find niches that will resist changes to the economy is to look at the basic needs I talked about and do your own research.
Google Trends is actually a really good tool to use for this, because it will show you how interest has changed over time.
When it comes to Google Trends, you want to be looking for niches that have increased over time or have remained steady.
You specifically don’t want niches that have experienced a lot of change or are very sporadic, because you have no way of knowing whether these will remain constant over time.
However, if you want some ideas to start you off, here are some niches that are relatively resistant to changes in the economy.
- Health and nutrition
- Supplements and vitamins
- Weight loss
- Making money
- Job seeking
- Muscle building
- Relationship advice
There are many different sub-niches of the niches I have listed here, but if you look into them, be careful to avoid sub-niches that are fads, because these are unlikely to remain profitable over time.
If you are looking at picking a niche or just looking for more information about getting started in online business - I recommend using an online training site.
This can help to support you and show you how to navigate some of the complexities of this industry.
The best training site that I have found is one called Wealthy Affiliate.
Wealthy Affiliate offers extensive up-to-date training and continues to be developed upon and expanded as time goes on.
Unlike most other training sites, Wealthy Affiliate is also very community focused. As such, there is a large community of people who actively support one another and also provide advice and feedback when it is needed.
Even if you don't feel like you need training, the community support can have a huge influence on whether you succeed in making money online.