Updated: Jan 2
One of the biggest questions I see circling online is ‘what is the best niche’. As simple as that question sounds, there’s no actual ‘right’ answer. It’s the same as asking someone ‘what’s the best tasting food?’ Well doesn’t it depend on your personal taste?
Sure, there are areas which seem to be doing better than others but there’s an infinite number of factors that affect the success of a product inside of the business itself.
To straighten out a few thoughts running through the internet, I will suggest a few niches that are probably best to avoid.
Large and heavy goods
Elaborating on large and heavy goods, this category is quite heavily problematic to deal with. You will obviously have to face shipping issues that are unfavourable when dealing with large and heavy goods. The issues arise from shipping costs being immensely high, not to mention the complexity of dealing with returns. You will most likely see that your potential client will save themselves your higher prices and they’ll find no reason to buy big products online, instead, they’ll buy from a physical store elsewhere near them.
Going back to finding out what the best niche to market is, the real idea to grasp is this – you can have the best product but if you don’t know how to market it, you won't make any money from it.
A similar way as having the worst product. If you know how to market it you can make the best money.
But if you really excel in both finding a good niche along with having great marketing skills, you’ll be a money fountain.
This is how I get hundreds of customers every single month in my e-commerce business with my proven marketing strategies. kspmbuiness | FREE CASE STUDY
It’s not necessarily the product, but it's your skills in business that can determine the success of you get.
A good tip I give my students is to find a good niche that is a high ticket product. This simply means a product that has a high-profit margin. This is because ‘net profit is king.’
There are so many businesses that make an amazing turn over, but when you look deeper into their statistics their net profit is next to nothing and this is because they don’t have high ticket products. For example, some businesses will be getting products for $10 and selling them for $20. This $10 will have to cover multiple costs like social media adverts and taxes, fees from the website such as stripe fees and PayPal fees. You will be left with nothing when taking away costs from these type of non-high ticket products.
In terms of providing a solution for marketing the right thing, I always suggest branding your own products – that’s where the money is at. People like branded things in search for better quality, better service, self-fulfilment and so on. It means you can sell the products for more, allowing you to charge higher prices and generate much healthier margins.
People love to follow brands which enables branding to give you power over customers. Look at Apple, whatever they market and put on sale, people will buy. They have complete power over their customers, with the ability to capture recurring customers.
Another great thing about branding is that it’s one of the best ways to get identified. The ability to get noticed instantly by the logo, slogan or general brand image, is pretty much free marketing. People will buy your products, others will see them and notice the brand image and potentially become a customer. All from branding.
To clarify this post, there really is no such thing as ‘the best niche' it’s more about what you do with that niche. Learning how to successfully market the products is what stimulates the success. Dedicate your time to better yourself by learning. Keeping on top of your knowledge and learning from various sources and even other experts in your field is key. Things are forever changing and there's always someone who knows more than you do.
I have also made a Youtube video regarding How To Find Winning Products 2019 (Simplified)
Click the link or picture to check it out: https://www.youtube.com/watch?v=8yf8sSmIhgE
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