SUBJECT: Hot Niche Finding Formula Lesson 3 of 7: Time To Scope It Out A Little Further

Hi {!firstname_fix},

Much better! There are possibilities here. 

We now suspect the following:

1) This sub-niche may be targeted enough. 

2) This sub-niche may spend money.

We want to be as certain as we possibly can that
our niche is focused enough but big enough, and
that the people in that niche spend money.

So next I head over to the Overture Resource
Center (http://searchmarketing.yahoo.com/rc/srch)
and click on the “Keyword Selector Tool.” 

Then I enter my niche and see how many times that
keyword and all related keywords were searched in
the previous month.

I like to see at least 10,000 searches for all
keywords combined, but not more than, say, 50,000
or so (although I do have profitable niches that
have only a few thousand searches at Overture,
but they are the exception rather than the rule). 

For “latch rug”, you can see that this market is
just too small.

Remember that Overture searches are for Yahoo and
their partner sites, so to measure the number of
searches on Google, I usually estimate between 5
and 10 times this number to come up with Google’s
searches. Also, depending on the market, I've
sometimes found Overture’s figures somewhat
inflated, so bear in mind that the number of
actual searches might be lower.

If I’m happy with the number of searches for this
potential niche, I next want to see how much pay
per clicks (PPC) are going to cost me on Google
Adwords. 

For that I use Overture’s “View Bids Tool.”

I want to make sure I won’t have to pay more than
a dollar or two per click on average, but of
course what you can profitably pay for PPC will
depend on your product’s selling price and how
many you can sell. 

Again, at this point I’m just trying to get a
snapshot or pulse of this market.

Plus, the bid process also tells you a little
about the moneymaking opportunities of a market.
As a loose rule, if the max bid results are
between 30 cents and $2.00, it’s a good indicator
that people are making money in this market. I
call this my “magic window.” 

Over $2.00 means that the competition is too
fierce for my tastes, but depending on your
market and eventual product selling price and
demand, it may make sense for you.

To check on the companies that are bidding on my
keywords in Google Adwords, I use
http://www.googspy.com.

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