- Sep 16, 2021
BackgroundI have identified a vertical and niche I could enter (based on it being in the intersection of:
a) what I'm good at
b) what I love
c) what pays well
I've gone through The Digital Strategy Crash Course, and I'm now in the process of qualifying and doing research on it in order to:
1) Identify competitors and the potential of the niche*
2) Identify monetization methods and potential of the niche*
3) Identify commercial keywords and potential of them**
4) Identify potential risks / downsides / major potential issues (ie. E-A-T) and identify how I will address these
5) Identify potential outsized upsides (communities, proven monetizations, easy customer groups) and key actions / directions to exploit these
6) Identify and solve pain points - where is the gap among all my competitors that I can slide into?
Notes (* and **):
When I speak of potential of the niche I mean "there is potential to achieve my long term goal ($1,000,000 exit in 5 years)" which I will validate by finding sites which has already had such exits or could've had it.
It also means that there must be a feasible entry into the niche which I will validate by finding enough low competition key words and sites for me to claw my way into the rankings
When I speak of commercial keywords and potential of them I mean to say that there are an abundance of high CPC commercial keywords in the niche (as per the AIDA-framework), and that there is a feasible way for me to create an AIDA-funnel without too much competition.
When I have done this I intend to summarize and conclude on whether I should go with the niche I have identified at this point.
A few questions on qualifying and researching niches
1. In the plethora of tools to use for competitor- and keywords analysis I'm going with ahrefs: any objections or other recommendations?
2. What are some typical red flags / major issues which are usually not identified early enough? I have already identified E-A-T being one, and having a plan for how I will address this is one of the key delivarables for this stage.
3. I've been through most of the resources here at buildersociety and a few other places, but I still find it very difficult to evaluate whether a niche is too competative, have large barriers for entry, and just generally assess a niche's potential. I intend to make my research publically available and elicit feedback from the community in order to make this call. Is this a good approach?