How To Find A Profitable Niche Online

Regardless of what type of online business you are trying to develop, it’s a good idea to focus on one specific niche.

But picking out a profitable niche online can sometimes be like trying to find a needle in a haystack. The internet is a busy place and online business owners need to know that they are entering a worthwhile market before spending time, money and resources on building up a new internet based business.

Here are 7 tips on how to find a profitable niche online.

1. Google Suggests

When you type a word into Google, before you hit enter it displays a list of possible phrases that you may be looking for. This auto-complete feature draws on popular search requests from other users. Because an audience are searching for that item it is likely to be profitable online niche.

2. Amazon

When you’re looking for a profitable niche online business Amazon has already done a lot of the work for you. If a niche market is popular on the world’s largest retailer that will quickly tell you if you have a workable marketplace or not.

3. Magazines And Books

You can also use the offline world to search for a profitable niche online. The publishers of magazines and books do a lot of research before spending money on marketing and printing, so when you see a book or magazine for sale, it’s most likely based on a top niche market.

4. FAQFox.com

FAQFox.com scans online forums and scrapes keywords and phrases based on a word that you enter. It will list titles, links and questions that are relevant to your keyword. When you see a lot of people talking about the same problem, product or service, that shows there is a profitable niche online.

5. Udemy.com

This website shows markets where people are buying courses and education. You can use their information database to see a list of the most popular courses. This is a great way to find out what people are actually paying money for.

6. Ask Technorati

You can search for your niche subject matter on this website. If there are a good number of results, you are probably a profitable online niche.

7. The Competition

If there are lots of businesses in a market that is very competitive, it will be challenging for you to be successful. However, if there is no competition it shows that it is not a viable market. Type your niche name into Google. If there are ads related to the search that’s a good sign. That means companies are profitable enough to spend money advertising to your market. Now you need to focus your efforts on a well-defined segment of that market.

The 4P Marketing Strategy – How to Choose the Right Products

If you are a B2B company and want to grow your business by adding new products to your existing product portfolio this article and my other related articles will help you. They describe how a 4P Marketing Strategy can help you produce a successful “product launch” plan for your chosen marketplace.

A marketing strategy based on the marketing 4P’s looks at four key marketing and sales areas that need to be considered when producing your product launch plan:

1. Product. How to choose the right product to sell?

2. Place. Where to find the customers who will buy it?

3. Promotion. How to “package” and promote your product?

4. Price. How to choose a sales price that’s acceptable and profitable?

I don’t intend to cover all of the 4P’s in this article. I am going to focus on the first one by providing some advice and guidance on “How to choose the right product to sell”.

Choosing the Right Product

If you already have a successful B2B business or you want to grow one quickly it’s important to be able to assess whether your new product will fit in with your current product portfolio and whether it will meet the requirements of your marketplace.

Looking at your product in the context of the 4P’s of marketing is an excellent way of doing this. I have used the 4P Marketing Strategy approach for many years when launching new products. It’s easy to understand and when used correctly it’s very effective.

To be confident that you’re taking the right product to the market place you must be able to answer the following questions:

– Will the product sell in your market place?

– Can it be sold profitably?

– What skills and experience do you need to sell it?

Will the product sell in your marketplace?

If you are considering taking on a new product from another company do some research first to establish whether the product has a good sales history and whether your existing customers are likely to buy it?

If the product isn’t being sold successfully elsewhere or is only being sold successfully by companies with a very different company profile from yours you need to make a realistic assessment of the extra marketing and sales costs that are likely to be incurred before your new product can become profitable. You also need to carry out some “consultative research” with your existing customers to find out whether they would buy your new product. If they wouldn’t, you need to understand why. (You may find that it’s necessary to talk to other contacts within the same company or consider approaching companies in different market sectors if the customers in your main market sectors indicate that they are unlikely to buy your new product).

Can it be sold profitably?

Make a list of all the things you’ll need to do to market and sell your product. Use this list to build a spreadsheet of your projected marketing, sales and administrative costs and compare these with your forecast sales for the new product. Use some simple calculations to work out how long it will take before your product becomes profitable.

Sometimes it makes sense to sell a product even if it doesn’t make a profit! If your new product is very complimentary to existing products in your product portfolio and can be used to boost sales of these products it could still be worthwhile selling it. It may eventually become profitable on its own, or prepare the ground for another similar product that will be profitable (e.g. one you develop yourself).

Take into consideration all the factors identified in your previous research and don’t forget to include some estimated costs for the effort and time that you and/or your work colleagues will need to put in to launch and sell your new product.

What skills and experience must you have to sell it?

If your product is a very different type of product from those you are currently selling you will need to get some additional help (staff or bought-in resources) with your marketing and selling. Alternatively you could acquire the knowledge and skills required to market and sell the product by buying in consultancy services and training.

Whichever of these two options you choose, until you have built up a good level of knowledge and skill you won’t do a very good job helping your customers understand what the product will do for them. Neither will you be able to support them well once they’ve decided to purchase it.

The Value of the 4P Marketing Strategy Assessment

The reason why the first step of the 4P Marketing Strategy approach is so important is that it will help you reject a product that might not become very profitable and provide you with information that you will be able to use to select an alternative product that will fill the same gap in your product portfolio much better.

There may be other questions that you need to get answers to in addition to those we have considered above, but if you can provide comprehensive and satisfactory answers to my three main questions you will be able to move forward and start working on the other P’s of your 4P Marketing Strategy.

I hope I have made it very clear that thorough research is very necessary at this stage. It’s very easy to decide to skip this research if you have been “bowled over” by an exciting new product that you want to start selling as soon as possible. But bear in mind that every new product you take on will distract you from other important marketing and sales tasks.

If your new product starts to sell well soon after it’s launched into your marketplace all your effort will seem worthwhile. You’ll soon be able to invest in additional resources and help to maximize the sales of your new product. However, if your new product turns out to be unprofitable or provides only a small profit you will have wasted a lot of time and money that could have been invested in marketing and selling your existing products.

In summary, a 4P Marketing Strategy will help you develop a detailed, solid plan for the launch of your new product and will also help you to feel confident that you have the right product to ensure that this plan will succeed.

Launch Your Business and Sell Your Products On The Best E-Commerce Platform Today

Undoubtedly the best E-commerce platform today, Shopify is a Canadian E-commerce company headquartered in Ottawa and created by, like many other companies, people who sought out for something, didn’t get it and decided to make it and avail it to the public.

Shopify has had rapid growth through the years and their purchasing of resources, or better yet other small business brands to further build the company is impressive. What’s more impressive is their easy-to-remember slogan: “Whether you sell, on social media, in store or out of the trunk of your car, Shopify has you covered”. A better version is: “Shopify, the best place to sell online, in person, and anywhere in-between”.

Shopify doesn’t leave you hanging either. The platform hosts a Podcast and avails several resources to business owners in the form of blog posts. In fact, you could be an affiliate, investor or someone whom just follows the platform and they wouldn’t let you down.

You’re new to business and the platform in general? You get posts to help you get your first sale. You’re an affiliate? You get the resources you need to help you better understand and promote the platform. You’re a professional Entrepreneur with lots of experience? Believe it, Shopify has you covered.

But a platform as this does have its drawbacks, especially since the evident rise of drop shipping in 2015 where it became saturated with people thinking that outsourcing products from AliExpress was a good idea (even though drop shipping has been here since people thought of selling stuff to other people) and everyone who failed labeled it a “Get rich quick” scheme, even though Shopify has never publicly, or privately insinuated that using their platform assures/insures success.

WHY SHOPIFY?

There are a lot of attributes that make Shopify a sexy platform; particularly that it can be customized according to ones wishes. They are listed below;

• User friendly interface.

• Plans catering to your needs.

• World class customer support.

• Easy customization.

• A blog for your store.

• Access to Shopify experts that’ll help with your store at a negotiable cost.

• An app store with apps to help you manage your store and many more.

SHOPIFY PLANS

Shopify has plans with features that fits every criteria one may garner. There are generally five shopify plans with specific features available for them. The plans and respective features are discussed below;

THE LITE SHOPIFY PLAN

If you have a Facebook page about a particular activity or service and you have products you could sell on your page, then this is the plan for you. It is limited to only selling on Facebook and costs $9.

THE BASIC SHOPIFY PLAN

This plan costs $29 and has cards rates of: 2.9%+30¢ for Canadian cards, 3.5%+30¢ for Amex or international cards and an in- person card rate of 2.7%+0¢. There are no transaction fees for using Shopify payments as your payment gateway, but using external payment gateways has a transaction fee of 2.0% percent.

With this plan you get these features: two (2) staff accounts, ability to add an unlimited number of products, an unlimited amount of file storage space, a $49 retail package, a “good” Shopify shipping discount, shipping labels printed, 24/7 hour support, fraud analysis, the ability to create orders manually, discount codes, a website and a blog and finally a free SSL certificate. Features you do not get on this plan are: gift cards, professional reports, advanced cart recovery, advanced report builder nor third-party calculated rates.

THE SHOPIFY PLAN

This plan costs $79 and has cards rates of: 2.7%+30¢ for Canadian cards, 3.4%+30¢ for Amex or international cards and an in- person card rate of 2.6%+0¢. There are no transaction fees for using Shopify payments as your payment gateway, but using external payment gateways has a transaction fee of 1.0% percent.

With this plan you get these features: five (5) staff accounts, ability to add an unlimited number of products, an unlimited amount of file storage space, a $49 retail package, a “better” Shopify shipping discount (than the basic plan), shipping labels printed, 24/7 hour support, fraud analysis, the ability to create orders manually, discount codes, a website and a blog, a free SSL certificate, gift cards, professional reports and advanced cart recovery. Features you do not get on this plan are: advanced report builder and third-party calculated rates.

THE ADVANCED SHOPIFY PLAN

This plan costs $299 with cards rates of: 2.4%+30¢ for Canadian cards, 3.3%+30¢ for Amex or international cards and an in- person card rate of 2.4%+0¢. There are no transaction fees (, as usual) for using Shopify payments as your payment gateway, but using external payment gateways has a transaction fee of 0.5% percent.

On this plan, every feature is made available to you. Specifically, fifteen (15) staff accounts, ability to add an unlimited number of products, an unlimited amount of file storage space, a $49 retail package, the “best” Shopify shipping discount, printed shipping labels, 24/7 hour support, fraud analysis, the ability to create orders manually, discount codes, a website and a blog, free SSL certificate, gift cards, professional reports, advanced cart recovery, advanced report builder and third-party calculated rates.

THE SHOPIFY PLUS PLAN

Shopify plus plan is Shopify’s “custom” plan. There is barely any information of this plan except that you get what you agree on with Shopify. If a business gets intereste in the plan, they contact an affiliate or some affiliate brands of Shopify and they will submit/refer you to Shopify. After which Shopify will call you and create a store for you based on your agreed criteria.

PERSONAL EXPERIENCE WITH SHOPIFY

My personal journey with Shopify has been very interesting. In my first week of opening my first two stores, I’ve had several abandoned carts. Why so many abandoned carts? You ask! Because living in a third world country, Nigeria, I couldn’t get a payment processor. All good options required that a business be registered (Until recently but only for new accounts). It’s sad. So if you fail, it’s always easier to blame it on your country rather than the platform. It’s like back lashing at Google because they didn’t have results for a weird name/word you were searching for.

My first store sold geek merchandise and the second store that I still work on, sells Long Boards. I still can’t get a payment processor and so have a vast amount of abandoned carts while I simultaneously try to make it look appealing and trustworthy. I haven’t given up!

So, I saved the best for last. Shopify allows a 14 day free trial after which you’ll need to buy a plan to keep using the platform unless a development store is created for you. There is still no loophole because once a store is 14 days old; you’ll need to still buy a plan regardless of if it was created as a development store. The only other option is for you to be added as an employee and when the store makes 50 orders, you’ll need to buy a plan and the store gets handed to you. You also have the opportunity to employ Shopify Experts to help you with your store based on what you agreed on.

If you have a product, whether you made it or had it made for you and would like or are ready Launch, then there is no better platform to sell on than Shopify.

Tips for Branding a New Company or Business

As we all know branding is a very important part of establishing your company/business. One of the benefits to starting fresh with a new business brand is that the possibilities are endless. You want your brand and/or logo to represent who and what your business stands for. This article is all about tips to get you started building your brand and marketing it to the world.

Branding Tips

1. The very first thing you need to consider is what makes your business unique from other businesses that provide similar products/services. Whatever it is that sets your business apart from competitors is the cornerstone for your branding.

2. Remember when choosing a brand name, that your cornerstone is what makes you unique and adds value to your customers. So you will want to name your business with its own unique name that differs from the other businesses in your field.

3. When choosing a name and logo you will want to take your time not rush into anything. When creating a name you will want to remember to keep the name simple and easily pronounced as to be easily remembered. Shorter names often stick in consumer’s heads more effortlessly. An example: Microsoft or Adobe.

4. Colors all have different meanings and you will need to consider the right color display for your logo. Colors also have the ability to carry out tones. Purple has been said to represent royalty and power. You will want to pick colors based on what your company/business provides to its customers. Branding is all about the lasting impressions in the consumer’s eyes.

5. Consistency through your company/business name, logo design, website and advertising is very important and gives your audience and customers familiarity and provides your business credibility. An example would be if you are an edgy skateboard company and you choose a graffiti logo, you will want to carry that throughout your web design and advertising.

6. The consistency that you create to represent your company has a voice or a tone. When you consider your business and marketing you need to know the overall tone of who your company is. Does your business have a light and airy quality? Is it more of a, be prepared dissonance tone? Whatever tone is associated with your business now will need to be carried out for the life of your business.

7. Test your branding results with people whom could be your potential customers. You will want to choose groups of people that could gain from your product/service. Ask them a series of questions about all aspects of the design; the name, the logo, the colors, the tone. Allow the last question that you ask to be about memorability. Will they walk away and remember your brand later on?

8. Lastly, always put your brand on anything associated with your business. This will include everything from bags and tags to every single advertisement and marketing opportunity you have. The more consumers see of your brand, the stronger the remembrance, recognition and response you will achieve.