Doing your research to choose a niche as a virtual assistant could be the difference between making and losing money—both offline and online. This is a skill that can be essential to develop if you want to be profitable.
How can you spot a potential niche?
It’s simple. If there are people advertising in it then you know they are making money with it. If there are not any advertisers, you know it’s not worth going after.
The easiest way to tell is to just do a Google search and look at the right-hand side of the page. If there are Adwords advertisers there—preferably 7 to 11—you know it has money-making potential.
But don’t just stop there. You also need to make sure they are bidding a reasonable amount.
What’s a reasonable amount for a CPC?
Generally speaking—and this isn’t a hard and fast rule—at least $1-2 per click. If advertisers are willing to bid this high, you know they are making money and they probably have healthy profit margins as well.
But if you see them only bidding $.5 or below, you know their profit margins are razor-thin. It’s probably a wise idea to avoid that niche.
Don’t get me wrong. I’m not saying those keywords with minimal bids can’t make you money. If there is a keyword with 1000s of searches a day then you can make a significant amount of money even with a 2% profit margin.
But in most instances, you should follow the above criteria. But make sure the niche has a sufficient amount of keywords.
What is a sufficient amount of keywords?
In most instances at least 20-30 that meet the above criteria and preferably more. If there are only five keywords, there won’t be a lot of profit potential in that niche.
For instance, instead of trying to teach people how to make money with internet marketing, which is insanely broad, you could focus on teaching people how to make money with Google Adwords.
That would be an example of a sub-niche. It’s much easier to make $10 a day with 10 sub-niches than trying to earn $100 a day with 1 broad niche.If you are trying to sell to everyone, you will sell to no one. Click To Tweet
This is why having a sub-niche is incredibly important. Too often, people just try and sell generic products without having a clear vision of who they are targeting.
Picturing exactly who your customer is will help you write copy designed for their specific needs and really get into their minds, imagining how they spend their days, what their goals are, etc.
This is what separates the average from the above-average marketers and this is why choosing a specific niche market is so important.