I’m so glad to see you on board with the 5 steps to achieve success, provided by Ecommerce Wiz.
Your first lesson starts RIGHT NOW!
But first, let’s talk determination.
Creating a successful online business requires your efforts, your patience, your creativity. If you’re reading this course, then your heart must be in the right place. You’ve got the guts to become a marketer and an online store owner.
But where do you start? With WHAT you’re going to offer!
In order words – defining your niche.
Why is this so important? Why not just sell whatever there is to sell?
If you go to Google Trends, you will be able to answer that question on your own. Not every product is a trendy product, some are outright unnecessary.
Google Trends as a Partner
Google Trends is your first step towards defining your niche. This is where, and completely for free, you can check out the popularity of the products you are considering to sell.
There are a couple of reasons why creating a niche store is more promising and potentially more lucrative, than simply creating a store with all the possible goods out there! This is where most people hit a wall – they either fail to define their niche properly or don’t even know where to start with defining it.
Competitor spying tools
Simply monitor what some of the most popular stores are selling and copy their products. Here is how to do that:
- Visit Myip.ms
- Select Shopify INC from the drop down menu “IP Owner/Parent IP Owner/Hosting”
3. Get a list of the most visited shopify stores wordwide
Then you can use a spy tool to see what are their best selling products.
Here are 3 of the best tools I personally use for that
- Niche Scraper – a great tool showing how hot are the products other stores are currently selling. You can also put a store URL and see what are their best selling products.
- HotProducts.io – This tool is showing “Warm products” i.e. products that will soon become hot. It also has a video ad maker for Facebook.
- Ecom Hunt – Maybe the most comprehensive tool to make a product research recommended by many gurus in the area.
But what is a niche market?
A niche by definition is a targeted market segment you extrapolate from a bigger segment. Niche markets have more specific customers. If you target them correctly, you will be able to profit and take advantage of their specific needs, wants, and customer habits.
A narrow niche will greatly scale your ad expenses as you will be aiming for a lesser number of customers. At the same time, these customers can become loyal and recurrent with greater ease than those in the mass market.
To define your niche, you can take your own experience and interests as a starting point and cross-match them with the stats generated by Google Trends.
Here’s a PRO tip from me:
Avoid a niche that works with sizes. Shoes and clothes sound like a good and exciting endeavor until you hit the horrors of returns due to the difference in sizes.
Now that we got that out of the way, let’s consider the two main types of niche you can choose from.
1. An Evergreen Niche – it is based around a product type that has a steady demand over time. Such a niche is usually characterized by:
- a steadier inflow of demands;
- a more long-term lifespan of the store;
- smaller profit margin;
- steady sales.
Such a niche is suitable for you if you intend on staying on the store scene for a longer period of time. If you take your product idea to Google Trends you will see how its demand has been steady over a specified period of time, or whether and what pattern there is. Usually, there are well-established competitors when you enter, and you will have to be very creative to build your brand.
2. A Trending Niche – it is focused on a star product that appears out of nowhere and takes the market by storm. Take the fidget spinner for example – a huge hit when it was first introduced, but do you hear anything of it today? Exactly! Such a niche is usually characterized by:
- rapid growth;
- shorter lifespan of demand;
- larger profit margins.
By positioning yourself in a trending niche, especially if you do it early enough before the trend explodes, you can make some sweet returns. But your store is probably not going to last long. Because trends tend to die out. And quick. If you consult with Google Trends, you will notice the telltale spike at a given moment and the following decline in demand.
So, is what you’re passionate about a trend or an evergreen product?
Answer that question, but also:
- Look around you
- Look at social media
- Look at yourself!
These are 3 key moments will help you figure out what is trending at the moment. Especially online influencers can be of extreme help when you’re looking for a niche, regardless if it’s evergreen or trending.
The last step is to combine your interests with the potential profit. Why? Because if you build your niche around something that you’re passionate about, you will be more knowledgeable, of greater help for your clients!
Are you ready to become an online entrepreneur?
At this point, you should know where you want to position yourself! Now take your idea to a site that can validate it as a profitable one. Google Trends is a very good starting point. But for even more versatility, you can turn to different tools.
The HotProducts Software
The HotProducts software is one of the most popular instruments you can use to define your niche and discover hot products that sell!
With it, you have the following features:
- more than 200 products to choose from;
- a 1-click import to your store;
- Facebook ad generator to build your own video ads & analyses;
- daily new hot products coming in from product researchers;
- hot requests for you to make to be researched by their team.
And more! But this is not your only option for a niche defining tool.
The NicheScraper Software
The NicheScraper software is another great tool that can help you ‘spy’ on successful entrepreneurs and select the top trending products in the niche you chose for yourself.
With it, you get similar & just as powerful features:
- a tool that will give you insights into your favorite stores;
- a collection of hand-picked hot products;
- store analyses & insights
- video ad maker to help you create your own ads.
The idea of such tools is to take out the guesswork when it comes to selecting products from the niche you have decided to place yourself in. But they can also be a great tool to help you choose your niche in the first place!