As an Internet marketer, you probably know by now that many people start their career trying to sell information products on how to make money online. But if the person hasn’t yet made a dime, how can they speak about this kind of expertise?

Instead of pouring your heart and soul into a niche that’s saturated, you can branch out and find other niches that are either untapped to date, or have a relatively low number of competitors.

Here are the top three things you need to look at when you research a new niche to see if it will provide the kind of success you’re seeking in catering to the online consumer:

Does the Market Have Needs?

When people go online to buy, they’re not thinking to themselves, “What products can I buy today?” Instead, they’re concerned with solving their problems, no matter how trivial they might seem to someone else.

A woman in her 30s might be looking for a skin care regimen. A 50-year old man might be seeking a way to stop snoring so that he and his wife don’t have to sleep in separate bedrooms. A proud mother might be looking for a way to get her baby started in baby modeling.

These consumers are sometimes seeking free information. But when they stumble on a site that offers exactly the solution they were looking for, it doesn’t matter if there’s a price tag attached to it – if it’s affordable, they’ll eat it up.When you’re looking for a niche to tap into, ask yourself what needs they have.

You may think that a billionaire with a perfect family may not be a good market to tap into. Or is he? Maybe he has all the money in the world to spend, but he just can’t find that one solution to help him shave a few points off of his short game on the golf course. You could provide that tip – and he’d be willing to pay for it. Everyone – even rich people – have needs to be met.

Consider people from all walks of life – parents, clergymen, teachers, siblings, students, etc. What needs does each group have that you could possibly create a solution for? Parents might need products or instruction guides to raise their kids. Clergymen might like spiritual guidance on leading a congregation. Teachers could use tips for getting more out of their career and handling students.

Address the possibilities by brainstorming a list of needs and wants because desires can be just as motivating as needs.

Is It a Paying Market?

The second most important factor is whether or not it’s a market that has money to spend for products and information. If you’re targeting extremely poor consumers but your product is affordable and a necessity, then there’s a chance they might still spend their money with you.

But if you’re offering a splurge item, then you need to cater it to those who can afford to buy on a whim. Some target audiences that have deep pockets are: Golfers (it’s an expensive hobby), gamblers (they throw money around on a chance), parents (even thrifty ones are willing to spend money for products to enhance their children’s lives).

Is your target audience willing to pay for your information? Tangible products are different because it’s a tool they can hold and put to use. But with an information product, the consumer makes you compete with the billions of websites that offer information for free.

You can combat the freebie competitors by offering a comprehensive product or one that has a slightly different slant not found elsewhere online. It’s an inconvenience for people to have to dig around in hundreds of websites to find what they need, so providing a thorough accounting of a topic could be worth their investment.

You can check the profitability of a niche by seeing how much competition there is for the most relevant keywords. If you look up a keyword through Google Adwords and it shows that it costs a lot to bid on that word, then chances are it’s a paying market – even if the number of competitors is great.

Does It Have Long-Term Potential?

You don’t want to choose a niche that will be gone when you wake up tomorrow. As you know, niches can be narrowed down again and again until your target audience is extremely small.

Targeting a niche concerned about the implications of a Bird Flu Pandemic might create a profit for you in the short-term, but will it sustain your finances for years to come? Probably not.

You can create products that are relevant to the market for years and do updates to them as the years pass if new information has come along. For instance, an eBook on child custody for dads is product created for a narrow target audience that would be willing to pay but it also has potential for longevity. There will always be child custody disagreements, and although laws change with the times, you can easily access your original information product and update it with current statistics and legal advice.

If you consider the three elements above you’re well on your way to making a lot of money online!

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